That said, this isn't all "gold" either in my opinion. Money is still tied to productivity. At least it works as long as people believe debts can be repaid. If they wouldn't, there would be runaway inflation.
It is more sensible to back that debt with productivity or "economic potential" instead of gold, but the idea isn't that far off as people generally say it is. In general it still is more loosely tied to real productivity though and that is a problem. The solution isn't to return to gold backing though.
And there is a development of poor economic ideas, like that creating debt is always good on a national economic level. You should never neglect to mention that this new debt would require something like a hegemonic military position to underline the "securities" of said debt.