There has been much ballyhoo about the weakness of the US Dollar, doing away with paper currency and going back to the Gold Standard. Since the financial crisis in 2008, Forex transactions have increased significantly. More importantly, it appears we are in the 3rd inning of a global currency war.
Disclaimer: I am not a Forex trader or currency expert and my imperfect idea will have unintended consequences.
What if (in my alternate universe) we used "measurements of energy" as a currency? More specifically, what if we used "the joule" or "the calorie" as our currency. Before you call me crazy, imagine buying food based on the number of calories in the food...or the number of joules required to create the food product. It might avert obesity or creation of foods that require heavy extraction costs at minimal nutritional benefit to society.
A dollar is but trust and faith in a government. Governments come and go in the long run. To my knowledge, energy is constant.
I realize Forex trading would die unless you are able to manipulate the laws of physics. Depending who you ask, this may be beneficial or terrible. The obvious negative would be that people may not innovate new ideas that require higher energy cost. These ideas may prevent future products or services from being to provide to society. That said, is it that difference from pursuing projects that require large sums of money. (Hello, NPV Analysis.) There is nothing that stops us from doing things better (and cheaper).
Energy as Currency. That's my monetary idea which scientists may love and I-bankers may hate.
Fun Fact: 'A Scientific Currency' written by William Howe Crane in 1910.
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