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RAAM, or Raam is a bearer bond and local currency issued by Global Country of World Peace. It was designed for the development of agricultural projects and to combat poverty in third world countries. As of 2003, it had limited acceptance in some European and U.S. cities.

Description

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

• Bonds (finance)
• Community currencies
• Transcendental Meditation