In 1971, President Nixon, officially took the United States dollar off of the Bretton Wood agreement, which had fixed the United States dollar at $35 per gold ounce, in which, since that time, from 1971 to 2017, the inflation rate in America as calculated by in2013dollars.com, indicates that "Prices in 2017 are 504.4% higher than prices in 1971," whereas if you take the same length of time of 46 years, that is from 1924-1970, in2013dollars.com, tells us that "Prices in 1970 are 126.9% higher than prices in 1924," which is a substantial difference in the value of the dollar and shows the odious effects of inflation upon the dollar, especially when that dollar is backed by nothing more than the full faith of the US government. Further, the national deficit in 1971 was just $398 billion, which almost sounds small, whereas today, as estimated by the usdebtclock.org it is $21.147 trillion and counting, which is an incredible 2145.5% higher than the debt was back in 1971.
The US dollar isn't tied to anything, it is a floating currency, and further to the point, the dollar is the coin of the realm of the United States government, thereby making it the medium of exchange, that is universally accepted throughout the world and it is the legal and de facto currency of this government. This means, that virtually all business and personal transactions are conducted within America by using the US dollar, so that, even if you do not have confidence in the dollar, your options in being able to utilize and to transact business without it are limited, though there are alternatives, notably crytocurrency that some people have gravitated to.
In point of fact, the United States is never going to pay off its deficit, and will for a certainty, created a new form of currency, replacing the present day dollar, and thereby essentially repudiating the debt it has accumulated by converting it into something that favors this government at the expense of those holding onto its debt, of which this change will have seismic consequences and could even lead to war with other nations, though, in all probability, the United States will have secretly negotiated with their major creditor nations in a manner that will assuage them in such a way, that they will accept half a loaf, as compared to no loaf at all.
However, there is a big difference between personal debt and personal assets that you as an individual are responsible for and have as your lifetime of earnings and savings, as compared to what and how sovereign nations treat one another, so for those individuals, stuck with dollars that have been demonetized, you will receive, almost for a certainty, a very raw deal, in which your wealth as expressed in US dollars, before being demonetized will on the one hand be decimated, but your debt after being demonetized, will be recalculated in such a manner, that you earn no advantage from the monetization of new money within America.
This means, that the government of this country will become even more powerful than it is today, in addition to the privileged banking consortium which will have worked out the finest details of this demonetization and then re-monetization of a new currency, benefiting them at the expense of the average America. So too, the richest and most connected Americans will as a matter of course, be cognizant of this impending change which will allow them to circumvent it with a minimum of damage, leaving the heartland of America holding the bag, with no option or recourse, as the militarized police of this country, in connection with our national forces, will put down, any incipient riots or civil disobedience with a fusillade of bullets.