Friday, September 02, 2011

kilowatt hour possible base for currency?

Just an idea I had the other day, but why not use an energy unit, eg the kilowatt hour, as a base for currency? It could work locally or nationally, would be just the same all over the world and wouldn't need big piles of gold stashed away anywhere. And what exactly are the dollar, pound, euro etc based on at the moment? The kilowatt hour has got to be better than ever-thinning fresh air....
its a while since the pound in your pocket was based on on a fixed weight of gold...

2 comments:

Frances Cesca said...

Interesting...would it be based on renewable energy? What are the ethical and practical implications? How would it be exchanged? Would love to hear more!
Thanks,
Frances :)

Ian Watt said...

thanks Frances - my idea is for coins and notes which represent a fixed value of energy and could be used in the same way as pounds and dollars. So you might buy a loaf of bread with coins worth 1.50 kwh. I think it would be good to have a currency that was fixed against something absolute...(for a change!)