Idea - new monetary system based on electricity

[housewolf]

http://www.activistpost.com/2011/08/electricity-as-universal-basis-for-new.html

Electricity as the universal basis for a new money system

A couple of weeks ago, a fresh idea for a new monetary system was quietly introduced that deserves more consideration. In fact, it's an idea so profound that it could potentially solve some of the biggest problems facing human civilization. Increasingly the masses are becoming dreadfully aware that the current predatory monetary system is the greatest threat to human freedom, world peace, and environmental harmony, and must be abolished and replaced with something new.

The pioneering proposal is to create a monetary system based on electricity. Popular alternative news radio host and former NASA scientist, Michael Rivero, motivated by his knowledge and extreme displeasure of the current banking system, proposed the "Lectro": a universal currency based on one kilowatt hour of electricity. Rivero writes:

What is needed is a medium for exchange that increases in supply right alongside the population itself, in order to maintain stability and constant value.

So, my suggestion is to use electricity as the universal basis for a new value-based money system. For the purposes of discussion I call the new US monetary unit the "Lectro." It is redeemable for one kilowatt hour of electricity.

Read the rest...
http://www.activistpost.com/2011/08/electricity-as-universal-basis-for-new.html

[Ian David]

1. No. Because speculators would suppress the supply to keep prices high. n/t

[chillspike]

4. How can anyone supress the supply if

I or you can created our own electricity with solar panels, wind turbines or water mills?

[Ian David]

6. They could shut-down power plants just to reduce supply.

Yes, we COULD produce our own electricity, but not everyone has a wind turbine or solar panel on their house.

[sudopod]

2. There have also been suggestions to go one step further and base it on an energy standard.

That way, a dollar would be worth a certain number of Joules worth of work.

[eppur_se_muova]

3. Years ago, Buckminster Fuller suggested energy as currency ....

but only as a *consequence* of a worldwide electricity grid.

http://www.animatedsoftware.com/geni/rh2000ge.htm

[dtexdem]

5. Shocking.

But it just doesn't get me all wired up.

[badtoworse]

7. Would the Lectro be valued on a wholesale or retail basis?

It makes a big difference. How would you save, spend or invest Lectros?

[Dreamer Tatum]

8. I could be a millionaire if I had a dry room with a carpet. nt

[Bosonic]

9. BitCoin - a distributed, cryptographic monetary system based on information processing

www.bitcoin.org

There is no worldwide electricity grid, but there is the internet.

[muriel_volestrangler]

10. Can you explain it better than the blog?

"When power is created, Lectros would flow into circulation and, as power is used and paid for, Lectros are taken out of circulation."

OK, that sounds as if the more unwanted power that is generated by anyone with a generator, the more Lectros would be put in circulation. Who are these Lectros given to? Why should wasting power be tied to an increase in the money supply?