So you could manage political risk with debt finance but not with unitisation? Quite a feat, since in fact, because there is no interest burden in unitisation the obligation is less. Conventional debt finance is clearly MORE likely to default.
No, it's less likely to default, because it takes no risk on the unit validity. If you don't want to take price risk (on gas or interest rates), you can negotiate fixed prices / fixed interest rates very easily. In the long run, we're all dead. John Maynard Keynes
The political risk of default by Unit issuers will be addressed through the Clearing Union/Guarantee Society mechanism. ie a globally applicable interactive/consensual framework agreement, not some monolithic centralised quasi Central Bank issuing global fiat currency ex nihilo.
The backing for the mutual guarantee would not come from the limited balance sheets of credit intermediaries - or a single point of failure counterparty probably owned by them (and from which they would in all probability walk away in extremis). It is based upon the balance sheets of end user producers and consumers collectively, which you said yourself is where the financial substance is.
This mutual guarantee would be supported by a guarantee payment/provision collected from both the sell side and buy side (ie analogous to Keynes' Gesellian Bancor proposal), and held by a custodian.
Risk management, access to data/transparency, dipsute resolution etc and the equivalent of monetary policy - ie Unit issue compared to supply capacity - would be carried out by service providers.
It is necessary to view my proposal for energy unitisation in the correct context, and that is the International Energy Clearing Union I have advocated for several years. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
There's no sovereignty given up, any more than there is under - say - the BOLERO contractual platform for transfers of title of goods in transit.
BOLERO is a very interesting beast in relation to international trade finance, with which you may or may not be familiar. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
