Agreed. That's why, despite the anti-Fed misinformation that crosses the line into kook territory doesn't make any sense. Despite the hype to the contrary, banks are privately owned by normal everyday stockholders just like GM or Microsoft. The Fed is owned by these privately owned banks. The banks appoint the Fed's board of governors, the president appoints the chairman. Any scenario that involves dismantling the Fed also involves turning the money supply over to the elected legislative politicians in Washington. The cure to deficit spending in such a system becomes simply running the printing presses overtime. Back to square one.
You premise that someday "the music must stop" is based on the false assumption that inflation is a big bad bubble that has no choice but to burst. Inflation is a necessary negative feedback in the economic loop that keeps the amount of money slightly higher than the amount of goods. It's the reason that the gold standard won't work anymore... the gold supply is finite and mostly controlled from Moscow and Cape Town. The American economy isn't, and can never be. It's that simple.
I'm a conservative because I believe in personal responsibility and economic freedom. Tying my future to the spot gold market in Moscow would seem counterproductive to that end.
'Sticky' wages and other prices can simply be gradually eroded by inflating. So long as the PTB are disciplined, most economic players will simply make adjustments and move on.
If inflation could merely fluctuate around 3-5% per year, then overpaid civil servants would slowly be cut back to a reasonable income; malinvestments in housing, etc. could gradually be made good by depreciating the currency; and society's more productive members will keep their focus on the carrot of 'more money' instead of upon the stick of 'high taxes'.
Once folks in general cotton on to this fraudulent scheme, however, the 'jig is up'.
We, as a society, continue to live off the moral and political capital of our ancestors. Just like gold, that capital is replacable only by hard, persistent work. The substitution of 'politically correct' rhetoric for the hard truths of history is a perfect analogue of the replacement of gold by government-decreed currency. Just because lies are often more comforting than the truth is no reason to abandon truth; just because gold is more difficult to accumulate than paper and ink does not render it a 'relic' of antiquarian interest only, as we all surely discover sometime in the not-too-distant future.
P.S. Moscow has little influence on world gold prices; the great state of Nevada produces as much gold as Russia.(or near enough!) Besides which, nearly half of all the gold ever mined is in the possession of the U.S. Gov't.
The monetization of debt is just about the worst thing that can happen to an economy short of nuclear war, IMO.