You got it. And it anchors the value in stone, if you will. Every one else has worthless fiat money. Especially those holding old dollars and other currencies not backed by gold.
Course this action would probably mean war but it points out there are ways to politically get around debt, if you're a government. It's also too late to put in this type of fix but it is a better one than printing more dollars and letting the dollar devalue as a means to negate debt. Because in the end you have something stable not more of your own worth less dollars.