Today's Inflation Began on August 15, 1971

DEMOCRATS RUIN EVERYTHING! :0)

The story of Inflation is really a bit more complicated than that. One could argue the inflation cycle stated with the creation of the federal reserve (thank Woodrow Wilson for that).
Or the Confiscation, and revaluation of gold By FDR in 1933.
I don't Blame Nixion for ending the gold standard he was forced to by policies and events that started with LBJ and even earlier, most notably The Vietnam war, the "war on poverty" scam, the sexual revolution, and LBJ, lifting of the "gold cover" and gold reserve requirements, (1965 and 1968 respectively) Thanks to LBJ again.
The reality is A gold standard or (backing any currency with any commodity, such as, oil and natural gas) only works with a moral government in a productive and moral society. As a society declines its people become less reliant on God and more reliant on government. When that happens, the creation of currency increases faster than the production of goods and services and the relative value of money decreases, this is the definition of inflation.
In short, the value of any nation's money is only as good and the principals and values of its people and government.

Who Really Killed the Gold Standard?
While Nixon is usually blamed, LBJ played a large role in the gold standard's demise.

The post-1965 increase in Federal Reserve Note liability (i.e., dollars) paralleled the rapid increases in both the U.S. federal budget and the U.S. Federal budget deficit associated with President Johnson’s “guns and butter” policies, otherwise known as the “Great Society” and the Vietnam War. LBJ’s focus on “guns and butter”, and his removal of the gold cover, ushered in a new paradigm in how the U.S. economy would be run. Free market capitalism was “out”; government controlled “creditism” was in … and has ruled us, and the rest of the world, ever since.
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https://nationalinterest.org/feature/who-really-killed-the-gold-standard-12435
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