"Rep. Paul detailed the "horrendous huge debasement" that has occurred with the US currency. In the early 1930's, when gold was on a fixed exchange rate with the US dollar, the dollar was worth 1/20 ounce of gold. It was subsequently devalued to 1/35 ounce of gold during the 1940's, to 1/38 ounce of gold in the early 1970's and to 1/42 in 1973. Once it became legal for US citizens to own gold and the dollar was based on market prices, the value of one dollar subsequently dropped to 1/1450 ounce of gold"
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