Energy currency

Energy currency
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A currency backed by energy. This type of currency could be used to create an energy economy - a method for a local currency to be implemented in any community. The problem with many local currencies such as LETS [1] or Ithaca hours is that in businesses that are not a part of the program the currency is useless. However, if the currency can be used by ANY business or community member it can scale. A currency backed by renewable energy achieves this goal. The technology is finally available to make this happen.

Of the many advantages to such a system - adoption of a energy currency could correct the current market failure to address climate change by realigning economics with the reality of net energy.

Forex Markets Pare Gains

Markets Pare Gains- Haven Flows by Michael Boutros

Asia Pacific markets were softer after yesterday's global equity rally saw the Dow, the S&P, and Nasdaq advance by .6%, .5%, and .1% respectively. Risk appetite improved after the Reserve Bank of Australia gave an upbeat economic outlook for the region, providing support for commodity backed currencies. Market sentiment quickly shifted after June ISM non-manufacturing data showed that the US service sector had expanded at a slower pace than expected, falling to a four-month low with a reading of 53.8. More notably, the employment component came in at 49.7, showing a slight contraction in the jobs market. Note, that any reading above 50, signifies expansion, while a reading below would suggest contraction. The data fueled ongoing concerns that the global recovery may be faltering, subduing risk appetite in the Asian session, with the Hang Seng index, the Nekkei 225, and the S&P/ASX 200 index falling by 1.1%, .6%, and .5% respectively.

Commodities were generally softer, with gold easing to $1190, and crude oil dipping back below $72 per barrel, after peaking yesterday at $73.70. The dollar index was firmer after briefly falling below the 84 handle. The greenback was trading at 84.30, early in European trade.