Altyn or Euras

Iliya BLOGGER

«An American Dollar is the global currency today. But we don't know how much of this money the reserve system of USA will issue and print», Mr. Nursultan Nazarbayev has declared in his interview to agencies «Kazakhstan Today» and «Khabar».

Nobody knows the answer to this point. That is why the idea of creation of the new reserve global currency has occupied the minds of politicians as well as the financiers. We would remind you that today Russia and China speak in support of creation of the new currency to be used in the international markets. The leaders of the Latin American countries arise this question for a long time too. The problem of creation of the new financial procedure repeatedly discussed at scientific conferences organized by UNO. In 2002 the Parliament of Italy has entrusted the Government with putting forward at the international forums «the initiative on development and introduction of new financial architecture capable to support real economy and to prevent speculative „bubbles“ and financial fall». Practically the whole world speaks about the point. It was expected that the theme of the new global reserve currency will be raised during the Summit-20 in April 2009. However, this question wasn't discussed, but it is still urgent. At present the problem becomes more and more burning as the economical situation at the majority of the countries goes to the bottom.

President of Kazakhstan Nursultan Nazarbayev became one of the initiators of introduction of the new currency. He has declared in Delhi in January 2009 that «the countries all over the world should agree upon creating the world profitable unit for an exchange of the goods. This unit should be accepted by UNO and supervised by the appropriate commissions, and we could be related to that global currency». The leaders of Russia and China had made the similar statements. In opinion of the Russian academicians Oleg Kuznetsov and Boris Bolshakov the creation of the new financial order will allow to ensure growth of the real money streams by means of introduction of new hitching technologies. This will increase efficiency of the usage of consumed resources and will improve quality at all levels of management. Besides the new financial architecture could minimize the break between nominal and real money streams. These measures could prevent the new «bubbles» today.

In the article published on a site of «Interfax-Kazakhstan» the Russian scientists give the detailed analysis of the situation arose in the world due to global financial crisis and represent their arguments for the benefit of the new global currency. In particular, they analyze the article of the Kazakhstan leader published in «The Russian Newspaper» this year. They make the following conclusion: «In the article President of Kazakhstan asks seven key questions and gives seven well-reasoned answers to them»:

«1. Whether the existing de facto global currency is valid de jure? No, it isn't.

The World law on Global currency is needed.

2. Whether the activity of the emitter of global currency is really democratic? No, it isn't.

The World Emission Centre is needed.

3. Whether the mechanism of balance of supply and demand of global currency is competitive and free? No, it isn't.

The World Antimonopoly Committee is needed.

4. Whether the market of global currency is civilized? No, it isn't.

The World Committee of market freedom is needed.

5. Whether the system of generation and issue of global currency is monitored by the main users (countries, companies and citizens) and world community in whole? No, it isn't.

The creation of constantly working tools for monitoring, generation, issue and circulation is needed.

6. Whether the system of generation and issue of global currency is responsible before the main users (countries, companies and citizens) and world community? No, it isn't.

The World Currency Arbitration is needed.

7. Whether the system of global currency is effective and productive, i.e. how do the results of its work meet the purposes of development of mankind and the whole world? No.

The acceptance of unique justifiable no defective measure is needed.»

The academicians are marking: «We believe that it is fundamentally mistaken to try to find the way out of global crisis not having a reliable and steady measure as the unique pay unit.

The countries-members of EurAsEC (Eurasian Economic Community) have all conditions to lower the crisis loading of the defective global currency on economies of their countries by introduction of the unique intergovernmental over-national not involving cash stable pay unit, which rate would not depend on fluctuation in exchange of the global currencies. The introduction of such a unit is absolutely natural and organic step of our countries in the course of the global process of creation of the regional pay-units (Euro, Amero, Dinar, Sucre, Afro). This is appropriate and natural movement of global economy focused on post-crisis development, i.e. steady development of the community». In essence, they repeat the statement Nursultan Nazarbayev has declared before. One cannot but admit that President of Kazakhstan was proved to be one step ahead in the course of the global tendencies. In March 2009 at The Second Astana Economic Forum Nursultan Nazarbayev again paid attention to the point of creation of the new currency: «The new currency system not breaking the former one will ensure the stable long-term and infrastructural investment and operative current transactions. It should ensure the steady not involving cash transactions between the states, juridical and physical persons inside and between the countries-members of EurAsEC».

If earlier Nursultan Nazarbayev offered to name the currency as «Altyn», but today he considers that "the new currency could be called «Euras» or «Eurasia». He has declared the point in his interview to agencies «Kazakhstan Today» and «Khabar». Meanwhile, the name «Altyn» looks more preferably as it is clear for all people of EurAsEC countries. It is unimportant how the new currency will be called. The only one thing is important: EurAsEC countries understand that they should rely upon themselves. The rigid attachment to the American dollar or the other currency can cause the new global crises, which could be overcome or not.