The gold standard always fails. Whatever gold standard is established in history, it is inexorably debased.
The conceptual flaw with gold is that it is a desperate attempt to grasp at an absolute, because absolutes feel warm and fuzzy. Nothing is absolute in an economy. The relative value of everything changes constantly and trying to create an artificial peg to gold doesn't achieve anything useful.
In historical terms, by any measure you choose (monthly salary, purchasing power, etc.) gold is worth roughly 1/10th what it used to be worth a millennia ago and prior.
Adjusted for inflation, over the last 100 years or so, the value of gold has remained roughly constant in terms of salary and purchasing power.
The conceptual flaw with gold is that it is a desperate attempt to grasp at an absolute, because absolutes feel warm and fuzzy. Nothing is absolute in an economy. The relative value of everything changes constantly and trying to create an artificial peg to gold doesn't achieve anything useful.
In historical terms, by any measure you choose (monthly salary, purchasing power, etc.) gold is worth roughly 1/10th what it used to be worth a millennia ago and prior.
Adjusted for inflation, over the last 100 years or so, the value of gold has remained roughly constant in terms of salary and purchasing power.