Was The Gold Standard A Sound Money System ?

According to poster DonnyMost, The Gold Standard was a sound money system, https://bbs.clutchfans.net/threads/social-security-is-a-ponzi-scheme.325630/page-2#post-15630696


Agree or disagree?

 

the gold standard had outlived its relevancy; it's so 19th century



it provided the illusion that the US dollar is backed up by gold; but the amount of commerce conducted by US economy was
more than 1 millions times the amount of physical gold the US had in possession

That was in 1933, when the United States went off the gold standard, for domestic transactions,
when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold.

The US ended international convertibility of the dollar to gold in 1971 under President Richard Nixon, effectively ending the gold standard in the U.S.
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