This is a one sided explanation of a much more complex issue. You miss the crucial point that finance is deeply enmeshed with geopolitics. USAs geopolitical dominance could not be threatened at a time when Soviet and South Africa gold production could jeopardize the USA as a rsult of the Vietnam War in East Asia, domestic social expenditure agenda at home and the commitment to protect Europe from Soviet influence. This vast umbrella of global miilitary and financial commitments meant that the Pax Americana had to go in step with the Dollar diplomacy. That was and still remains the dominant view not only at the White House, but also at he NSC, like it or not.. What props the dollar as a universal medium of exchange , aside from the country s military and technogical muscle is that the worlds most important commodity markets quote in dollars, not in any other currency. Had the Saudis imposed the Dinars for its oil, China wouldn't have risen to the spotlight and the global economy could have been engulfed in a very serious global conflict. Probably the Berlin wall couldnt have ollapsed, wquite the contrary, the Soviet Union, could have scored a direct hit at USA, without even firing a single missile. The world wouldnt have reached these lengths in terms of wealth. Like it or not, thanks to Mr Nixon's decision, USA would enjoy trade deficits and the ability to print dollars to finance them and world growth. In the end if this made good sense in the very long run, its too early to tell .