How Currency Value Should Be Connected to the Carrying Capacity of Non-Renewable Resources

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James Quilligan:

"First, the carrying capacity rate for renewable resources follows a carefully guided policy of maintenance and sustenance to ensure that resources are replenished sustainably in meeting the needs of people in the present (meanwhile, the needs of people in the future are in no jeopardy, so long as renewable resources continue to be replenished and provisioned within their carrying capacity - hence, the carrying capacity rate of renewables is geared toward market coefficients for provisioning for people in society at the current time (and will continue to be sustainable far into the future) - this rate based on renewables in no way precludes (in fact, should be accompanied with) the creation of taxes toward a universal basic income and for maintenance of the renewable resource)

Second, the carrying capacity rates of non-renewable resources are treated quite differently - society must decide scientifically how much non-renewable resources to use in the present and how much to save for the future - by guaranteeing that valuable resources will be 'left in the ground' or put away securely into a tamperproof lockbox, as it were, this formula has a benefit which, in one way, is similar to how gold used to function - since a certain percentage of non-renewables are held in strict reserve for future generations, adherence to this process creates a value which is entirely *independent of the market and is based on a relative scarcity index (sorry that it doesn't glitter, too)- this fraction (how much non-renewables to use for people now / how much non-renewables to set aside for people in the future) provides for a fixed and stable monetary rate that is tailor-made for the valuation of currency in the present - in a society which is facing net energy loss and steep declines in non-renewable resources, this would be an extremely stable, strong, treasured, desired, sacrosanct and entirely non-marketized value - thus, instead of commodity market rates, inflation or unemployment, or currency exchange rates, monetary economists really ought to be turning their attention to sustainability rates - in conclusion, I have never advocated returning to a gold standard, but to a policy of currency values which are fixed to a meaningful measure of non-renewable resources, similar in some ways to the way that gold used to operate - and that is what I have outlined for you above." (