What happened to the US current account deficit between 1945 and the late 1960s? Why was this surprising? Give two reasons this outcome upset the French and Germans. Give one or two actions the US could have taken to reduce its deficit and make economic partners like France and Germany "happier". What did the US do about its deficits in the late 1960s and early 1970s? What happened in 1971 to the US dollar and how did its value change relative to the German mark?