> At that level, it still makes sense to borrow all you can, buy the basket of goods or gold or anything that holds its value in dollar terms, sell it later on, and pay the loan back.

I'm guessing -- also not deeply versed in macroeconomics -- that "buy the basket of goods or gold or anything that holds its value in dollar terms" isn't actually that easy. For one, if everyone does that, you'd expect current prices of said goods to rise, and then fall when you try to sell them. Thus there's some risk that you'll essentially mis-time your transactions and buy high / sell low.

Two, there may be other reasons whatever you buy fails to hold its value. Someone might discover a giant gold deposit or whatnot, rocking the gold market.

Three, there are transaction costs. For property, you're paying realtors, home inspectors, closing costs, etc...

I'm sure this is an incomplete and naive analysis.