Exactly. Well said. Not enough gold for adequate backing and the system would implode if they reversed any new issuance of debt - another thing Greg seems to forget which would not permit his proposal to work.
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Well, the only other option would be, to evaluate gold at a entirely different level. Like $ 100,000 per oz, or so - but that would be like a dollar inflation in a way. Well, its what Greg always demands - a correction to fair value, of all assets.
But the other thing, no more debt, is even harder to achive. The whole system is based on growth, not on functioning at a permanent level. Everything is supposed to keep growing, which is a impossibility in itself. Yet we expect just that.