They cannot do both. Under the classical 19th-century gold standard, capital flows were mostly unfettered and currencies were tied to gold.

在19世纪经典的金本位框架下，资本流通几乎毫无限制，并且货币都是受约与黄金。

youdao

Under the classical 19th-century gold standard, capital flows were mostly unfettered and currencies were tied to gold.

在19世纪经典的金本位框架下，资本流通几乎毫无限制，并且货币都是受约与黄金。

youdao

This mongrel mix between the classical gold standard and a fiat paper regime was at root unstable and unsustainable.

FORBES: Gold, Reagan and the Reds: From Degraded Dollar to Downgraded Debt

Under the classical gold standard economic growth, international trade and global capital flows flourished with a minimum of state intervention.

FORBES: Gold, Reagan and the Reds: From Degraded Dollar to Downgraded Debt

Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.

FORBES: The Fed's Incredible Rate Forecasting Hubris