Banking on Energy (Rather than Currency or Gold)

…At a high-level conference in Tehran in January I made a proposal in respect of an

Global transactions will then take place

within
the
framework
of
an
International
Energy
Clearing
Union

subject to the collective guarantees of

energy producer and consumer nations generally.

Both energy creditor

nations – such as Russia, Iran, the GCC and Norway – and energy debtor

nations,

such as the US, UK and EU would all pay an amount into a global

“energy pool” in support of the guarantee.

The resulting balances would be

deployed in massive investment in

new renewable energy infrastructure and

energy efficiency savings.

The US, which is the biggest energy debtor by far, could therefore be

funded by the Pool in redeploying much of its increasingly baroque military

expenditure not just into the