Every thing receives a Value from its use, and the Value is raised, according to its Quality, Quantity and Demand
The problem with gold is that you can't live in it; heat your house or run your car with it; or post Diary comments with it.
Location, energy and knowledge all have a generic use value which in my view allows them to be "monetised" into currency which is more or less fungible. And of course a currency is neither credit, nor a unit of measure or Value Standard.
To me - whatever the currency used in exchange transactions - the most logical value standard for transactions is a fixed unit of energy, and moreover, in an amount to which we may relate our everyday experience. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
All true, and equally true of paper money, corporate stocks and bonds, credit default swaps, and any of the other financial fictions we run our world on. Now where are we going and what's with the handbasket?
