If reserves were truly backed by gold instead of fiat currency, the distribution of benefits would shift dramatically. Savers, gold holders, and export-focused economies would come out ahead—something that doesn't happen under unlimited fiat expansion. Gold-backed systems impose real monetary discipline, making it harder for policymakers to inflate their way out of problems. The trade-off is clear: those who benefit from currency debasement lose their advantage, while those holding hard assets gain protection. It's a fundamental reset of who wins in the financial system.