Price dollars in oil, not oil in dollars

an International Energy Clearing Union and a "Value Unit" based upon a "dollar's worth" of energy - in its various manifestations - at the launch date. From which point an "EnergyDollar" would part company from the $.

But the bulk of value in circulation in modern economies - in excess of 70% in the UK - is based upon property - and particularly land - rental values.

Over two thirds of our money in circulation is property-backed but deficit-based credit created by banks etc as mortgages.

I have another instalment of guerilla warfare going on with HiD over on

So they all knew it was a bubble, now?

It's not easy to explain a complete new land/property-based monetary system in this medium, but I'm quite happy to explain and refine these ideas with anyone. You can't change the system by yourself, but it is pretty clear to me (if to no-one else ;-) )that it is in the pooling and sharing of risk and reward in simple - and optimal - new ways that the solution lies.

John Law it was who first outlined, in 1705, a proposal for a land-backed money. I believe that this is possible quite straightforwardly using networked "Community Land Partnerships" to create "Pools" of Land and Property rentals.

During the next two or three months - particularly if I get a week somewhere nice and quiet with my laptop - I intend to set out an outline of how we could create what is a domestically fungible pool of "Land Rental Units" using "Community Land Partnerships".

The final principal form of "Money's Worth" is our time or "Labour".

When a counterparty (whether a bank or anyone else) accepts my credit it is (in the absence of security) essentially backed by my time.

Here I think "Time Dollars" play a role.

These would essentially have a value related to the value of the average human being's time to the community.

This would be related to a rate that every citizen doing work for the Community is entitled to: eg at $10/ hour a "Time Dollar" is worth six minutes of our time.

That does not stop me giving you 500 "Time Dollars" for an hour's worth of your time, if you are (say) a dentist.

All of these forms of Value: Land Rental Units (eg acre/days); Energy (Kilowatt/ Hours) and Labour (Individual/ Hours) have a value in exchange.

Now if we exchange all of these more or less fungible units within a barter network or clearing system, then the minute we allow credit then the result is a monetary system, requiring an abstract "Value Unit" as a measure, and a guarantee, which would come from a mutual "Guarantee society" backed by a "default fund".

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