• "I will call the Global Reference Currency (GRC) the generic concept of a currency which is not tied to any particular nation state, and whose main purpose is to provide a stable and reliable reference currency for international contracts and trade.

    Furthermore, I will propose as unit of account for one particular type of GRC the Terra, which aims at firmly anchoring that currency to the material/physical world. Remember, one of the reasons that the global currency casino can churn as wildly as it does is the disconnection between the financial world and physical reality, a link which was severed by President Nixon in 1971. In this role, the Terra would be akin to the gold standard in the 19th century. The Terra is defined as a standard basket of commodities and services particularly important for international trade, and their relative weight in the standard basket would ideally reflect their relative importance in global trade.

    For instance, the value of the Terra could be defined as:
    1 Terra = 1/10 barrel of oil (for example Brent quality and delivery)
    + 1 bushel of wheat (Chicago Mercantile Exchange delivery)
    + 2 pounds of copper (London Metal Exchange delivery)
    + ...etc.
    + 1/100 ounce of gold (New York delivery)"

    The Future of Money by Bernard Lietaer


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