This is the only thing that has ever held up any monetary structure. I have my problems with the way the fed does things, but money being fake and gay isn't unique to this system nor is the concept remotely new. It has been understood since the time of ancient Greece.
Gold has no more inherent value than cloth with a presidents face on it does, or little stones with holes in them. There's no magic system that transforms gold into exactly what commodity you want, its value is based on how many other people want it and whether or not those people have the things you're trying to buy, how much, etc. Not to mention gold has pragmatic applications as a conductor so deciding "it is worth this much and always will be" is ignoring the reality of how trade works.
Like i said, ignoring the fiscal reality causes problems on its own, but there's an important distinction between the fiscal economy and the real economy, and the national debt is almost entirely fiscal which has a very ephemeral nature to it. Because this is a place for haha funny i use the term fake and gay to describe that.