Absolutely. The only uncertainty is the timing. I have reason to believe that China is stashing gold and not letting on to perpetuate this for as long as it can. They also actively encourage citizens to buy and hold gold.
Most people don't realise the problem with irredeemable debt money is simply the debt can only grow and grow. Many partially educated people have a basic understanding of compound interest. Well compound debt works exactly the same. It grows exponentially. It ultimately ends up as treasury debt but there is only so much one can kick upstairs before it all comes crashing down. Yellen is currently kicking the can down the road: the causes of the GFC have not gone away and will return with vengeance. The answer: more of the poison, more QE, more interest bearing debt.
Likewise many don't understand the gold standard. It is not meant to stabilise prices (although it can). That would be price fixing. Certainly the mechanism by which regimes rob their citizens of the value of their money will be eliminated. Nor is there meant to be an equivalent amount of gold stashed for each currency unit. Neither does it mean the end of fractional reserve banking or even central banking.
All a gold standard does is promise, by the central bank, to pay a certain amount of currency units for a certain mass of gold- or vice versa. This currently can take place, but at variable rates. With a gold standard it takes place at a fixed rate. What this means is twofold:
Firstly there is an intimate extinguisher of debt and the debt needs not explode. The money supply can be expanded while the debt is paid down as happened in the USA in the 1950s - with concomitant unparalleled prosperity. Currently the only source of dollars to pay debt is via monetising - yet more interest bearing debt. Paul Hein wrote a very good article (tongue in cheek) on how central banking using irredeemable debt enslaves the citizens without them even knowing it. A great read that few understand on face value.
The second advantage of a gold standard is the stabilisation of the interest rate structure and the end of bond speculation. No more wealth transfer of industrial capital to bond speculators and concomitant de-industrialisation as we have witnessed in the USA. Bond speculators will have to get a real job to earn an honest living producing something of value for their fellow man rather than siphoning off industrial capital. Fewer understand how gyrating interest rates are a veritable industrial capital wrecking ball.
