This piece of historical footage is quite amusing but also quite tragic in light of subsequent economic events in the 1970 and 1980s in particular. In it US President Nixon makes lots of promises that are without foundation and which ultimately floundered. The premise on which Nixon ended the Bretton Woods gold standard bears no correlation at all with the subsequent outcomes.
One of the consequences of this US reform was that quite quickly the US dollar lost it’s stature as a useful reference for stable value. In 1983 the Australian government conceded as much when it floated the Aussie dollar.