[Infernal]

I think a lot of the sibling comments here misunderstand the concept of labor-backed money (rather than debt-backed money, which we have in the United States today).

First - currency is the physical note, coin, IOU, etc. Money is the concept.

With debt-backed money like the US dollar, the money is created by a private bank (the Federal Reserve) in exchange for US Treasury bonds - debt.

The currency supply is controlled by the US Treasury, but the money supply is controlled by the Federal Reserve.

Labor-backed money as I understand it, would be created by the Treasury in exchange for labor. The Treasury would control the supply of both money and currency. Crucially, to create money, labor must be performed. Similar to debt-based money, where debt is created by the government as the basis of money - in this case, labor would be "created" by the price (in new money) offered for it.

There is no need to have some centrally-planned, mandated valuation of a certain tradesman's time vs another trade or profession - the government puts out lots of contracts for bid today with no such mechanism in place, and it wouldn't need to change.