That's not entirely true.

In 1971, President Nixon announced that dollars could no longer be exchanged for physical gold. This meant, the dollar was now backed by nothing. This situation created the dollar crisis, hence the IMF’s fear.
Behind Closed Doors the U.S. Is Quietly Backing a Replacement Global Currency
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Tim Denning
John Polonis
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Apr 6, 2021
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That's not entirely true. USD is backed by the full faith and credit of the United States government.
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Written by John Polonis
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Lawyer and enthusiast. Contact: johnwpolonis@gmail.com
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