Verified answer

We got off the gold standard because the government can't resist spending like a drunken sailor. When the dollar was tied to gold, they could not print more anytime they wanted. Now they can, and they do, and that is why inflation is eating away at your purchasing power.

Grandpa

Alexander Hamilton started the first banking system in the US. Blame Richard Nixon for taking the country off the gold standard.

Excess printing of money will cause inflation in the long run.