That will be the mother of all government garbage buys. If the US government really needs to inject money into the economy, and no one wants to buy US debt, I could imagine EPA programs to buy land and old cars for above market prices. So, they buy junk, and add money to the economy. I think it's coming. Gold is just another handy commodity to buy that can be easily locked away, and won't rot.
Gold is a narrow defination of wealth.
Now, this game ends when the demand for dollars stops increasing. That way, new dollars are 'backed' by gold. Maybe in two years, though. I agree that Japan is in the secondary depression phase. The U.S. is a net consumer nation, and Japan is a net producer nation.