Good article it's about as basic as it can get. Except gold is not a fundamental money backed asset it's labor. Money is a commodity to store hours of labor and labor is reference to measure value.
If you back money with gold then an economy can not grow in size if more people participating in the economy (more babies born, immigrants ect) and the reversal if more people die the economy should shrimp and the money supply crimp. If authorities can not have the discipline to size the money supply to the size of the economy and over supply the economy with cheap money (stored labor) then things get out of sinc. The balance between supply and demand gets violently disturbed and a new equilibrium will be found with lots of casualties or the system collapses because people don't trust the money they work for. In the past our economy was running on cheap Chinese imports and the Chinese bought bonds to flow the money back and keeping the motor running but the Chinese workers demanded higher paychecks so there products got more expensive and we couldn't afford them anymore buying stuff in quantities we used too. So the service sector servicing these imports went bust but consumption didn't divert to local made goods because these where still alot more expensive then imported goods so the motor slowly stopped running and that's what QE is about keep this motor artificially running on created labor wich is not been worked for and probably never will be worked for ...