I don’t see why anything has to be squared against any peg. Governments gave up backing currency against precious metals log ago.
RE-READ the post. How do you NOT see why? Debt based currency requires infinite growth to not collapse. It is lended into existence and requires interest to be paid just for the money to exist. If the money supply is $100 for example, and there's also $5 required to be paid in interest, paying off the original $100 that was lended into existence reduces the money supply to 0 still leaves you with $5 debt.
It's always been nothing more than a Jewish accounting trick to try and enslave people with unpayable debt. This is why all religions banned it. You are still living in the stone age and this evil cult has not yet been defeated that's been doing the same scam for thousands of years. It is, however, a very fragile scam that easily implodes without the presence of infinite growth. Since it's designed to implode without infinite growth (and trust me, growth is over due to peak working age demographics in 1st world countries and peak energy production), the debt bubble implodes and everything paper and digital blows up.
Now, as to why existing debts have to be re-pegged to a new asset, if you just let the debt bubble implode and take it's normal course, the money supply essentially becomes zero. All pensions, savings, and retirements blow up, you will not be able to buy things from a grocery store, mass disputes over who owns what. There will basically be cannibals in the street eating each other and you might have a new dark ages. Once all this happens, gold and silver will become the only form of money used anyway.
The act of revaluing gold and silver to a much higher price essentially exstinguishes the debt bubble so that you do not have this dark ages collapse. And it's not like they weren't going to become the only money around anyway if you let a new dark ages happen. So the bankers generally wait till the absolute last second of some 2008-like event and do the revaluation when the collapse occurs because they want their scam to last as long as possible.
Many of these evil jews also make believe that they can not only stop their scam from imploding, but also expand the scam even larger into a digital only, cashless society slave system. Who bitcoin was created by, or whether it was created by western intelligence is irrelevant. It is allowed to exist by the western banking powers to try and condition people into this digital only slave system. The second this debt bubble implodes and they're forced to step in again just like 2008, they will be forced to either revalue metals right then and there, or attempt to initiate some type of false flag event and new digital only slave system at that time.
You will not see this event coming. It could happen a year from now, it could happen tomorrow morning. Whatever happens, nobody is going to trust the new currency and metals will reclaim the throne either by the bankers themselves being forced to revalue them, or nobody trusting anything else after their last digital IOUs went to zero.
