Explain the following statement: Even though outright purchases account for less than 10 percent of Fed transactions, the Fed’s portfolio of securities consists mainly of securities bought outright....

Explain the following statement: Even though outright purchases account for less than 10 percent of Fed transactions, the Fed’s portfolio of securities consists mainly of securities bought outright.

Briefl y explain the Bretton Woods exchange rate system. When was it created? When and why did the system collapse?