Money metrology 2.0

The interrelation of metrology and money is investigated. It is shown that the construction of state measuring systems and state monetary systems is based on general metrological principles. To measure the amount of material objects and the amount of money, it is necessary to establish the appropriate units of measurement. To ensure confi dence in these systems and their stability, it is necessary to standardize these units by assigning them a certain number of specifi c material objects (material measures). At the same time, governments are obliged to maintain the constancy of the material measures adopted by the country (national standards).

The standardization of national currency units, by assigning them a specific mass of gold, began to be used in the 18th century and received the name gold standard. In the 70s of the last century the situation changed dramatically: the basic metrological principle – the constancy (invariability) of a single material measure was violated. The gold material measure of monetary units was abandoned.The value of money, instead of a solid material measure, began to be measured by several designated, reserve currencies, the main of which was the dollar. Then these reserve currencies became a commodity that is freely bought and sold in the market. The system has become unstable. The negative consequences were immediate and some of them are summarized in this article. The most crucial consequence was the emergence of a global over-totalitarian, over-monopoly monetary system. In that system the measure of the value of money is the national currency (more than 85 % of trading volumes on currency stock markets), which is regulated by national laws and the national interests of the United States, that are taken into account.

The article examines the return to the metrological principle – reference standardization of monetary units – as the only way out of the scenario in which the international monetary system was trapped. Since the state reserves of gold available today are not enough to restore the gold standard, this article considers the option of resource standardization, in which the standardization of monetary units is provided by a specifi c amount of natural and industrial state resources. As an example, the calculations are made for the Russian ruble. It is shown that resource standardization is available for all countries present on the international market, and is a real way to overcome the problems that have accumulated to date in the international monetary system. The article also notes the possibility of using digital money in the transition and further functioning of state monetary systems organized according to the principle of resource standardization.

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