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ThatBritGuy:

But let's say I turn up with my redeemable gas unit in Africa. What use is it to anyone if it's part of a confusing economy of thousands or even millions of different possible units, each of which - presumably - can only be traded electronically?

You have to have a single core currency, or you have nothing. And that currency has to be in a physically tradeable form to make it accessible for the majority of the world's population who don't have access to electronic banking.

Every nation needs liquid fuels, but most nations run a deficit in liquid fuels.

I am proposing an energy standard ( I call it the "Petro" for want of a better name) against which transactions in fuel (eg natural gas, gasoline, heating oil) and energy (eg electricity) may be priced.

The point is that Units redeemable in these fuels or in energy will have a constant price by reference to such an energy standard.

Such redeemable Units - if issued within a suitable global framework of trust - would be acceptable virtually anywhere the internal combustion engine is used, and could be priced by reference to an energy standard. So no Petros would change hands: fuel and electricity would be priced in Petros.

I see no reason why there could not be a global Energy Pool and Petro-denominated energy accounting system  (ie a shared energy Unit transaction and title respository) which would serve as a neutral and objective medium for international exchange.

ThatBritGuy:

And that currency has to be in a physically tradeable form to make it accessible for the majority of the world's population who don't have access to electronic banking.

There is no reason why an energy currency should not be in paper form as well. Bob Hahl - who has recently posted a couple of Diaries here - has actually done it in the US at his own expense to show it can work.

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"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Feb 20th, 2009 at 10:31:53 PM EST
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