> gold standard disincentivizes consumption, and incentivizes savings. Plain and simple

Read Walter Bagehot's Lombard Street, published in 1873 [1]. It's the treatise by arguably the world's first modern central banker. What makes it neat is it's entirely on the gold standard.

Britain, on the gold standard, still faced each of inflation, bank runs and credit crises. It was an imperial military power almost constantly at war. And yes, its contemporaries lamented its industrial consumerism and rising inequality. (And that's Victorian Britain, mind you!)

[1] https://en.wikipedia.org/wiki/Lombard_Street:_A_Description_...