“The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit… In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value…” (Alan Greenspan, former Chairman of the Federal Reserve)
The continual and increasing issuance of U.S. dollars has steadily eroded its value. This has been particularly pronounced since abandoning the final vestige of the Gold Standard some forty years ago.
John Maynard Keynes, perhaps the single most influential economist of the 20th century, said that, “by a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”
The following chart shows the value of the U.S. dollar in terms of gold.