In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole doctrine of interventionism collapses when this fountain is drained off. The Santa Claus principle liquidates itself.
Bad money drives out good.
(When a government or central bank overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation, while the overvalued money will flood into circulation)
Succesful institutional traders often talk of quitting and going to trade for themselves. Only a handful of them manage to make the transition. Most traders who leave institutions get caught up in the emotions of fear, greed, elation, and panic when they start risking their own money.
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