Arthur was especially concerned about the British view on abandoning the gold standard because, in addition to the Australian Dollar being highly pegged to the Pound, the Pound was also the most steadfast currency in the world at the moment.
As a global currency, when such a currency devalues, it often makes many nations that use this currency pay the price together.
The best example would be the Police of the World in later generations. Although the debt of the United States is high, they only need to print US dollars like crazy, let the US dollar devalue a bit, and then the whole world has to foot the bill for their debt.
Unfortunately, the entire world has no choice because historically, after World War II, the United States had already established a monetary system based on the US dollar, making it very difficult to replace.
