Critics say "Orwell would have enjoyed the irony" of the former Conservative minister's appointment

For most of human history, currency was a direct claim on tangible, productive output. Before the abstraction of government fiat or cryptocurrency, value was stored in things that required real work and resources, bushels of grain, livestock, gold, assets with their own direct productive output: horses, and tragically, slaves. These were the foundational assets of economies, representing a direct link between labor, resources, and stored value. As we accelerate into an all-electric, all-digital age, this fundamental link is re-emerging, but with a new unit of account. The 21st-century economy, defined by automated industry, robotic, electric transport, and now power-hungry artificial intelligence, runs on a single, non-negotiable input: electricity. In this new paradigm, the real base currency, the ultimate representation of productive capacity, is the kilowatt-hour (kWh). more…