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Greed. The US dollar would catapult to the sky. Capitalism is the economic system based on greed. It has a built-in supply.
That is a terrible choice. You want to back currency with something scarce. I propose backing it with goodwill towards the US.
Currency needs to be backed by something other countries would want and actually hold. If nobody is holding a supply of it "backed" it would be pushing the currency value down.
On a more serious note, it should be something no single country has a majority of control over, and it shouldn't be a limited resource, like gold which was previously used.
Trees? There I fixed global warming.
If every dollar printed meant the US planted a tree, then anytime a tree is cut down (even on private land) you have to turn in a dollar to be taken out of circulation, it technically would work.