Devaluation? That's when a currency is pegged, either to another currency or to a commodity. FDR devalued the currency by making it worth less gold. We don't peg the dollar, so the government can't suddenly decide it's worth less.
The market can, of course, decide very suddenly that the dollar is worth less.
Of course the dollar is pegged...to debt.
Here is how it can be devalued: the government says all bonds issued before date x must be traded in for a new series issued date y with a couple of zeros chopped off the coupon. Bonds not traded in become valueless.
Now your $10000 bond becomes a $100 bond.
Funny. My copy of the Constitution indicates gold/silver and something called ‘Congress’, not this ‘Fed’ being.
IMHO, is was the illegality of Wilson, FDR, Kennedy and Nixon; along with their cohorts in the Coinage Act of ‘65 that have allowed the economic enslavement of our posterity.
Funny how we survived 150+ years before the Socialist overtaking the Republic by pegging the $$ to gold/silver.