In the long run nothing good will come from blowing more hot air into these debt bubbles, since the structural problems are not being addressed. Debt expansion and money printing will simply lead to more volatility, loss of purchasing power and ultimately inflation, all of which is not conducive to economic growth and job creation. As a result we will likely end up with stagflation, as the economy remains mired in recession, while nominal values are being inflated.
Although gold may not be the perfect "currency" either, it is probably the best benchmark and has proven to be a great store of value for thousands of years. As an example, in ancient Rome an ounce of gold would pay a person's food bill for about two months, which means that it has more or less maintained its purchasing power. If measured in gold, the price of cotton is actually quite cheap today at 20 mg per pound, although in terms of depreciated US dollars it appears to be expensive. It is all about relativity!