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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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}} |
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'''RAAM''', or Raam is a ] and ] issued by ].<ref name="BBC News 2003"/> 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="BBC News 2003"/> |
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==Description== |
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The Raam 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="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="appropriate-economics.org"></ref> According to the Minister of Finance for the Global Country of World Peace, the Raam "could be used" for agricultural projects in developing nations. <ref name="BBC News 2003"></ref><ref name=Helman></ref> ] currency expert James Dorn expressed doubt about the viability of the plan, suggesting that other economic approaches would be a better way to establish a network of collective farms.<ref name=Helman/> According to the issuer, the Raam is also a bearer bond that earns a total of 3% interest after five years (0.6% simple interest annually).<ref name="maharishiglobalfinancing.org"></ref> |
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==History== |
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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"/> The Raam was 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"/> It also had limited acceptance in the Iowan cities called ] and ].<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> 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"/> |
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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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