The massive, long term deficits we have now would be impossible on a gold standard and with no Federal Reserve. There would be real interest rates and immediate discipline on the Government when it’s spending became too large..
So you think the market isn’t smart enough to figure out inflation and charge real interest rates? The market is smart enough.
You think interest rates discipline Congress? Forces them to reign in deficits? No. It doesn’t. They can still borrow they can still commit your kids to unreasonable burdens. They can still bankrupt the country.
The problem is congressional spending, and a gold standard does absolutely nothing to reign that in.
Only electing fiscally responsible leaders of good character is going to protect us. Gold standard just leaves our currency open to manipulation by Soros and China. China by the way is currently the largest gold producer in the world.