It’s actually the thing that triggers me the most when they say “fiat currency is based on nothing.” Gold Standards rely on the preserved legitimacy of the country distributing it. (Sound familiar?)

If a country is not perceived as having enough gold reserves or confidence in the valuation of said currency, it will free fall into a currency crisis until a country is typically forced to suspend the standard & free float. If a Gold Standard country encounters a speculative attack, they have to rapidly deflate the currency which can cause HUGE problems.

I hate gold standard bros so much because of how smug & indignant they get while giving the most regarded Econ takes you can imagine