If all currencies were pegged against each other, why would there be a dollar shortage unless the pegged rate of the dollar is below the market exchange rate? I believe the exchange rate wasn’t pegged by just dictating the dollar’s value in terms of other currencies, but rather central banks manipulated supply and demand of currencies in the forex markets to maintain a particular peg. So I don’t really see how a shortage could result.
Was the US government price of gold of $35 above or below the market price of gold (in the 1950s)?