This is due to the inherent nature of national political campaigns, which often promise more spending, more intervention, and more of the same monetary policies that erode the purchasing power of the U.S. Federal Reserve Note, commonly known as the U.S. dollar.

This is a consequence of detaching a nation's money from a stable backing, such as gold.

Since Nixon officially ended U.S. dollar interchangeability with actual gold in 1971, we've seen what proponents of sound money feared would come to fruition: Endless wars and huge military expenditures, expansion of the bureaucratic state, wasteful spending, and a steady decline in how much your money can buy — all made possible by Federal Reserve-enabled borrowing.

Not only is war an unproductive endeavor that shifts economic resources away from domestic needs, but it's also unbelievably costly. An unbacked money that is printed or created at will means government is no longer restrained by a limit on spending.

The promise of more programs, whether entitlement programs, infrastructure, or other social policies, often translates to a larger, more complex bureaucracy. With this expansion of the state comes more funding required from the state.

Sound money forces politicians to allocate scarce resources (tax dollars) responsibly.

The establishment of the Federal Reserve in 1913 was one of the most consequential acts in American history. The Fed masquerades as a private institution while always enabling the current administration's deficit spending agenda.

There's a consensus among the establishment candidates on maintaining the status quo with the Federal Reserve. It has historically pursued policies like quantitative easing, low interest rates, and corporate bailouts. While intended to stimulate the economy, Fed interventions lead to malinvestment, impaired economic productivity, and currency devaluation over time.