This is not accurate. Under the Marshall Plan, the United States subsidized the economies of war-torn nations in Europe and Japan in the form of cash in exchange for a commitment that every dollar abroad could be converted into gold at $35 an ounce. This was possible with the huge reserves of gold that the United States possessed. .

With the recovery of Germany and Japan and the increasing public debt from the Vietnam War and the rise in inflation, this led to a decrease in the value of the dollar against the gold that the United States owned, and with the need to print more dollars, maintaining the price of $ 35 an ounce was impossible, and here came the shock of Nixon with Executive Order No. 11615 in 15 August 1971 without taking any approval from the countries holding the dollar.

Did the US default here? No, global growth has recovered after this shock and the subsequent oil crises, and the petrodollar has become the new benchmark.

In any case, when the economic conditions are bad, the United States always finds a way to pay its debts, and with the exposure of most of the world's economies to the dollar and the existence of a global monetary reserve from it, it is impossible for the United States to default on its debts as it has never done before.