Many people doubt that returning to gold and silver coinage is possible. Going to gold backed currency is a step in the right direction.
A full reserve requirement might work for paper currency. But the only way the plebs that are stuck with paper can truly secure their wealth is to use metal the same as countries do.
1. old situation: currency backed by full (gold) reserve
2. actual political decision: currency no longer backed by full reserve
3. result: currency no longer backed by full reserve
1. possible political decision: return to currency backed by full (gold) reserve
2. possible political decision: currency no longer backed by full reserve
3. result: currency no longer backed by full reserve
To whatever extent government could return a full-reserve backed currency, government can move away from that again. Thus, there's no builtin security for anyone in a return to a full reserve backed currency.If no government in the history of the world had ever done this, then arguing for a full-reserve backed currency might have a bit more weight. But they have, and it really has done.
Regardless, I get your point that political decisions ruined it. It is clear that government cannot be trusted to maintain a constant unit of measure that money should be. So, would you agree to an amendment to separate economy and state? Require government to produce coins of known weight and purity and that is it. If they want more money to spend they will have to extract it as taxes.
No.
You seem to suggest that people should worry about a default claiming if we had still had a gold backed currency the risk would go away ... "if you hold your money it cannot be made worthless by a third party" ... but it can be made worthless by a government any time that government chooses.
The government (having defaulted on gold-backed debt) could simply refuse to convert the paper of the debt to gold (sure, that would be bad, but hey, they've already chosen to default, so not much worse ...)