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#REDIRECT ] |
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{{Mergeto|Global Country of World Peace|discuss=Talk:Global Country of World Peace#Merger proposal|date=October 2009}} |
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{{Otheruses}} |
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{{R from ambiguous term}} |
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{{R with history}} |
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{{Infobox currency |
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|currency_name_in_local = Raam |
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|using_countries =The Netherlands, USA |
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|inflation_source_date = '''', 2006 est. |
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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, Netherlands foundation.<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"/> The Raam was launched on October 26, 2001 and is the concept of ], founder of the ] technique and the Global Country of World Peace.{{Citation needed|date=December 2009}} |
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==Usage and purpose== |
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According to Benjamin Feldman, the Minister of Finance for the Global Country of World Peace: "There are 1.5 billion people living in extreme poverty and currencies like the US dollar are not available to most of them. The Raam can be used to build new houses, roads, schools and health clinics".<ref name="BBC News 2003"></ref> Feldman states that the idea is to start 3,000 farms in undeveloped areas, have the farmworkers paid in the new currency, and than 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 as to the ability of the plan to succeed, 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 is unique because it is focused on the export of organic agriculture to consumers in developed countries, rather than remaining in local circulation.<ref name="globalfinancialcapitalny.org"/><ref name="appropriate-economics.org"></ref> |
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==Demoninations and terms== |
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The Raam is a bearer bond that earns a total of 3% interest after five years (.06% simple interest annually).<ref name="maharishiglobalfinancing.org"/> |
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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/> |
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==Circulation== |
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The Raam is currently used side by side with Euros and in accordance with Dutch law<ref name="BBC News 2003"/> in more than 100 shops in the ]. Some of the shops, part of big department store chains, in 30 villages and cities have 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 also in use in ], Iowa <ref name="appropriate-economics.org"/> The Maharishi Vedic City Raam is identical to the Dutch one except for a small yellow stamp "Maharishi Vedic City".{{Citation needed|date=September 2009}} 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> |
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It is unclear as to how the Raam will circulate in the other countries, since 1 Raam is worth 10 Euro, and there are no smaller denominations.<ref name="appropriate-economics.org"/> |
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==Reference== |
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{{reflist}} |
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{{Transcendental Meditation}} |
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] |
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{{Money-stub}} |
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