not exactly correct
although gold could move from $1300 to $4000, and the dollar had devalued thereby resulting in radically increased prices for everything. this would mean that gas would jump from $2.50/gal to about $7.50/gal. then again, salaries could jump from an average of $50,000/yr to roughly $150,000/yr. all this due to the radically reduced value of the dollar.
of course, fixed debts secured PRIOR to the inflation would not change.
thus, if you were to grab a 30 yr note NOW for $500,000 @ 5%, you would be paying $2,684/mon. this might seem tough when only making $50,000/yr now, or about $4,166/mon. but if your salary were to increase with inflation, it would be around $150,000/yr, or $12,500/mon. this would make paying your fixed rate mortgage fairly simple.
all assuming you could still find work as companies would be struggling to find enough capital to operate.
which is when the problems really start...
salaries will not keep up with inflation, especially on the lower end where it will lag greatly
thus, if you were to grab a 30 yr note NOW for $500,000 @ 5%, you would be paying $2,684/mon. this might seem tough when only making $50,000/yr now, or about $4,166/mon. but if your salary were to increase with inflation, it would be around $150,000/yr, or $12,500/mon. this would make paying your fixed rate mortgage fairly simple.