I’m thinking this run up may force countries to actually back currencies with stuff. I’m in favor of hard goods backing currency. Have on hand the gold, silver, oil, fresh wheat, etc. that actually represent the value of the paper or electrons.
That would keep governments honest.
Moreover, even under a gold standard, if countries accumulate gold and do not issue currency, the result is a deflationary gold squeeze. Such policies by the US and France helped lead to and prolong the Depression, which is a major reason why the world went off the gold standard.
Recent proposals for a broad commodity based monetary base currency standard amplify the opportunity for speculative mischief. Moreover, changes in technology and commodity supply and demand can make such a monetary base more or less valuable. And whomever produces the commodities used as the monetary base gets the benefit of having them with a guaranteed demand.
In reality, there is no universal answer to how to have a reliable monetary base and stable currency value. The classic gold standard worked for that purpose in Europe for about a century because, from 1815 to 1914, Europe was mostly at peace, with increasing free trade, and benefitting from major advances in science and technology. It was a moment in history that made gold glitter all the more. Yet that era is not coming back.