Triffin-Dilemma

The Triffin dilemma (after Robert Triffin, 1959) shows a design flaw of the Bretton Woods system ( 1944-1973 ) on.

Due to the limited gold reserves was required for the global trade liquidity possible only by the release of additional dollars. This, however, caused the U.S. deficit in the balance of payments.

Under the Bretton Woods system, the dollar was linked to gold and other currencies to the dollar. Increased the States under this system, their amounts of money they had to invest to cover higher dollar reserves. However, the U.S. had no opportunity to create more gold to cover this demand dollars. This led to an ever greater dollar amount was no longer backed by gold, and ultimately resulted in a loss of confidence in the dollar.

Now, if a member of the system wanted to exchange his dollars for gold, as presented under certain circumstances the reserved in the United States amount of gold not (France, 1969), because too many dollars were in circulation and faced this too little cover in gold.

Also by Triffin 1967, the IMF agreed to the introduction of special drawing rights, which represent a partial recourse to the rejected 1944 at Bretton Woods Keynes Plan.

From Wilhelm Lautenbach was even before the foundation of the IMF in 1944 addressed "The opportunities opened up by the Fund are basically limited to what the U.S. rate. "