The gold standard was effective in managing inflationary and deflationary pressures and prevented the government from increasing the money supply without a corresponding increase in gold reserves , which kept public spending under control. . As a result, it also prevented the government from using liquidity injections to stimulate the economy during recessions and thus exacerbated economic downturns. Fiat currency offered greater elasticity than the gold standard because it allowed the government to use the money supply to manage economic expansions and contractions and stabilize purchasing power; However, an irresponsible government that abuses its control over the money supply can completely diminish the value of its currency and lead to economic collapse. Overall, the Chartalist perspective is expected to form the foundation of the future global monetary system, as it provides greater economic flexibility. The health of the economy should depend on the productivity and ingenuity of its people rather than the supply of gold. Cash injections put money in the hands of citizens, and it is their ingenuity that will lead the country out of recession. Additionally, democratic governments provide citizens with the ability to select representatives who will be responsible for making decisions regarding monetary policy. Responsible government combined with regulated control of the money supply will allow a country to fully utilize the potential of fiat currency to stimulate and sustain economic growth; However, none of this will work without any trust in the