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"Akmetal" - key to the crisis: N. Nazarbayev

ASTANA. February 11. KAZINFORM. In the rubric «World media about Kazakhstan» Kazinform briefs on the articles of E. Dmitriev and M. Umansky (the newspaper «Izvestiya», 4-5 February 2009) where they comment on the President of Kazakhstan Nursultan Nazarbayev’s «Keys to the crisis» article, published earlier in «Rossiyskaya Gazeta». Kazakh President Nursultan Nazarbayev proposes to create a supranational world currency based on the World Currency Law, signed by the heads of most countries and ratified by the parliaments of the world community. The Kazakh head of state raised this idea in his article «Keys to the crisis», recently published in «Rossiyskaya Gazeta». According to Nursultan Nazarbayev, the current global crisis, which is now shaking the country and the continents, is the phenomenon unknown to humanity so far. «It definitely falls under the category of phenomena, fundamentally changing the world order, all the economic foundations. And that is why to overcome it, it is necessary to apply innovative approach in revising all the old dogmas and stereotypes», noted Nursultan Nazarbayev. In this regard, he appeals not to look for those to blame, because it is unproductive. «It is now important to focus on identifying the defects in the system that created such a powerful global disasters, and most importantly - to find ways to completely eliminate them. To do this you should have the courage to admit that we are on the eve of the creation of a radically new and different model of the world economy, politics and global security», highlights the leader of Kazakhstan. Nursultan Nazarbayev is doubtful of the legitimacy of the application of the concept of «global currency» in respect of existing national currencies. «None of the nations of the world are involved in decisions or activities of the issuer of the world currency, the procedure for the activities of the issuer. The old world is not democratic from any point of view», the Kazakh President explains his position. Nursultan Nazarbayev’s bailout plan is the creation of a new supranational currency. «At the same time, it is clear that it is unproductive to use national currency of any nation, he said. Therefore, he proposes new universal cash that could be called «akmetal». "Ancient Greeks would call the highest stage in the development using a beautiful word «ACME». Our descendants will choose the correct name for this new cash. Its name could include the quality - _ACME»: for example, ACME-capital, or akmetal. And then it will be correct to call new economy not capitalism, but akmetalizm», Nursultan Nazarbayev explains the choice of the name. Principles, determining the new currency should also be radically new. «All the main actors - the users of the new world currency could create, under the Law on the world currency, the democratic governance of its emissions and issuers operating under strict democratic procedures ... All major users of the new world currency (countries, companies and citizens) should have the right to establish permanent monitoring tools of currency cycling, emissions and treatment, specified by the Law «On the world currency». ... The issuers of the world currency should have to bear the full responsibility for their actions to (countries, companies and citizens) and the entire international community» Nursultan Nazarbayev suggests. The world thirsts for breakthrough ideas and innovation. Neither G20 in Washington, nor the last Davos were able to propose tools to overcome the world economic crisis. In early February, President of Kazakhstan Nursultan Nazarbayev published his article which text was surprising and defiant. The format of presentation is unusual for modern statesmen. In fact, Nazarbayev issued a Manifesto - appeal addressing the thinking people of the world to jointly seek a way out of crisis. Nazarbayev's idea goes further than the search for recipes from crisis. In his manifesto the Kazakh leader called for the construction of a new world ( it is useless to save the old one). The current crisis has no equivalent in scope, depth and duration. The world will be different, and instead of crisis recipes aimed at preserving the old world (obviously doomed) it is necessary to build a new one. Will the Russian leadership, overwhelmed with combating the crisis, hear him? According to Nazarbayev, innovation will save the world. He introduces the concept of «radical updating». Strong, powerful, creative updating should cover all spheres of life and all levels - from states to individuals. Where to begin? The crisis began with finance, so the central problem of the future - the world's money. Issuers of the current world currency do not bear any responsibility to the world. In this sense, America has been completely irresponsible, that has created today’s global crisis. Therefore, the new currency of the world (Nazarbayev calls it «tranzital», from the word «transit») must exist on the basis of the World Law, approved by a majority of countries. The Act will clearly indicate its supranational, intergovernmental status and the democratic principles of issue. There is a question, why Nazarbayev voiced his ideas in Russia, but not, let us say, in Davos, where he would have been exactly in the center of attention? Maybe it is just East sensitivity: first listen then speak? I think that's just different. The current crisis pushed to a rapid redistribution of the world, comparable in scale to the global war. Turning to Russia, Nazarbayev makes it clear that in a rapidly changing world Kazakhstan sees Russia as a key ally. According to Nazarbayev, we live in transitional era of the collapse of the former globalism, when a key role is played by regional currencies and regional financial centers. In fact, Kazakhstan proposed to the Russian Federation together to create multi-financial services center and a regional currency. No matter how the expert community will react on the Kazakh leader’s initiative. It is clear that the time when key economic decisions had been made by few world powers has come to the end. There appear young dynamically developing economies, calling for changes in world financial architecture. By the way,Nazarbayev first announced the idea of a new world currency, in New Delhi - the capital of Asian «tiger». So this appeal must be heard not only in Russia.


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