Hayek Believes the Gold Standard Cannot Be Implemented Because Governments Will Not Play According to the Rules

My conviction is that the hope of returning to the kind of gold standard system which has worked fairly well over a long period is absolutely vain. Even if, by some international treaty, the gold standard were reintroduced, there is not the slightest hope that governments will play the game according to the rules. And the gold standard is not a thing which you can restore by an act of legislation. The gold standard requires a constant observation by government of certain rules which include an occasional restriction of the total circulation which will cause local or national recession, and no government can nowadays do it when both the public and, I am afraid, all those Keynesian economists who have been trained in the last thirty years, will argue that it is more important to increase the quantity of money than to maintain the gold standard.

--Friedrich A. Hayek, A Free-Market Monetary System and the Pretense of Knowledge (Auburn, AL: Ludwig von Mises Institute, 2008), 12.