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|issuing_authority_website = www.maharishiglobalfinancing.org/ |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 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"/> '''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"/>


==Description== ==Description==
] ]
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="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> 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>

According to 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> ] 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/>


==History== ==History==
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, 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"/> It also has limited usage 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"/> 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"/>


==References== ==References==

Revision as of 19:08, 8 January 2014

For other uses, see RAAM (disambiguation).
RAAM
Raam
Denominations
Banknotes
 Rarely used1, 5 and 10 Raam
Demographics
User(s)Global Country of World Peace, The Netherlands, USA
Issuance
Central bankStichting Maharishi Global Financing Research
 Websitewww.maharishiglobalfinancing.org/

RAAM, or Raam is a bearer bond and local currency issued by Global Country of World Peace. 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.

Description

Raam currency.

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. Raam notes are printed by Joh. Enschedé. In 2002, Maharishi Vedic City Mayor Bob Wynne estimated that there was $40,000 worth of Raam in circulation. 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. According to the Minister of Finance for the Global Country of World Peace, the Raam "could be used" for agricultural projects in developing nations. CATO Institute 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. 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).

History

The Raam was used, as of 2003, alongside Euros in accordance with Dutch law in more than 100 shops in the Netherlands. The Raam was convertible in Holland at the Fortis Bank in Roermond, Holland. As of 2003, the Dutch Central Bank estimated that there were approximately 100,000 Raam notes in circulation. It also had limited acceptance in the Iowan cities called Maharishi Vedic City and Fairfield. 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.

References

  1. ^ Rossingh, Danielle, "Dutch give nod to 'guru' currency", BBC News (February 5, 2003)
  2. ^ "Raam development currency" Appropriate Economics web site
  3. ^ Graham, Chad, "Maharishi's town puts its own mark on money", Seattle Times (September 15, 2002)
  4. ^ Helman, Christopher, "Queer as a 3-Raam bill", Forbes (July 8, 2002)
  5. SMGFT Prospectus
  6. "Fairfield bank stops handling Raam", Iowa City Gazette(Associated Press) (March 28, 2002) p. 6
  7. "Yogi's town prints its own money", Spartanburg Herald-Journal (Associated Press) (April 30, 2002) p.A-5
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