The Electric Pound

Nicholas Saunders

In about 1978 I had the idea that to stop inflation required basing money on a commodity that was essential to all economies, of intrinsic value in the production of goods, and yet which could not be stored, to avoid hoarding.

'I had the idea that to stop inflation required basing money on a commodity that was essential to all economies, of intrinsic value in the production of goods, and yet which could not be stored, to avoid hoarding'

The answer was electricity. As it is used in such vast quantities in industrial societies, governments could not afford to subsidise it for long, so its value in any society would be 'real'.

The value of, say, L1, would be locked to the present Kilowatt Hour of electricity at cost of production, excluding distribution.

Nicholas Saunders, top floor, 14 Neal's Yard, London WC2H 9DP (tel 071 836 9404; fax 071 379 0135).

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