JobTracker fails to start: "java.lang.IllegalArgumentException: Does not contain a valid host:port authority: local"

gistfile1.xml

<?xml version="1.0"?>
<?xml-stylesheet type="text/xsl" href="configuration.xsl"?>

<!-- Put site-specific property overrides in this file. -->

<configuration>

<property>
  <name>mapred.job.tracker</name>
  <value>MASTER:8021</value>
  <description>The host and port that the MapReduce job tracker runs at.  If "local", then jobs are run in-process as a single map and reduce task.</description>
</property>
<property>
  <name>mapred.local.dir</name>
  <value>/mnt/hadoop-mapred/local</value>
</property>
<property>
  <name>mapred.system.dir</name>
  <value>/mnt/hadoop-mapred/system</value>
</property>

</configuration>