[pierrem15]

The Constitution assigns the control of the currency to Congress. By having removed the Bretton Woods gold exchange mechanism, Nixon effectively transferred control of the value of the currency via interest rates to the Federal Reserve, a semi-private agency outside the control of the democratically elected government.

That's in fact the big issue here.

We are caught between the Scylla of an elected government that cannot be trusted to manage a fiat currency and the Charybdis of a bank and Wall Street controlled entity that inflates or deflates the currency for its own interests.

The only way to get out of this is to reestablish a tie to gold and reissue the currency. That would also end the vast trade deficits as they would have to be paid for in gold and if you do that you must devalue your currency against the trade surplus countries' currencies.

[Miami Rebel]

Are you writing a textbook?

No one is re-establishing the gold standard.

President Trump is trying to strong-arm the Fed into weakening the dollar, a move which flies in the face of using a metal-based currency.