Yeah using the gold standard limits the pace of progress of society to the pace of which gold can be mined, which is a completely arbitrary unnecessary limit ever since printed money was invented.
The problem is using an inherently inflationary currency that is tied to usury. Now, every single person is affected by interest whether they deal with it or not. This is immoral.
Any rate over 0% is immoral. This is how we have it in Islam. Loans are strictly an act of charity. Otherwise, there are moral and ethical ways to invest your money that are not predatory.
The modern economic concept of tying wealth directly to economic output was a huge step.
What it stepped towards can be considered anything from utopia to irrecoverable disaster. Some people closer to the latter end of the scale consider economic limiters like deflationary currency (bitcoin et. al) and gold/silver standards as a good thing.
Who is right? I don't know if any individual human can, in the space of a single lifetime, really have the breadth of experience and insight to choose the right option.
