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Kazakh President Proposes Single World Currency

The Kazakh president has found a way to alleviate the world's economic woes:

Kazakh President Nursultan Nazarbayev has called for the creation of a single world currency called the "acmetal" to fight the global financial crisis.

"In our view, we must create a single world currency under the aegis of the United Nations," Mr Nazarbayev said, a day before a major economic conference opens in his Central Asian country.

"We must make a transition to an absolutely new global currency system based on legitimacy and, in view of all countries, one single monetary system," he told a meeting of the Eurasian Association of Universities.

This is the first time Mr Nazarbayev has spoken publicly about the need for a single world currency although he has previously written about it.

He first called for the creation of a world-wide currency, to be called "acmetal" -- a combination of "acme," a Greek word meaning the peak or the best, and "capital" in an article published last month.

Read the full story here.

Genghis Khan did something similar in 1236, when the Mongols issued paper money throughout the empire, which by then included parts of China and today's Russia.

-- Luke Allnutt

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