Acmetal

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  Acmetal is a new world currency proposed byKazakh president Nursultan Nazarbayev. Nazarbayev blames the current global economic crisis on the dominance of the U.S. dollar and believes a new world currency would "serve as the foundation for a new harmonious system".

• Fast Facts

  1. Kazakh president Nursultan Nazarbayev proposed a new global currency in February 2009
  2. Aims to call the proposed world currency "acmetal"
  3. "Acumetal" is a combination of the Greek word "acme", meaning peak or best, and "capital"
  4. Nazarbayev says the new currency should be regulated by the United Nations
  5. Nobel-prize winning Canadian economist Professor Robert Mundell supports Nazarbayev's idea of a single world currency
  6. Nazarbayev said the Eurasian Economic Community may consider moving to a non-cash currency called the yevraz in an effort to shield itself from the global economic crisis
  7. Nazarbayev suggested that the Group of 20's April 2, 2009 meeting in London should be used to discuss a global currency
  8. In early March 2009, Nazarbayev introduced an additional $4 billion in spending programs to stimulate the Kazakhstan economy
  9. Kazakhstan is facing its first recent budget deficit due to a drop in the price of oil and metal
  10. Oil and metal are Kazakhstan's major exports

• Acmetalism

  In addition to proposing the new world currency, acmetal, Kazakh president Nursultan Nazarbayev has proposed changing the way the world looks at the global finance system. In a February 2009 article in Russia's Rossiskaya Gazeta, Nazarbayev suggested that, once the new global currency is in place, we should consider changing the term used to describe global finance from "capitalism" to "acmetalism".