Article explaining the Gold Standard and if it works

With all the anti Fed anti-government talk lately there is a push to move america to a gold standard. I found an informative article on the history of the Gold standard and how it's supposed to work and the reality and problems it had. While it sounded good in theory, like many things it depended on how it was implemented and who controlled it. It was a centralized exchange for the world which means central planning which conservatives are supposed to hate, and wasn't really that different in outcome from what we have today.

Anyways, my problem with the gold standard is that it doesn't account for population growth. Whenever you have a limited currency, it goes up in value as the population grows and more people need it. You end up with a few people very rich and everyone else struggling.

Did the Gold Standard Work? Economics Before and After Fiat Money

blogs.cfainstitute.org...

a reply to: CB328

To me the gold standard is no different than fiat paper currency. You're simply setting an arbitrary value for a shiny rock instead of paper.

Imagine what would happen if we discover gold on another planet. The finite amount of gold which gives it the supposed value it has would be greatly diminished.

The gold standard puts all the power in the hands of those who possess the majority of gold. Those who control the current fiat currency would still control a gold backed currency so the power structure wouldn't be changed in the slightest. All the same problems would exist that exist today.

In a SHTF scenario neither paper nor gold will maintain any value as consumable commodities would be the true form of currency in a catastrophic situation. If we want a currency backed by something tangible it makes much more sense to fix our currency rate to some consumable commodities rather than a rock. If SHTF your money would at least be exchangeable for something of real value.

You end up with a few people very rich and everyone else struggling.

So, what you're saying is it's exactly the same as today?