The wallet would contain everything needed for operation, node, ledger, escrow, exchange, ect.

Coins are created with the creation of wallets, every wallet is alloted x amount of coins, maybe 100,000 or 1,000,000. Wallets would need a secure

Total coin supply equals world population times the amount of coins alloted per wallet.

Coin price is fixed to an asset with the code. For example, 1 coin equals 1/1000 oz gold or 1 lb of wheat. The price would not fluctuate like most tether coins, it will be a true fixed price. There could be a million sellers and no buyers but the price remains fixed. This will encourage buying and selling using the coin rather than exchanging for fiat currencies or speculating.

The ledger of each wallet only tracks transactions between itself and other wallets. Not every transaction in existence.

This coin will have unlimited scalability, zero fees and near instant transactions, like IOTA.

Every man woman and child in the US has $60,000-$250,000 of debt, depending on how you calculate it.  http://www.justfacts.com/nationaldebt.asp

Why don't we convert this debt into wealth? By giving a limited number of coins to every owner of a wallet and fixing the coin price to an asset, this would give every person a certain amount of wealth.

I think this would work as long as there is a limited supply of coins per person, a true cap on the total supply of coins. I'm guessing the problem would be ensuring one wallet per person. I'm not a developer so I have no idea if this is possible.

This is sort of what the Weimar Republic did to fix the 1920's hyperinflation.

http://www.usagold.com/germannightmare.html