Congratulations to Amanda Treadway on receiving the 2015 Greater Irving Republican Club (GIRC) Scholarship Award.
Moreover, FDR perpetrated monetary mischief as soon as he assumed office that had clear political motivation. He declared a four day “bank holiday” in March of 1933 and later passed a Gold Reserve Act in 1934 which suspended the gold standard temporarily. Part of his program included confiscating the gold holdings of wealthier Americans, paying them a flat rate of $20.67 and then re-issuing the value of gold at a rate of $35. Thus, the common man with no gold won and the wealthier Americans with gold lost. There were a lot more voters among the common men. 
As Milton Friedman and other economists, be they monetarists or Austrian School researchers, have pointed out, increased gold holdings at the start of the Depression should have meant increased money supply in the effort to inject needed capital into the free market.  Instead, there was a monetary contraction by both Hoover and FDR. Both men had Federal Reserve Chairmen who were guilty of not applying sound and essential monetary discipline and policy. By retracting the money supply all three Fed Chairmen under Hoover and FDR aggravated the monetary condition of the nation’s money supply. It was a time that we had more gold on hand and the banking system needed to make more money available for businesses to build, invest and to hire.
The next major monetary event intimately tied to monetary pitfalls was the August, 1971 announcement by President Nixon under the Federal Reserve chairmanship of Arthur Burns that the U.S. would no longer give a nation gold in exchange for U.S. dollars.  In fairness to Richard Nixon, it must be said that he inherited a difficult situation. The nation had run up a huge debt, due mainly to the expense of fighting the War in Vietnam and multiple social programs passed as part of President Lyndon Johnson’s Great Society, and inflationary pressure was increasing.
Furthermore, President Nixon had inherited an international monetary system that was based on the Bretton Woods Agreements after World War II. Initially, the system worked well, but as competitive economies developed in Asia and Europe, rebounding from the destruction of World War II, the portion of America’s output compared to total world output decreased, which in turn decreased the call for U.S. dollars. Thus, it was more enticing to many nations such as France and Spain to convert their dollars to gold. And they did so. Nixon had little choice but to close the gold exchange window. 
Many economists have highlighted the extended period from President Nixon to President Obama as one that illustrates the Triffin Dilemma which is often described as an inevitable process that culminates in a day of reckoning when a nation that has led the world in the capacity of the global reserve as currency gradually loses its supremacy and begins to suffer serious current account deficits with trading partners. In turn holding the U.S. dollar loses its desirability and it status as the globe’s reserve currency is gradually lost. 
On a cultural level the ideas and values emphasized by the fiat system have also altered to some degree the morals and principles society has come to uphold based on this system. People naturally seek the comforts of wealth which has a positive effect in a competitive society, guided by the “invisible hand” of Adam Smith. This standard becomes abused, however, with the system of fiat money. People come to believe that monetary manipulations make wealth more available to everyone and this eliminates the need for dedicated work.