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Not only are you under a complete misconception you are  rude with it. Snark I can put up with: it comes with the rations on this site; but rudeness I cannot and will not tolerate.

I have forgotten more about markets than you will ever bloody know. Manipulation? Speculation? Cornering? I managed the Gas Oil futures contract deliveries for six years as a Director of the International Petroleum Exchange and I have written the bloody book.

What is your qualification for the crap you just wrote?

Does a metre have backing? Does a kilogramme have backing? A unit of account does not have backing either. It is a standard unit of measure for value, whatever that is.  

Like a metre or kilogramme it just is.

But unlike any other such unit of account, it's actually possible to measure most kinds of value by reference to a unit of energy in a meaningful way. Do you not understand that there is a difference between 'least energy cost' and 'least $ cost' or 'least € cost'?

If not, then I'm wasting my time engaging with you at all.

Currency is NOT the same thing as value. Currency is a credit instrument returnable in exchange for value. It is an undated claim over value.

The value of energy currencies (there are potentially several types) may well be affected by advances in technology. I sincerely hope it will be or the planet is fucked. But that will not devalue energy currency per se although it will affect the relative value of different types. It will simply mean that provided the energy technology is not enclosed or suppressed (a big if) then we will all become a lot wealthier.

A unit of currency is not a unit of measure although historically the two functions have been conflated. It is a generally acceptable credit instrument/claim over value which may be exchanged by reference to a standard unit of measure.

And no, you do not need a government and/or banks to issue currency although that has been customary for 300 years.

There is no such thing as fractional reserve banking and there is no such thing as 'tax and spend'. Gold is an archaic relic with a few uses which make economic sense at a fraction of the price currently being paid for it by people with more money than sense.

So please, return to whatever gold or bitcoin mine you emerged from and don't come up with crap like that until you understand how markets work.

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

by ChrisCook (cojockathotmaildotcom) on Sat Sep 7th, 2013 at 04:47:53 PM EST
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