Well, that statement is pretty much apodictically true. The USA had debts equal to a set amount of gold. Under Nixon, it repudiated the link between the dollar and gold, because it could no longer continue the charade that it could cover its debts in gold. If you can't pay your debts, you are bankrupt. QED.
Anyway, here's Max talking about that and other matters, such as MF Global and the curious case of the 'vaporized' billions.