America's abandonment of the gold standard would have shocked the founders, who took for granted that money had to be more than mere paper. More than anything, going off gold {which occurred in stages, culminating under Nixon} expanded the Fed's charter. It made the agency the supreme arbiter
America's departure from the gold standard would have astonished the founding figures, as they believed that money should represent something more substantial than just paper currency. This shift away from gold, which unfolded gradually and concluded during Nixon's presidency, significantly altered the role of the Federal Reserve.
With the abandonment of gold backing, the Federal Reserve gained expanded authority, effectively becoming the ultimate decision-maker in monetary policy. This transformation marked a pivotal change in the financial landscape of the United States, fundamentally altering how money was viewed and managed.
