<What are YOU Changing (*if anything), Individually, Locally, Nationally, etc? The Oil Drum Drumbeat: April 6, 2009>

115 comments on Banking on Energy

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souperman2 on April 5, 2009 - 1:05pm Permalink | Subthread | Parent | Comments top

"The "Energy Standard" - call it a "Petro" - I propose is just a unit of measure for value (as a metre is a unit of measure for length). It could be the amount of energy the average Joe is capable of producing in an hour, or the amount given off in the decay of x grammes of isotope y or whatever."

So are you saying that all Countries peg their currency to this unit?

So the currency of little brown people will be of the same value as the currency of big,white, blue eyed people, (to steal from Lula)?

This sounds too fair and equatible to ever catch on.

Thanks again for all your work and I for one am going to go over this carefully and push it at every opportunity.

Cheers

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ChrisCook on April 5, 2009 - 1:27pm Permalink | Subthread | Parent | Comments top

So are you saying that all Countries peg their currency to this unit?

Indeed not.

They will transact internationally by reference to this Unit, and if they have an energy shortfall (energy debit balance) in international trade then a global "Energy Pool" could be used to invest in energy savings and renewable energy production until their energy balance is in equilibrium.

Their own currencies could be based upon the other value created and circulating domestically, and for the most part this comes from the use value of land, and from the inherent ingenuity, skills, experience and sheer hard work of their population.

Units redeemable in land rental value essentially have exchange control built in, and while they may be acceptable outside the country of issue, they would only be redeemable in te country of issue. So all countries issuing land-based money would get to keep their own "seigniorage". The current position is that the US benefits disproportionally from dollar hegemony.

The idea of a land-backed currency was first detailed by John Lawin 1705, but he did rather b...er up the implementation in France in 1719, and the Mississippi Bubble (and, some say, the Louisiana Purchase) were the result....

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115 comments on Banking on Energy

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