In the following video below, ex-French president Charles de Gaulle delivered a speech on the risks of a US monetary crisis in February 1965 (hat tip Prof Bob Murphy) [Transcript from Canada News Libre]
The fact that many countries accept as a principle, dollars as good as gold for the payment of the differences existing to their advantage in the American balance of trade, this very fact, leads Americans, to get into debt and to get into debt for free at the expense of other countries. Because, what the US owes them, it is paid, at least in part, with dollars they are the only ones allowed to emit.Considering the serious consequences a crisis would have in such a domain, we think that measures must be taken on time to avoid it. We consider necessary that international trade be established, as it was the case, before the great misfortunes of the World, on an indisputable monetary base, and one that does not bear the mark of any particular country. Which base? In truth, no one sees how one could really have any standard criterion other than GOLD
[bold mine]
