Max is basically proposing the "market-based complementary silver standard" that China had for millenia: people can (and will) "switch" between silver (bullion) and fiat money (coinage, paper or electronic) depending on which is more "honest"-- aka fulfills the monetary functions (store of value, unit of exchange, etc.).
People save in silver for times when fiat becomes "dishonest", so that people can transact in silver-- until fiat becomes "honest", then they will save in silver until...
