Even so, some energy vectors can be traded as commodities, like gasoline or electricity
Indeed.
And IMHO the future of the global financial system (at least for cross-border transactions - domestic trade is another issue) lies in the commoditisation - by the simple expedient of creating Units redeemable in energy - of such energy vectors, and thence to their "monetisation" through an International Energy Clearing Union.
Certainly the concept of a global "Petro" energy standard and the global monetisation of natural gas went down really well in Iran last week.
If I stay snowed in up here in Scotland, I might even complete that article for the Oil Drum you suggested I write ;-) "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Btw, do you know Andrew Mckillop and his latest ideas [pdf] ? Vencit omnia veritas.
But I don't think centralised institutions and architectures are optimal. McKillop seems to be looking at a centralised Keynesian International Clearing Union/ Bancor approach.
When I talk about "frameworks" I don't mean "Organisations" or "Institutions" but simply agreements or protocols with cross border application.
I think we need local solutions linking up regionally and globally to form a global network from the bottom up, rather than any more global organisations funding things "top down".
But it's really about "whatever works", isn't it? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
