One World Currency: Introducing the "Acmetal"
Nazarbayev answer to the pesky pastiche of worldwide pelf is called the 'acmetal,' an atrocious and unglamorous noun that combines the Greek word "acme,'' meaning peak or best, and "capital.'' Acme, of course, being the company Wile E. Coyote purchased his diabolical supplies from to thwart the elusive Roadrunner. If you will recall the history you learned from cartoons, Acme products always failed.
From the Australian Online today:
Nazarbayev, speaking at an economic forum in the glitzy new capital he has built on the Kazakh steppe, defended his proposal for the "acmetal'' world currency saying it might "look kind of funny'' but was not.
And he received intellectual support from the Canadian economist Prof Mundell, who helped lay the intellectual groundwork for Europe's single currency.
"I must say that I agree with President Nazarbayev on his statement and many of the things he said in his plan, the project he made for the world currency, and I believe I'm right on track with what he's saying,'' Prof Mundell said, adding the idea held "great promise''.
Mr Nazarbayev and Prof Mundell urged the Group of 20 leading developed and developing economies to form a working group on the proposal at their summit on the global economic crisis in London on April 2.
"We should deliver our thoughts and the thoughts of this conference to the leaders of those countries,'' Mr Nazarbayev said, referring to the G8 and G20 nations."
Of course, Nazarbayev is used to getting his way. He was the Chairman of the Supreme Soviet of Kazakhstan, running for president (unopposed) when the country was declared independent from the fallen Soviet Union in 1991. he's been the strongman in charge ever since. And two years ago, the Khazahk parliament passed a Nazarbayev-forever constitutional amendment that will allow only him to seek reelection as long as he wants the job. It is believed he has personally raked in a billion dollars (or is it acmetals?) by skimming oil revenues into his private bank accounts, and his country has been criticized as highly corrupt.
Still, he has pulled off the delicate balancing act of running a Muslim nation on Russia's back door steppe that isn't much threatened by its former landlord, along with embracing capitalism in a very big way, fueled largely by oil money.