In 1944; at Bretton Woods, New Hampshire; the world's most powerful nations ceded leadership of a global "gold standard" to the United States. When Nixon reneged on this pact in 1971 for the first time, not a single national currency was backed by anything but government coercion. What ensued has been the most egregious example of irreversible central bank monetary destruction in global history.
Not a single signatory complained – as without gold's shackles, central banks of all countries were given a license to "print money." With essentially no debt, they were free to "charge up" their respective nations' "credit cards" – creating the illusion of prosperity; and of course, the accompanying, unprecedented increase in financial asset prices.
Unfortunately, the debt accumulation that accompanies such money printing eventually has to be repaid. Through money earned or if that's not possible, through inflation.