<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; charset=us-ascii">
<META content="MSHTML 6.00.2900.2912" name=GENERATOR></HEAD>
<BODY>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006>We've talked sometimes about energy-based currencies,
community energy projects etc.</SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006>Here's some extracts from an interesting interview with
the proposer of the Iranian Oil Bourse - Chris Cook. More
at:</SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006><A
href="http://www.energybulletin.net/19237.html">http://www.energybulletin.net/19237.html</A></SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT><FONT><SPAN class=243053802-14082006>"...</SPAN>Having said that I
think it is possible to set up a new system, I call it an Energy Clearing Union.
It's not that dissimilar to a proposal th<SPAN
class=243053802-14082006>at</SPAN> Keynes came up with at Bretton Woods: an
international clearing exchange with its own currency unit, though not based on
any particular commodity.<BR><BR><B>JJ:</B> Wasn't it called the
Bancor?<BR><BR><B>CC:</B> That's exactly what he called it. I would go along
with that analysis. What is needed is an energy clearing union, with a
petrodollar which consists of a dollar's worth of energy, in whatever form, at
the launch date. In the same way that the Euro had a launch date, when the rates
were set against other currencies, so you would take a petrodollar - a US
Dollar, and set it against various energy manifestations, whether it is kilowatt
hours, or barrels of oil, or whatever.<BR><BR>And from that point on you have
something that is exchangable against all other currencies, which would vary
against it, that would give you the basis for a rational clearing system, I
think that is an eminently practal proposition albeit one that would take a lot
of work to put in place. I do not see any currency being able to compete with
the dollar.<BR><BR>No currency issued by a central bank, if I can put it like
that.<BR><BR>What I am proposing is a currency based upon an asset, as opposed
to a claim over an asset issued by a central bank. So it's asset based, rather
than deficit based.<SPAN class=243053802-14082006>"</SPAN></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT><FONT><FONT face=Verdana color=#000080 size=2><SPAN
class=243053802-14082006>--</SPAN></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN class=243053802-14082006> Re Limited
Liability Partnerships (LLPs):</SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN class=243053802-14082006>"...We can take this
legal wrapper and use it in entirely new ways. Instead of borrowing to do
things, we can bring in stakeholder-investors instead.<BR><BR>A case in point -
sticking to the energy field - a wind turbine creates an energy flow over a
period, say 20 years. We can look upon that flow, as a collective pool of
production: 20 times 5 thousand megawatt-hours over a 20 year period. If we take
that pool of production and we find investors on the basis we will sell to you a
proportion 10%, 20% 30% of the production of this turbine in the next 20 years
and we will sell you that at todays price. It is my experience in working up
examples that if you sell 30% of the production you have funded the turbine, and
70% stays with the developer or the community, and it is my belief that the
lion's share should remain with the community, unfortunately today it is the
other way round.<BR><BR><B>JJ:</B> But there would be no reason stopping a
community, say in the Outer Hebrides with plenty of wind, getting together and
forming one of these LLPs and saying: invest in us.<BR><BR><B>CC:</B>
Absolutely, and it means all the stakeholders interests are aligned. It means
that the developer-partner has every interest in putting in the best quality
turbine and doing the best possible work because that will maximise his return
for his x percent of the production - everybody's interests are aligned - it
truly is a partnership."</SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN
class=243053802-14082006></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN class=243053802-14082006><FONT face=Verdana
color=#000080 size=2>--</FONT></SPAN></FONT></FONT></FONT></FONT></DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN class=243053802-14082006><FONT face=Verdana
color=#000080 size=2></FONT></SPAN></FONT></FONT></FONT></FONT> </DIV>
<DIV><FONT face=Verdana color=#000080 size=2><FONT face="Times New Roman"><FONT
color=#000000><FONT size=3><SPAN class=243053802-14082006><FONT face=Verdana
color=#000080 size=2>COMMENT: I like to try this sort of thing on in my part of
the world!</FONT></DIV>
<DIV><BR></DIV></SPAN></FONT></FONT></FONT>
<DIV><BR></DIV></FONT>
<DIV><SPAN class=594123104-17112004><FONT face=Verdana color=#000000
size=2><FONT size=2>Sandy Pollard<BR></FONT></FONT></SPAN><FONT face=Verdana
color=#000080 size=2></FONT></DIV>Notice:
The information contained in this email message and any attached files
may be confidential information, and may also be the subject of legal
professional privilege. If you are not the intended recipient any use,
disclosure or copying of this email is unauthorised. If you received
this email in error, please notify the DEWR Service Desk and delete all
copies of this transmission together with any attachments.
</BODY></HTML>