Really awesome post! Essentially if the current fiat system collapse we would go back to the gold standard and the value of gold will reset to much larger than what is trading at now. Don't have the exact calculations but this is the general idea because debt owed cannot all be defaulted.
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There has been several debt cancellations in the past (http://www.cadtm.org/The-Long-Tradition-of-Debt), so it's an option. Ideally a gold standard would stabilize the economy, but the return to it won't be an easy transition. All the fiat and credits must take a dive, with perhaps some debt cancellations worldwide (at least the poor countries). One thing for sure, a new monetary system is desperately needed, whether it's a full gold standard or something coupled with it (maybe blockchain technology), no matter what it is, it must be prevent future corruption and allow the people, not the bankers, to prosper like they did through the ages.
Haven't heard of any major economy have debt cancellations, only smaller ones like Argentina, Greece, Jamaica etc... Going straight to a gold standard is unlikely, possibility in transitioning to gold and commodities over the years. I agree with a monetary system coupled with blockchain for security and transparent purposes.