Greenspan Was Right The First Time: Gold-Based Money Is The Best Way To Prevent Runaway Public Debt

As Greenspan explains in his ’66 essay, government borrowing is backed “only by the government’s promise to pay out future tax revenues.” The gold standard limited the extent to which a government can borrow because gold, unlike fiat money, cannot be printed.

https://www.aier.org/article/adopting-a-gold-standard-would-promote-fiscal-discipline/