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Societies can use fiat money and stay stable for extended periods of time. When a country crashes it's money supply like that it's either because of a war or a corrupt dictator. .
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Right now, we happen to have both... hence the current rise in gold prices.
I agree that the "Austrian" school is largely academic because even with Obama's deficits, and govt usurpation of the medical industry, increased international war spending, bogus "environmentally-justified" energy price hikes along with energy taxation, a homeland police state and whatever else is in the pipeline, its entirely possible the economy and the US dollar could continue "for an extended period of time" without collapse, although you can bet that it will be divided among fewer major international players, fewer entrepreneurs and small to medium businesses and business owners, ( meaning less social mobility ) and that much more of the productive lives of people will be taken in the form of taxes and much more of their disposable income will be spent on rising energy prices plus energy taxes.