You wrote, "All else being equal, inflation would be greater. Likewise, as government debt rises, inflation is less than it otherwise would be. So, you can think of government debt as a reservoir of potential future inflation."

And how do you explain our current non-inflationary status and high total debt? What about Japan? Nation's issuing their own sovereign currencies can pay any obligation denominated in their own currency at any time. Debt isn't the problem. Reaching full employment is the problem. Doing so reduces the accumulation of debt.

What happens in your gold standard world when the supply of gold is constrained?