It's appealing because it keeps politicians honest, but if you have honest politicians it is just a thought experiment.
I think a constrained monetary supply just means the politicians we elect have less influence over the economy than the people with the most wealth. In either scenario, there will be untrustworthy politicians who need to be out voted or voted out.
The last 60 years on a macro level have largely proved the Keynesian model. I think we're right to put faith in politicians in general. The solution might just be holding currency from another nation instead of your own.