With the value of the dollar propped up because of its use for trading commodities, removing gold as the payment for international transactions allowed the US to run unlimited trade deficits without the dollar depreciating as much as it should have.
At the same time, enormously expensive, new environment regulations burdened American heavy industry and we opened the doors to predatory mercantilist trading partners like Japan and Taiwan.
In some cases, like consumer electronics, the US government deliberately made deals to allow discriminatory trade practices to buy diplomatic support. Johnson did this with Japan to buy support for the Vietnam war. The result was that Japan cut off imports of US consumer electronics and within about ten years annihilated the entire US sector.
Removing the last peg to gold also unconstitutionally transferred control of the currency from Congress to the Federal Reserve because the only way to set the value of a currency became the control of interest rates.
An unmitigated disaster by every possible measure.
In 1971, Nixon faced “Triffin’s Paradox” full-on: maintain the power of Fed.gov, US built global monetary system and its elites, or begin to withdraw the use of the US Dollar and limit the power of Fed.gov to focus on the well-being of American workers, savers and middle-class.
He chose the globalist and deep state