"Sold off" isn't wrong per se, but glosses over the root cause: Triffin dilemma.

The USD cannot exist as a reserve currency and support domestic manufacturing. That is to say, the US political engine and its benefactors sold out domestic manufacturing for international leverage.

Did it have to be this way? No, we could have implemented the Bancor, but the appeal of dominating international politics was irresistible. We cannot reindustrialize without giving up international financial power and with that in mind, who would still decide to switch?