Energy accounting between states would be interesting. In fact, the result of using an 'energy standard' for exchanges would actually BE energy accounting.

I was doodling further recently re Iceland and aluminium in this connection.

Iceland could make a production/revenue-sharing deal with (say) Jamaica or any other producer in respect of bauxite, so that Jamaica are entitled to an 'equity share' x% of Iceland's refined aluminium production. Essentially a macro tolling agreement.

The outcome is that Iceland export their energy in the form of refined aluminium.

Alcoa etc could be sacked and told to re-apply as an operating member for which they would also receive an equity share. The advantage for Alcoa is that their capital requirement as a service provider - rather than transaction intermediary - shrinks dramatically.

Finally, the end-users - eg China and Japan - would be invited to invest in units redeemable in payment for aluminium, and the proceeds of this loan denominated in aluminium/ (embedded energy) would be used to repay all existing debt, getting rid of compound interest.

I suspect they would find unitised Aluminium a much more attractive proposition than $ denominated T bills at 0.1%.

As for Iceland, it gets the debt monkey of their shoulder, and means they get a better overall 'win/win' outcome, while Jamaica benefit from the refining uplift.

Rentiers lose.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky