In 1970 President R. Nixon "temporarily" suspended the U.S. Gold Standard. In order to control inflation should we consider that system now?
President Nixon was embroiled in the Watergate scandal that stole the media headlines... so most Americans did not notice the abandonment of the Gold Standard. Since the standard was suspended, as now, inflation has risen each year.
Obviously, the rise of inflation is like a "tax" that siphons buying power from our citizens on a daily basis. Congress' spending was curtailed by the Gold Standard. Spending needs to be controlled today. Your thoughts?