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It has been suggested that this article be merged into Global Country of World Peace. (Discuss) Proposed since October 2009.

RAAM, or Raam is a bearer bond and local currency issued by Stichting Maharishi Global Financing Research (SMDFR), a charitable, Netherlands foundation. It is also the "global development currency" of the Global Country of World Peace (GCWP). 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. The Raam was launched on October 26, 2001 and is the concept of Maharishi Mahesh Yogi, founder of the Transcendental Meditation technique and the Global Country of World Peace.

Usage and purpose

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". 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. . 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. CATO Institute 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. As of March, 2004, there was no informaton available about the Raam development projects, what projects had actually been started, or whether there were any results from the first 2 1/2 years of the project.

The Raam is unlike other complimentary currency systems, because it is focused on continuing the export of third world products, in this case organic agricultural products, to consumers in developed countries, rather than improving local circulation to benefit the lives of local people. Other developmental curriencies instead focus on local and regional self-development.

Demoninations and terms

The Raam is a bearer bond that earns a total of 3% interest after five years (.06% simple interest annually).

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. Raam notes are printed by Joh. Enschedé.

Circulation

The Raam is currently used side by side with Euros and in accordance with Dutch law in more than 100 shops in the Netherlands. 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. As of 2003, the Dutch Central Bank estimated that there were approximately 100,000 Raam notes in circulation.

The Raam is also in use in Maharishi Vedic City, Iowa The Maharishi Vedic City Raam is identical to the Dutch one except for a small yellow stamp "Maharishi Vedic City". In 2002, Maharishi Vedic City Mayor Bob Wynne estimated that there was $40,000 worth of Raam in circulation.

The Raam is accepted at Maharishi University of Management and a few businesses in nearby Fairfield. Local banks, Jefferson County officials and other local businesses do not. The Jefferson County Board of Supevisors 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 worthless Raam.

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.

Reference

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

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