RAAM
Encyclopedia
RAAM, or Raam is a bearer bond
and local currency
issued by Stichting Maharishi Global Financing Research (SMDFR), a charitable foundation based in MERU, 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. 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.
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. As of March, 2004, there was no information available about the Raam development projects, what projects had actually been started, or whether there were any results from the first 2½ years of the project.
The Raam differs from other complimentary currencies because its focus is on the export of products―in this case organic agricultural products from third world growers to consumers in developed countries―rather than improving local circulation to benefit the lives of local people. Other developmental currencies instead focus on local and regional self-development.
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
.
. Shops associated with 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
. 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 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.
Bearer bond
A bearer bond is a debt security issued by a business entity, such as a corporation, or by a government. It differs from the more common types of investment securities in that it is unregistered – no records are kept of the owner, or the transactions involving ownership. Whoever physically...
and local currency
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
issued by Stichting Maharishi Global Financing Research (SMDFR), a charitable foundation based in MERU, Holland
MERU, Holland
MERU, Holland, is a residential and office complex which includes the residence of the late Maharishi Mahesh Yogi, a capital of the Global Country of World Peace, a campus of Maharishi European Research University , and other institutions of the Transcendental Meditation movement. It occupies the...
. It is also the "global development currency" of the Global Country of World Peace
Global Country of World Peace
The Global Country of World Peace was declared by Maharishi Mahesh Yogi, the founder and guru of the Transcendental Meditation movement, on Vijayadashami , October 7, 2000. He described it as "a country without borders for peace loving people everywhere"...
(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
Maharishi Mahesh Yogi
Maharishi Mahesh Yogi , born Mahesh Prasad Varma , developed the Transcendental Meditation technique and was the leader and guru of the TM movement, characterised as a new religious movement and also as non-religious...
, founder of the Transcendental Meditation
Transcendental Meditation
Transcendental Meditation refers to the Transcendental Meditation technique, a specific form of mantra meditation, and to the Transcendental Meditation movement, a spiritual movement...
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 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 InstituteCato Institute
The Cato Institute is a libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Edward H. Crane, who remains president and CEO, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries, Inc., the largest privately held...
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. As of March, 2004, there was no information available about the Raam development projects, what projects had actually been started, or whether there were any results from the first 2½ years of the project.
The Raam differs from other complimentary currencies because its focus is on the export of products―in this case organic agricultural products from third world growers to consumers in developed countries―rather than improving local circulation to benefit the lives of local people. Other developmental currencies instead focus on local and regional self-development.
Denominations 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
Joh. Enschedé
Royal Joh. Enschedé is a printer of security documents, stamps and banknotes based in Haarlem, Netherlands. Joh. Enschedé specialises in print, media & security. The company hosts the Museum Enschedé and has branches in Amsterdam, Brussels and Haarlem....
.
Circulation
The Raam is currently used alongside Euros in accordance with Dutch law in more than 100 shops in the NetherlandsNetherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. Shops associated with 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
Maharishi University of Management
Maharishi University of Management , formerly known as Maharishi International University, is a non-profit, American university, located in Fairfield, Iowa. It was founded in 1973 by Maharishi Mahesh Yogi and features a "consciousness-based education" system that includes the practice of the...
and a few businesses in nearby Fairfield
Fairfield, Iowa
Fairfield is a city and the county seat of Jefferson County, Iowa, United States. The population was 9,464 in the 2010 census, a decline from 9,509 in the 2000 census. - History :...
. However, local banks, Jefferson County
Jefferson County, Iowa
-2010 census:The 2010 census recorded a population of 16,843 in the county, with a population density of . There were 7,594 housing units, of which 6,846 were occupied.-2000 census:...
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 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.