There has been an awful lot of chatter in the crypto and macro communities about the US dollar losing its “reserve currency status”. No need to worry, the dollar never really was the world’s reserve currency. There’s something far more fundamental that underpins the world’s economy: The joule.

All human endeavour involves the conversion of energy, via work and time, into goods and services. The “consumption” of energy is not really a consumption at all — the first law of thermodynamics tells us that — but involves a conversion of primary energy sources into secondary and tertiary energy forms.

Given…

Cayle Sharrock

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