I read a decent portion of that Cato paper. Quoting Austrian economists who say the government cannot be trusted with responsibility for our currency/money. It seems very fantasy land type talk in today's political environment. The Federal Reserve's authority/power comes from the U.S. government. Without the U.S. government, the Federal Reserve ceases to function/exist. The bond proposal in the Cato paper is a non-starter. Congress is not going to support that kind of bond. Further, the idea that China would cede sovereignty over its own currency to the market is naive.
I don't see a viable path back to sustainable economic theory for the U.S. There is no cultural willpower to taken on the burden of that kind of austerity. Further, there is no support globally for that kind of action either. So the U.S. is on the path it is own....take any action possible to "kick the can down the road" until it can't be kicked any longer and deal with a massive shakeup at that point. I have no idea when that might be. I'm fairly gloomy about overall asset valuations given real interest rates....but advocating for a return to the Gold Standard....its not functional conversation today.