"Before 1974, U.S. dollars were backed by gold. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?"
"CS. It is time for Education and Austrian School of Economics will the very good base for any well rounded individual. It is truly Amazing: How Our World Has Changed Even from 2005, just listen to the comments about the Gold price, US National Debt and Federal Balance Sheet. All Fundamentals are The Same - we have just moved from Billions to Trillions in a few very short years talking about Debt and FED.
Gold provides the Golden Cuffs on The Government - It Is Not Able to Engage Private FED in order to create money out of thin air and debase the US currency, taxing the Savers and Expropriating Their Saving by Creating Inflation. Just remember How Much the Real Things were priced when you were kids."
The History Of Money And Why US Dollars Are Issued By Private Bank - Federal Reserve System