At least with currency, Nixon moved the United States — and by extension, the global economy — from one thing with made-up value (gold) to another (the dollar). The “tangible power and structure behind it” remained the faith and credit of the United States, which is backed by the U.S. military and the government’s willingness to collect taxes in dollars. Overall, that move worked out pretty well.

However, I’m not optimistic that Trump’s foreign policy impact will work out as well for the United States or the world.