Inflation is the only way out of this fiscal mess for our leaders, short of war. Legal obligations must be satisfied ... but since those obligations are rendered in terms of “dollars”, the Federal Reserve can just conjure up more money and reduce the value those dollars were understood to represent.
Gold is OK for long-term high-density value storage, but impractical for common use during hard times. Certain popular forms of copper/brass/lead are more suitable for mundane needs.
We will probably lollygag around with a number of 'corrective schemes' but, inflation will be the final effective tool, IMO.