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.