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#REDIRECT ] |
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{{Other uses}} |
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{{Infobox currency |
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{{Redirect category shell| |
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|currency_name_in_local = Raam |
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{{R from ambiguous term}} |
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|image_1 = |
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{{R with history}} |
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|image_title_1 = |
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|iso_code = |
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|using_countries =Global Country of World Peace, The Netherlands, USA |
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|inflation_rate = |
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|inflation_source_date = '''', 2006 est. |
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|subunit_ratio_1 = |
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|subunit_name_1 = |
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|symbol = |
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|symbol_subunit_1 = |
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|nickname = |
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|nickname_subunit = |
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|plural = |
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|plural_subunit_1 = |
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|frequently_used_coins = |
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|rarely_used_coins = |
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|frequently_used_banknotes = |
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|rarely_used_banknotes =1, 5 and 10 Raam |
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|issuing_authority = Stichting Maharishi Global Financing Research |
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|issuing_authority_website = www.maharishiglobalfinancing.org/ |
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'''RAAM''', or Raam is a ] and ] issued by Stichting Maharishi Global Financing Research (SMDFR), a charitable foundation based in Holland.<ref name="maharishiglobalfinancing.org"></ref> It is also the "global development currency" of the ] (GCWP).<ref name="globalfinancialcapitalny.org"></ref> It was designed to be a flexible currency for national governments to use in the development of agricultural projects with the goal of eliminating poverty in third world countries.<ref name="globalfinancialcapitalny.org"/><ref name="BBC News 2003"/> |
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==Description== |
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The Raam is a bearer bond that earns a total of 3% interest after five years (0.6% simple interest annually).<ref name="maharishiglobalfinancing.org"/> It is issued in denominations of 1, 5 and 10 Raams, with one Raam equal to 10 Euros in Europe, and one Raam equal to 10 dollars in the U.S.<ref name="appropriate-economics.org"/> Raam notes are printed by ].<ref name="maharishiglobalfinancing.org"/><ref name="appropriate-economics.org"/><ref name=Graham/> In 2002, Maharishi Vedic City Mayor Bob Wynne estimated that there was $40,000 worth of Raam in circulation.<ref name=Graham>Graham, Chad, "Maharishi's town puts its own mark on money", ''Seattle Times'' (September 15, 2002)</ref> The Raam differs from other complementary currencies because its focus is on the export of products rather than improving local circulation to benefit the lives of local people. <ref name="globalfinancialcapitalny.org"/><ref name="appropriate-economics.org"></ref> |
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According to Benjamin Feldman, the Minister of Finance for the Global Country of World Peace, <ref name="BBC News 2003"></ref> the concept is to begin farms in undeveloped areas, have the farmworkers paid in the new currency, and then have that currency converted to hard currency when the farms began exporting to world markets.<ref name=Helman></ref> According to Maharishi Global Financing, agreements were made in 2004 with a farmers' association in South America and with traditional leaders in Africa to start using the Raam for agricultural development projects.<ref name="appropriate-economics.org"/> ] currency expert James Dorn expressed doubt about the viability of the plan, suggesting that other economic approaches would be a better way to establish the network of collective farms envisioned by the Raam project.<ref name=Helman/> |
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The Raam was used, as of 2003, alongside Euros in accordance with Dutch law in more than 100 shops in the ].<ref name="BBC News 2003"/> Shops associated with department store chains in 30 villages and cities, including ], had begun accepting the currency as payment for goods and services. The Raam is convertible in Holland at the Fortis Bank in Roermond, Holland.<ref name="appropriate-economics.org"/> As of 2003, the Dutch Central Bank estimated that there were approximately 100,000 Raam notes in circulation.<ref name="BBC News 2003"/> |
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The Raam is accepted at ] and a few businesses in nearby ]. However, local banks, ] officials and other local businesses do not accept the currency. The Jefferson County Board of Supervisors passed a resolution requiring that property taxes be paid in dollars, to preclude homeowners from attempting to pay in Raam. The First National Bank of Fairfield initially agreed to accept the Raam and exchange it for dollars, but stopped after a few weeks because of discomfort in monitoring the alternative currency on a daily basis, and potentially being stuck with Raam.<ref>"Fairfield bank stops handling Raam", ''Iowa City Gazette''(''Associated Press'') (March 28, 2002) p. 6</ref><ref>, '']'' (''Associated Press'') (April 30, 2002) p.A-5</ref> |
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==References== |
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{{reflist}} |
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{{Transcendental Meditation}} |
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{{DEFAULTSORT:Raam}} |
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] |
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] |
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] |
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