You couldn't exchange your paper for gold since 1931. Maybe that's why it felt like nothing changed to you. However, institutions could. Since 1971, unfettered monetary inflation has been used to siphon wealth from the people for the benefit of a segment of rich elites close with the federal reserve. It's no coincidence that real wages haven't increased significantly since that Nixon administration. https://economics.stackexchange.com/questions/15558/producti...
Requiring backing for dollars was a real limiter on inflation and government spending. Inflation fuels an ever increasing debt cycle that is incredibly harmful for the economy, but great for banks and financial institutions.
Requiring backing for dollars was a real limiter on inflation and government spending. Inflation fuels an ever increasing debt cycle that is incredibly harmful for the economy, but great for banks and financial institutions.