Just a quick point. Since every commodity can be valued in terms of the energy required to obtain it at the site of use, energy still provides a better single valuation measure. The real issue is to choose the right form of energy. I favor basing a paper/digital currency on 'exergy' which takes into account the quality as well as quantity of energy available to do useful work. That is, exergy is based on both potential and coupling of form with prime movers/heaters, etc. from which useful work is obtained.

Exergy accounting should be realtively straightforward. It is the net energy potential after accounting for energy invested to obtain a usable form (e.g. electricity, gasoline, etc.). Setting an exergy standard for monetary units should achieve most of the things Nate favors. In addition it puts a strict constraint on the nature of money creation, especially debt creation. To be specific, no debt can be created execept in anticipation of provable availability of gross energy supplies (e.g. oil already pumped and awaiting refinement). All other borrowing should come from savings (e.g. the actual gasoline in tanks that hasn't been used due to lower demand - or water behind the dam!). Borrowing against a speculative future availability of energy would be prohibited. Borrowing from saved (unused exergy) in order to invest in energy conversion capital equipment would be the highest use of liquid capital.

Then, live simply and happily!

Question Everything
See category of Biophysical Economics.

George