There is nothing, absolutely nothing, in regard to the U.S. abandoning the gold standard that could be further from the truth. The U.S. abandoned the gold standard because it was unsustainable for reasons having nothing whatsoever to do with the nonsense you posted. The Bretton Woods accord for establishing exchange rates was doomed from the moment it was conceived. Keynes said so at the time and explained exactly why. Though Bretton Woods was in 1944, there was not full compliance until ~ 1957-8. Keynes predicted it could not last more than about twenty years. In practice, it didn't last nearly that long. The B.C. Accord established the U.S. Dollar as the world's reserve Currency, something that has been, and is still, a huge advantage to the United States. The gold standard, however, was bound to fail; yet it served its purpose, from the U.S. point of view, of helping to find acceptance for the dollar as the reserve currency. Today the dollar is no longer "the reserve currency", but rather "a reserve currency."
Correct Bretton Woods was doomed from the start, as the current dollar hegemony will be doomed someday. Nothing is forever, especially free lunches.
Another view....wiki In the Bretton Woods system put in place in 1944, US dollars were convertible to gold. In France, it was called "America's exorbitant privilege"[230] as it resulted in an "asymmetric financial system" where foreigners "see themselves supporting American living standards and subsidizing American multinationals". As American economist Barry Eichengreen summarized: "It costs only a few cents for the Bureau of Engraving and Printing to produce a $100 bill, but other countries had to pony up $100 of actual goods in order to obtain one".[230] In February 1965, President Charles de Gaulle announced his intention to exchange its US dollar reserves for gold at the official exchange rate. He sent the French Navy across the Atlantic to pick up the French reserve of gold, which had been moved there during World War II, and was followed by several countries. As it resulted in considerably reducing US gold stock and US economic influence, it led US President Richard Nixon to unilaterally end the convertibility of the dollar to gold on 15 August 1971 (the "Nixon Shock"). This was meant to be a temporary measure but the dollar became permanently a floating fiat money and in October 1976, the US government officially changed the definition of the dollar; references to gold were removed from statutes.[
The gold standard was there to prevent massive fiat currency, which we now have. And the problem with massive fiat currency is that will lead to inflation. In fact, the term inflation used to be strictly a monetary term, meaning inflation of the money stock. But that definition has somewhat been expunged, as it has become inconvenient. And the problem with inflation is that it becomes the bedrock for huge social strife, upheaval. Most recent large example is 1920s Germany. And we all know what kind of upheaval that lead to. So ... this is where the gambling part comes in.
You don't know what you are posting about. Yes, you can prevent inflation so long as you can rigorously stick to gold standard at fixed exchange rate. But you won't be able to do that. Even if you could pull that off, you'd end up with something much worse than mild inflation. You'll eventually have very serious deflation! Why do you think Keynes warned against the unsustainability of a gold standard. Tying the purchasing power of money to any one commodity makes no sense in the Modern world. Such a ridiculous medieval idea would act as an albatross around the neck of any modern economy. The Gold standard was bad idea in 1944; it's an even worse idea today.
Unlimited, unfettered printing of money is so so much better. Well except for the people who don't own assets. Keynes lol.
So, what's so horrible about deflation? After you get past the "pain" of paying less for everything, the problem is what? The largest deflationary period in U.S.was 1880-1900. approximately -4%/year. Ever walk through the houses people used to build back then, huge Queen Annes. Very few people can maintain those now. The only people who genuinely fear deflation are large debtors. Deflation makes the debt more onerous. So, the largest debtor in the world is who? and what do they say about deflation? Oh Heavens!
Good grief. 1920s Germany was a unique time in history, never to be repeated. Unless you think they are going to have another Kaiser in between two new world wars.