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RAAM, or Raam is a bearer bond and local currency issued by Stichting Maharishi Global Financing Research (SMDFR), a charitable foundation based in Holland. 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.

Description

The Raam is a bearer bond that earns a total of 3% interest after five years (0.6% 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. 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 Benjamin Feldman, the Minister of Finance for the Global Country of World Peace, 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. 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 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.

The Raam was used, as of 2003, alongside Euros in accordance with Dutch law in more than 100 shops in the Netherlands. Shops associated with department store chains in 30 villages and cities, including Maharishi Vedic City, had 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 accepted at Maharishi University of Management and a few businesses in nearby Fairfield. However, local banks, Jefferson County 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.

References

1. ^ SMGFT Prospectus
2. ^ Global Financial Capital web site
3. ^ Rossingh, Danielle, "Dutch give nod to 'guru' currency", BBC News (February 5, 2003)
4. ^ "Raam development currency" Appropriate Economics web site
5. ^ Graham, Chad, "Maharishi's town puts its own mark on money", Seattle Times (September 15, 2002)
6. ^ Helman, Christopher, "Queer as a 3-Raam bill", Forbes (July 8, 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

• Bonds (finance)
• Community currencies
• Transcendental Meditation