Do eventually fail.
“Hoarding” was FDR BS; he wanted to buy votes with money he didn’t have; the Fed could not create new currency so long as money was defined as gold. The “gold clause,” which was found in EVERY contract for any good or service, said that payment could be made in currency but at the payee’s option had to be made in gold. THAT is why FDR confiscated all gold and why he, by executive order, invalidated every single gold clause in every single contract. Without the gold clause he and the Fed were free to inflate., free to dilute all the currency. Free to “water the stock.”
Gold could indeed back the dollar - just integrate a thread, or threads, of it into every bill. That would stop the Keynesian dilutors/inflators in two seconds.
If we do suffer an inflation, a dilution, it’s more likely to result from political subsidies and crony supports , coupled with the Fed going nuts, than whatever China might do. Larry Kudlow said 1/3 of GDP today. THAT is risky.
Most of what Trump has said about China turned out to be prescient or on target. I’ve changed my mind about him, and about tariffs and so called “free trade.” He was correct in his tariff policies. I was wrong. Wall Street and the OSHA/EPA regulatory “clean industry” statists cooperated in a take down of our unionized industrial heartland. Big Democrats and Big Republicans - the Uniparty - cheered it on.