I'm far from a Paultard, but the argument in favor of the Gold standard is that it enforces a boundary on how much money the government can have circulating around. Just like gold can't be produced out of thin air, neither can a tangibly-linked currency.
The best way to do things, of course, would be to have a government which spent within its means without the use of an external, arbitrary limit.
The confusion of a staff member is measured by the length of his memos. -- New York Times, Jan. 20, 1981