Balanced currency and multilateral clearing

In the article “Money, goods and some statistics,” I described a method for constructing a diversified product (a set of goods with a minimum variance of the relative price) and introduced the concept of an ETS attached to it - a balanced currency unit.

Here I will try to describe a model of international payments based on the ETS.

In this Wikipedia article you can find data on the external debt of all states. The total debt of all countries is more than 70.6 trillion US dollars, or 98% of the GDP of planet Earth.
To whom should all? Obviously - to each other.
There is quite a natural question - why?
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There is such a thing as clearing - non-cash payments between countries, companies, enterprises for goods supplied, sold to each other, securities and services rendered, carried out by mutual offset, based on the conditions of the balance of payments (definition from Wikipedia).
Let's try to simulate a multilateral clearing system based on a balanced currency.


The diversified product (DP) was built from the following products: oil, natural gas, gold, silver, platinum, aluminum, copper, lead, nickel, tin, zinc and iron ore.

Setup and testing of PD were carried out at different time intervals.

The composition of the DP turned out to be the following:

Oil	11.75	l	Copper	983.5	g
Natural gas	718.1	thousand btu	Lead	2,603	kg
Gold	166,4	mg	Nickel	120.0	g
Silver	4,593	g	Tin	151.6	g
Platinum	75.91	mg	Zinc	1,743	kg
Aluminum	1,375	kg	Iron ore	45.54	kg

The standard deviation of the relative price on the test interval (about 20 years) is 2.27%.

Now, about the system of mutual settlements.
We set 1 ESC equal to the value of this diversified product.
The balance of each participant at the time of entry into the system is zero, ETS is used as a unit of measurement for balance.
At each transaction, the cost of the goods is transferred to ETS, the corresponding amount goes to the seller plus and minus the buyer.

Consider an example.
Suppose that Russia, India and China are participating in our system.
The cost of 1 ETS to date is approximately equal to 2,000 rubles, 3,000 rupees or 300 yuan.

Time 0.
Balances of all participants are equal to zero.
Transaction 1.
Russia sells goods worth 1 million rubles to China - 500 ETS.
Instant 1.
Balance of Russia: +500; China balance: -500; The balance of India is 0;
Transaction 2.
China sells India goods worth 150,000 yuan - 500 ETS.
Instant 2.
Balance of Russia: +500; China balance: 0; Balance of India: -500;
Transaction 3.
Russia buys from India goods worth 1.5 million rupees - 500 ETS.
Instant 3.
Balances of all participants are again zero.

The result is no accumulation of debts.

A little bit about implementation.
The system may well work decentralized.
To do this, it is enough that each side provides the rest of the data about its balance sheet and transaction list.
Thus, the balance can always be reconciled with the list of transactions.
Each transaction, in turn, can be reconciled with the list of its second participant.