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Myth Busters -- Eco Economy-Theory

Source: Operation Disclosure | Guest Post

Dear reader some theories are alining what our community is believing, asset backed currency is not so crazy as others think,it was seriously considered by great economists before,even inground resources,I dont know if that will IMF implement,but lets explore.

Bancor should cointain 30 commodities as proposed by Keynes,but lets explore wider.
His idea, also known as "commodity buffer stocks" was proposed by Benjamin Graham first in 1933 and then in 1944 in World Commodities and World Currency, and later garnered support from both Keynes and Friedman! In the latter, Graham proposes that the pool of commodities consist of "15 or more products, their relative quantities corresponding to their world production and exports". Graham describes the following list as "tentative": Wheat Corn Cotton Wool Rubber Coffee Tea Sugar Tobacco Petroleum Coal Wood pulp Pig iron Copper (element) Tin However, "the number of commodities in the unit might ultimately be considerably larger - say 25 or 30" . Graham main purpose was to stabilize the level of prices in a given economy: Depressions may not thereby be completely prevented since commodity price volatility is not their only (or even main) cause, but the additional instability that comes from commodity price volatility will be eliminated. (Barnard)

Like B. Graham, LeClair’s proposal is a commodity backed currency, where domestic currency units are redeemable into a quantity of the commodity

Potvin’s Earth-Reserve System Potvin (2009) suggested backing currencies not on stored commodities, but on Earth’s potential for generating commodities: “Instead of stockpiles of a limited range of commodities produced and transported into a logistically complex global network of constructed warehouses, the Earth-Reserve system is linked to changes in the measured preconditions of economic rent in each economy.” (Potvin, 2009, 34). He explicitly refers to available and verifiable data on factors such as topsoil volume, fertility and distribution, fresh water availability, quality and distribution, species populations, diversity and integrity, the extent and condition of local, regional or global habitats and routes, essential biogeochemical cycles, and multiple other critical indicators. His Earth Reserve Index is proposed as a benchmarking scheme based upon a complex but auditable index. To anchor a currency to this index, Potvin proposes a method to use existing data sources that reveal measured changes of relative ecosystem integrity and resource availability, together with existing national statistics on currency of invoicing. Potvin argues that relative resource and ecosystem enhancement in a currency zone would cause prices of goods and services produced there to become relatively more affordable compared with those from other currency-zones, increasing global demand for these goods and services, thus stimulating investment and employment within that currency zone. One approach is backing a currency by commodities, often in the form of a redeemable currency, i.e. the possibility to hand in currency to a central bank and get a predefined basket of commodities in exchange. The other approach is the tabular standard, i.e. the idea that a currency is indexed to a composite of commodities.

A Treatise on Money At the end of his 1930 Treatise on Money Keynes proposed to create a supranational central bank (SCB) with the agenda to peg the gold price to an index of standardized commodities, weighted in terms of world output .

As a general indication of what he meant he replicated the production index of the Economic and Financial Section of the League of Nations comprising 62 commodities, including perishable goods. This scheme was not one of commodity buffer stocks, nor did it aim at directly stabilising commodity prices relative to other goods, although they would be stabilized in terms of gold by definition. His aim was to stabilize exchange rates anchoring them to an international value that made more sense then market gold prices.

OK,conclusion is so far B. Graham, LeClair’s proposal of quantities corresponding to their world production and exports with Potvin’s Earth-Reserve System plus Keynes superbank with one supercommodity currency is probably going to be after petrodollar,not sole gold peg.

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