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Okay, so you've reinvented the gold standard, but tied it to hydrocarbon calories instead of giant piles of shiny stuff.

You're still not being consistent here. Firstly you've backtracked on the baker units. Secondly you're claiming that energy units and liquid fuel units will be interchangeable.

So will this currency be based on volumes of liquid fuel, or energy value of same?

Finally - what difference does this make? If I can go to a petrol station and buy petrol in pounds, there's no obvious advantage to using an alternative currency instead, even if it's petrol based.

Now - if the important feature of this is that energy resources will be held in trust, I'd like to know exactly how that's going to happen politically.

I certainly wouldn't argue with all global resources being held in trust, with access de-speculated and de-monopolised.

But that's a political problem. Currency is a footnote. OPEC is not, I think, going to be keen on handing over its primary assets - at least not without plausible threats of war.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sat Feb 21st, 2009 at 02:55:07 PM EST
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