Since the end of the Bretton Woods agreement, currencies around the world are no longer redeemable into hard assets. This means that there is no physical restraint on inflation. One way to salvage this situation is to reintroduce the redeemability of currencies by making them redeemable for assets of the State.
For example, the State is the owner of land and other municipal, public institutions. The land (or public body) could be sold off in portions as the currency is redeemed so that each unit is granted tangible value once more.
If currency is redeemable into hard assets, such as land, uncertainty surrounding the currency will be assuaged. This would also prevent further currency inflations and restore stability to the economy.
So then, should State assets supplant gold now that the Bretton Woods arrangement no longer applies?
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