It's like all the Goldbugs forget that this is what happened, over and over and over again, when countries were on the gold standard: entities would make allege

It's like all the Goldbugs forget that this is what happened, over and over and over again, when countries were on the gold standard: entities would make allegedly convertible instruments that everybody knew weren't really convertible, but everybody acted like they were, until a run finally forced a suspension of convertibility. Like, once a decade or so. At the cost of great human suffering.