Gold did indeed back debt (or at least serve as it's only real alternative) for thousands of years.
The real question is: Can 21st century civilization survive a commodity-constrained economy?
Discussion
If you read the full article, it'll clarifying the full meaning.
If you lend me $10 worth of gold, then I can pay you back $10 of money if it's backed with gold - the gold standard.
If you lend me $10 worth of gold, and I pay you back with unbacked fiat, the repayment is arbitrary.
Like for like you can back any backed money with any asset.
Without a backed money, you can only repay an asset with an asset, otherwise paying with fiat, the global books don't balance.
When I say gold was never used to back debt, this is the debt I am referring to.
Without that context, your statement is true.
Nostr growing pains.. didn't see the post you were replying to! 😅🙂