How can the debt crisis be fixed?

There is a cardinal rule of politics, which applies to economics as well: WHEN IN A HOLE, STOP DIGGING. The general consensus of economists (and I exclude Socialists, who have caused this crisis, not that people like Bush did not contribute) I consulted is this: 1. moneytize all debts by setting the value of the US Dollar to gold (the figure varies between 10,000-25,000/oz) and pay off the debt 2. balance all budgets. This will require privatizing such things as pensions, transportation, medical care, education, etc.

Europe and the US can no longer support govt spending at current levels. By privatizing functions efficiency would increase. By paying off the debt, growth would resume.

One more thing is needed: reduced taxes, especially in Europe.