The Bretton Woods system ultimately failed for which of these reasons? I. The constraints of the system were not flexible enough to accommodate long-term negative current balances in the United States. II. It turned out that Triffin's Dilemma was more factual than theoretical; holding gold would become more valuable than holding dollars. III. Expensive wars and deficit spending created a surplus of U.S. dollars. IV. European and Japanese economies were able to compete on equal footing with U.S. industry, Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a All are reasons. b Only I and IV are reasons. c Only II and III. are reasons. d None are reasons. e Only I, III and IV are reasons