You're right, debt is OK as long as it's manageable. The US debt is manageable and they've had more debt/gdp in the past, so there's no problem, an improving economy will solve the problem, if there's one at all, which I doubt.
The Federal Reserve does not 'print money' that is a common fallacy, you need to read up on what QE really is.
Gold is not scarce, another common fallacy that goldbugs push, go to the Perth Mint and see if it's scarce there, or I'm sure your local gold dealer will be happy to fit you up with as much as you want. Total gold mined was about 3,200 tonnes last year, and it increases every single year.
The intrinsic value of gold is near zero, it's only worth what someone will pay for it, it has no utility except for jewellery and putting in a safe, it might be very handy if you live in North Korea. Gold will probably bottom out around $700 in my opinion, some commentators say much lower. If you're relying on the gold buying habits of chinese and indian peasants to fund your retirement then I'm afraid it might not be a very happy one.
The GFC was caused by greed mostly, big spending home owners, gullible company directors and local bodies and last but not least, lots of Cambridge and Oxford educated financial 'experts' who geared Lehmans assets up 35 times and came unstuck. The Economist warned of a bubble for years but the 'greed is good' attitude blinded the suckers and they forgot that there's no free lunch.
There might be some consequences for overexposed home owners given that there may be a bubble forming in property prices, but that's the nature of risk when you take on debt. Personally I'm completely unconcerned if thousands of chinese lose their shirts, I couldn't care less, they've lost their shirts buying gold, so why not property, a shakeout might be good for the market.
http://www.nytimes.com/2007/12/02/world/europe/02norway.html?pagewanted=all&_r=0
