President Richard Nixon ended dollar convertibility to gold in 1971, marking the end of the Bretton Woods international monetary system. There were more U.S. dollars held by foreigners than the United States had gold, leaving the country vulnerable to a run on gold. Which of the following factors did not play a role in this situation? a. Limited mining capacity to increase gold supply. O b. Decolonization plus rapid expansion of production and trade increasing the global demand for liquidity (in other words, the global demand for some kind of internationally accepted money). C. Decline in the number of countries participating in the International Monetary Fund (IMF). Od. Continuous U.S. balance of payments deficits, fueled by U.S. spending abroad (military spending, foreign aid, tourism and investment), providing the world with U.S. dollar liquidity and foreign central banks with U.S. dollar reserves. e. Decrease in U.S. gold reserves due to foreign central banks converting their U.S. dollar reserves into gold.