RE: Rouble backed by gold and commodities29 Apr 2022 13:21
https://www.investopedia.com/ask/answers/09/gold-standard.asp#:~:text=The%20gold%20standard%20is%20a,sells%20gold%20at%20that%20price.
To re-introduce a gold standard will be a massive and lonely undertaking. This is not as simple as it first appears.
"What Are the Advantages of the Gold Standard?
The gold standard prevents inflation as governments and banks are unable to manipulate the money supply (e.g., overissuing money). The gold standard also stabilizes prices and foreign exchange rates.
What Are the Disadvantages of the Gold Standard?
Under the gold standard, the supply of gold cannot keep pace with its demand, and it is not flexible under trying economic times. Also, mining gold is costly and creates negative environmental externalities."
"Under a free-market system, gold should be viewed as a currency like the euro, yen, or U.S. dollar. Gold has a long-standing relationship with the U.S. dollar, and, over the long term, gold will generally have an inverse relationship. With instability in the market, it is common to hear talk of creating another gold standard, but it is not a flawless system. Viewing gold as a currency and trading it as such can mitigate risks compared with paper currency and the economy, but there must be an awareness that gold is forward-looking. If one waits until disaster strikes, it may not provide an advantage if it has already moved to a price that reflects a slumping economy. "