John Keynes as Bretton Woods suggests an "International Clearning Union, which would make use of a new unit of currency to be called a bancor. The purpose of the bancor would be to allow nations with trade defecits to climb out of their debts by calling on an overdraft account with the ICU that would allow them to spend money to employ more citizens and thus create more exports."
bancor loans "could not be traded for ordinary currencies, or by individuals"
"Nations with large trade surpluses would [...] be charged 10 percent interest on these surpluses, and if their credit exceeded an allowed maximum at the end of the year, the excess would be confiscated by the ICU. Keynes thus hoped to create an international balance of trade credit which would keep countries from becoming either too poor or too wealthy." (209)
Harry Dexter White, assistant secretary of the US Treasury, takes the position of "absolutely no"
"White proposed an International Stabilization Fund, which would place the burden of debt firmly on defecit nations; this later became part of the World Bank"
so the bancor was not to be, and "postwar reconstructon and subsequent economic development was funded by the US dollar" (201)