You say that, but Bretton Woods worked for 26 years - the pegs were based on trade balances, and were adjusted occasionally as needed - no magic involved. Free

You say that, but Bretton Woods worked for 26 years - the pegs were based on trade balances, and were adjusted occasionally as needed - no magic involved. Free floating currencies are more reactive, but fundamentally operate in the same fashion, albeit with far more volatility.