In 1792, the dollar formed a currency area in 13 colony. At that time, the United States was only a country with a population of 4 million. By the end of 19, it has become the most powerful country in the world. By the time World War I broke out in 19 14, the total economic output of the United States was already greater than that of the three largest countries: Britain, Germany, France, and even the sum of them, which made the status of the US dollar increasingly prominent. During World War I, gold from European countries flowed into the United States to buy war materials. The Federal Reserve Bank of the United States used these gold as legal tender, which led to inflation. From 19 14 to 1920, the price level in the United States nearly doubled. Later, the Federal Reserve Bank of the United States decided to control inflation and tried to restore the price to its original level. Then came the period of deflation, when the price level dropped from 200 to 1920 in one year, which was the biggest deflation in American history. Although the 35 years of the gold standard system is the "golden age" for the prosperity of liberal capitalism, the fixed exchange rate system has the advantages of ensuring the safety of international trade and credit, facilitating the accounting of production costs and avoiding international investment risks. To some extent, it has promoted the development of international trade and investment. However, the strict fixed exchange rate system makes it difficult for countries to implement favorable monetary policies according to their own economic development needs, which greatly restricts economic growth. During World War II, the international monetary system became more chaotic. In order to solve this chaotic situation, 1943, US Treasury official White and British Treasury consultant Keynes designed the post-war international monetary and financial system from their own interests, and put forward two different schemes, namely "White Scheme" and "Keynes Scheme".

The "White Plan" advocates the abolition of foreign exchange control and restrictions on international capital transfer in various countries, the establishment of an international stability fund, and the issuance of the international currency "UNITA" to keep the currencies of various countries at a fixed price, that is, the fund currency is linked to the US dollar and gold. The currencies of member countries should maintain a fixed parity with UNITA, and the currencies of member countries should not depreciate without the approval of three-quarters of the voting rights of IMF member countries. Based on the shortage of gold reserves in Britain at that time, the "Keynesian Plan" advocated the establishment of a world central bank to transfer the creditor's rights and debts of various countries through its deposit accounts for liquidation.

At the end of World War II, Italy has surrendered, Germany has turned to the eastern strategic defense, Japan has lost the ability to fight large-scale battles in the Pacific region, and their domestic economy is close to collapse. The economic strength of Britain and France was also seriously damaged in the war; Like Britain and France, the situation in the Soviet Union was invaded by fascist Nazi Germany before the third five-year plan was completed. Only the United States made a fortune in the war and achieved unprecedented economic development. Gold has continuously flowed into the United States. In 1945, the gross national product of the United States accounted for 60% of the gross national product of all capitalist countries, and the gold reserves of the United States increased from 1945 to145/000 million dollars to 1945, accounting for about 20.08 billion dollars. In this situation, an international monetary system centered on the US dollar was formed after World War II.