As chief international economist at the U.S. Treasury, Harry Dexter White designed in 1942-44 the International Liquidity Access Plan, which competed with Keynes` plan for the British Treasury. Overall, White`s scheme tended to favour incentives to bring price stability to global economies, while Keynes wanted a system that promoted economic growth. The «collective agreement was a huge international undertaking» for which it was prepared two years before the conference. These were numerous bilateral and multilateral meetings to find common ground on the policy of the Bretton Woods system. Post-war global capitalism suffered from a huge shortage of dollars. The U.S. had huge trade surpluses, and U.S. reserves were huge and growing. It was necessary to reverse this river.
Even if all nations wanted to buy the United States. Exports, dollars had to leave the United States and be available for international use so that they could do so. In other words, the US should reverse the imbalances in global prosperity by presenting a trade deficit financed by FLOWS of US reserves to other nations (US financial balance deficit). The U.S. could have a financial deficit, either by importing, building facilities, or donating to foreign nations. Remember that speculative investments were discouraged by the Bretton Woods agreement. Importing from other nations was not attractive in the 1950s, as American technology was up to date at that time. This is how multinationals and global aid from the United States were born.  The agreement did not promote discipline by the Federal Reserve or the U.S. government.
The Federal Reserve was worried about a rise in the domestic unemployment rate due to the depreciation of the dollar. In an attempt to undermine the efforts of the Smithsonian agreement, the Federal Reserve lowered interest rates in order to pursue a predefined domestic policy goal of full domestic employment. With Smithsonian`s agreement, member countries expected dollars to return to the United States, but lower interest rates inside the United States led dollars to continue flowing from the United States to foreign central banks. The influx of dollars into foreign banks continued the process of monetizing the dollar overseas and thwarted the goals of the Smithsonian agreement. . . .