Interest rates in the US are rising and those with US dollar denominated debt are being crucified. However, when the US dollar crashes, it will be easy to repay a US dollar denominated debt. Buying gold with borrowed dollars would also be a good move now. The Euro is also a fiat currency but not all countries in the EU want more of the easy monetary policy of the past. So, a rift is likely in the EU come the next recession. I understand Germany has arranged certain safeguards to protect itself against the possibility of hyperinflation because the actions of other EU countries are dangerous from a monetary perspective.
As things stand, Ireland is extremely exposed, if the global economy takes a downturn. We urgently need to use borrowed US dollars to clear our Euro debt and to buy gold.