The word “money” (currency) derives from the Greek monytes, that means pointer, something that represents something else.

Currency means whichever mean of exchange that generally is accepted in payment of goods, services and debt extinguishing.

Currency is also a value measure.

The number of units of currency requested to acquire a product is its price.

However, the monetary unit chosen as value measure does not have necessarily to be used as exchange mean.

As an example, during the colonial period in North America, the English pound acted as value measure unit while the Spanish currency was an important exchange mean.

Before the introduction of the Euro, in the countries of the European Economic Community, the ECU (European Unit of Account) has been used as measure unit of value while the currencies of several countries and the Dollar were used as exchange means.



Before currency, goods exchanges were carried out by barter.

The barter consists in the exchange of goods: the goods exceeding normal requirements were exchanged with other goods necessary to live.

The limit of barter was the encounter difficulty between subjects with mutual surplus and exchange goods insufficiencies.



In order to overcome the limits of barter, beyond three thousand years ago the primitive's people began to exchange goods with object-currency.

Object-currency were conventional objects that represented the value measure of the exchanged goods: at first shells, pearls, tusks of elephant, fur coats, skins and cattle; then objects in iron, bronze, gold, silver and branch.

Miniatures of bronze knives, axes and other tools, used in order to represent the real exchange objects, circulated in China more than three thousand years ago.

At a certain point started to appear rings and slabs indicating a quantity instead of the goods they represented.

That’s how the first modern goods-currency was born.

The goods-currency is an object that has just an intrinsic value (in relation to the rarity of the material) and that can be exchanged with any good.

Usually, the value of the goods-currency is more or less equal to the one of the contained material.

The main materials used for this type of currency were gold, silver and branch.

Coins, coined in a natural alloy of gold and silver, appeared approximately 3,700 years ago in the region of Lydia, in Asia Minor.

According to the legend it was Cresol, king of Lydia (region of nowadays Turkey), the first one to adopt the coinage technique.

The coins were gold or silver "staters" (twenty silver pieces corresponded to one of gold).

It was a kind of good-currency with a value determined by its metallic content.

The coins spread quickly in all the most developed economies of the world.

Monarchs, nobles, cities and institutions began to coin coins marked just by the brand symbol attesting the metallic value of the currency.

Some ancient coins had a very stable composition.

The dracma issued at Athens beyond 3,600 years ago has maintained a relatively constant content of 65-67 silver fine grains; the quian (the Chinese branch cash) introduced 3.400 years ago remained as base currency for two thousand years.

The mints where metal used to be coined were of property of metal owners or powerful figures (emperors, kings, feudatories but and also commons and republics).

The owners often sheared (rasped) their coins and gave them in payment as coins that seemed of a certain value but that had a metal content inferior to the one coined by the mints and indicated on them.

On their side, the issuing authorities were inclined to reduce the metallic content of the greater coins in order to earn more.

Being their value correlated to the number of silver and gold coins with which they could be exchanged, the small denomination coins of bronze or branch were, in fact, fiduciary currency.

Silver and gold coins often circulated also outside the issue country because of their intrinsic value: that's why from XVI century the Spanish silver Peso reached legal tender in China.

Once created, coins originated the monetary system, whose characteristics have remained constant for millenniums; one of the most long-lasting innovations was the introduction of the edge knurled in the European coins during in XVII century, in order to discourage shearing.

After the collapse of the West Roman Empire the circulation of coins was reduced and gold got short.

In VIII century Carl The Great established that the official currency of the Sacred Roman Empire was silver money.

After year 1000 gold began to circulate again and with the discovery of America (1492) a new amount of precious metals arrived in Europe.

While in Holland the first national bank was born and the mechanization of mintage introduced, Spain made huge amounts of gold flow from the colonies, causing an increase of the prices and a reduction of gold's value.

It was the first kind of inflation.



Deposit receipt already existed before goods-currency.

Beyond 4,500 years ago, in the cities of the valley of Tigris and the Euphrates and in those of the Indo and the Nile there was a very special type of currency.

The people, carried what exceeded of their own products to the temple of the fortified city, there, bookkeeping priests opened a checking account with delivery of mud tablets to the bearer.

The goods were stored in appropriate rooms of the temple and an abstract amount of money was established based on the delivered goods.

Subsequently, if the same persons wanted another type of product of the temple, the inverse procedure was followed.

For every exchange operation was drafted a document made of terracotta bringing the name of the purchaser, of the vendor, the exchanged goods and the amount of monetary units used.

This document is called invoice-check.

For exchanges of great importance and between various cities, there was a guaranteed transport system based on the «bullae».

In the wagon of the carrier there was a ball of terracotta inside of which they found the tablets that represented the various products transported.

The tablets were also recorded on the surface of the ball.

Once arrived on destination, the receivers would open the ball to check that its content was correctly related to the goods on the wagon.

At the time among the various cities predominated pacific relationships, partly because of the impregnable walls that protected them and partly thanks to the prosperity that this system of exchange assured.

Currency was an abstract instrument, a document whose value was only accorded to really existing goods.

Every commercial exchange left a legal trace under shape of mud tablets.

All this vanished as the anonymous currency of gold, silver, branch and bronze appeared.

This new type of currency, anonymous, concrete and independent from the goods, makes corruption very easy.

With the anonymous currency also the private bank appeared, the real shadow power.

The temple officials changed their vocation in to the invention of religions.

Therefore imperialism came up again.

The impregnable walls collapsed. Not under the blows of nonexistent catapults or crossbows, but because of the corruption of some guard by the besiegers.

The traitor corrupts could discreetly then be eliminated and the occupants s' invented myths like the one of «the Horse of Troy »or «the Bugles of Gerico. »

The anonymous money still transforms itself until the modern banknotes and anonymous bearer payable checks.

The several political institutions, created so that the citizens would think they were protected, endure the attack of the « real powers »that corrupt politicians, technicians and judges.



Metallic coins can be either base coins or weak coins.

Base coins have a nominal value equal to the one of the metal they contain.

Weak coins have a metallic nominal value much higher than the intrinsic one; on this side they are very similar to paper currency.

Mints of many countries have coined coins of both types during XIX the century, but with the general abandonment of the gold base during the two world wars, the base coins have been removed from circulation in nearly all the world.



Paper money was introduced in China in IX century, in the shape of convertible certificates issued by private bankers on the Tang dynasty government's behalf.

Supported by the power of the Chinese state, this currency could maintain its value in all the empire, eliminating the requirement of silver transport.

Transformed in state monopoly with the Song dynasty, paper money remained in force during all the Chinese history, in spite of the up settings caused by the political changes and the absence of a cover-up of silver or other metals.

Paper money appeared for the first time in the West in XVI century, under shape of titles of credit issued by the banks to forehead of deposits in money.

These titles of credit spread: since the arrival of the money from France delayed, from 1685 the French colonial authorities in Canada used playing cards signed by the governor as promises of payment.

Paper money became more and more diffused beginning from the XVIII century on, but it conserved the nature of credit currency, issued to forehead of deposits in gold and silver.

In 1700 in France and England the banknotes were diffused, more practical and transportable.

In currency's history there are two very important dates: in 1794 the United states adopted their own currency, the Dollar, while in 1870 Japan put in circulation the Yen.

However, the strongest currency of XIX century remained the English Pound.

England in fact, in 1816, introduced the Gold Standard, a monetary system based on paper currency convertible in gold.

The other industrialized countries then adopted this system also, because the value of the gold assured the common base in the foreign exchange between the various coins.

How did it go? England did not have enough resources to finance her own war enterprises.

A banker proposed to the Queen to be authorized to print currency in order to lend it to the English state.

The Queen accepted and established that the banknotes issued by the banker had releasing value.

Naturally the banker (that then became the Bank of England) did not print only coins for the state but also for privates.

This way he began the multiplication process of the guaranteed monetary amount only by the credits of who received money on loan.

After the Second World War, the economic supremacy passed to the United States: the convertibility in gold era ends and the Dollar becomes the reference currency. The Bretton Woods agreements (New Hampshire, United States 1944), established that the Dollar was the only currency convertible in gold and that all the others were convertible in Dollars.

This agreement ratified the monetary hegemony of the Dollar and the United States took advantage from this power to issue Dollar quantities much higher than their gold reserve.

This situation ends in 1971 when, due to the impossibility of converting the Dollars that some Countries asked to exchange in gold, United States' president Nixon abolished (15 August 1971) Dollar's convertibility in gold. From then, issued quantities of Dollars were detached from gold reservoirs and paper currency became goods the whom value is determined exclusively by the politic, military and economic hegemony of the United States.

In the meantime the European Economic Community was already moving the first steps in order to catch up a monetary system to join the countries of Europe.



Paper money is therefore divided in credit currency and fiduciary currency.

The credit currency is a document with which the issuing subject promises to a government or a bank to pay the equivalent value in monetary metal standard.

The fiduciary currency is paper money; its value is fixed by law and is not convertible in any type of monetary metal standard.

Also, many coin currencies are fiduciary currencies, because the value of the material with which they are made of is generally inferior to their monetary value.

Usually the creditors are legally obliged to accept in payment fiduciary and credit currency, therefore defined as legal course currencies.

If the paper money in circulation does not exceed the commerce and industry needs, it is accepted from everyone and acquires a relatively stable value.

If instead paper money is issued in an exaggerated amount, a distrust climate is diffused and the currency loses quickly its value.

Such lessening is often continuation of the formal devaluation (reduction of the official value of the currency).

The fiduciary currency usually constituted an emergency measure adopted in time of war, like the paper made American Dollar.

The faculty to emit paper money passed from the private banks to the national ones.

In late XIX century, the falls in the value of gold caused the adoption of an international gold monetary regime, in which all the currencies were exchangeable in gold.

Many governments suspended the convertibility of the own currency during the First World War, while attempts to introduce the international gold regime failed after the Great Depression.

The transformation of worldwide currencies in fiduciary ones, with values entirely fixed by the market demand, was completed with the uncoupling of the American Dollar with gold, in 1971.



The banknote is paper money issued by a bank. It’s a non-convertible, forced circulation fiduciary currency.



The functions of the currency, as exchange mean and value measure, enormously facilitate the exchange of products and services and the specialization of production.

Without currency, the commerce would be reduced to barter, which is the direct exchange of a good with another one; this was the system used in the primitive communities and still practiced in some areas of the world.

In barter, an individual that detains something to trade must find someone that wants it and that has something acceptable to offer as exchange.

In a monetary economy, the owner of a good can sell it, gaining of the money with which he will be able in its turn to acquire a wished good, without having to find someone with which carrying out the exchange.

Currency therefore has to be considered a milestone of modern economic life.

Unfortunately, as in many other cases, what had been introduced as an exchange mean for someone has later become a life aim.



The fundamental currency of a country, in which other shapes of money can be converted and that determines the value of other types of currency, is called base currency.

The monetary regime of a nation refers to the type of base currency used in the monetary system.

The main modern monetary regimes are: gold (gold standard), silver and forced circulation.

In the gold monetary regime paper currency circulates together with gold and the two coins are freely convertible one in the other; a variation of it is the monetary regime to gold foreign exchange (gold exchange standard) in which the paper currency of one Country is convertible in the one of another Country, in its turn convertible in gold. As an example, Diners in Dollars and Dollars in gold.

In the compulsory monetary regime banknotes must be accepted in payment but they are not convertible in precious metals.

Some countries have used for some time the bimetallic system, in which two base coins circulate, a gold one and a silver one.

The bimetallic regime has had insufficient succeeding above all because of the Gresham law, which says that, "the bad" currency (with the lower value) tends to send away the " good one " (appreciated) from the circulation.

Nearly all the current monetary systems are fiduciary; they do not admit the free convertibility of the currency and they confer it a legal value, rather than by its nominal content of gold or silver.

The modern systems are also defined " trained coins ", since the value of the monetary units depends in great part by the governmental management and the economic policy.



Today the credit, thus the use of a payment promise, constitutes a precious instrument that currency places by its side.

Many enterprises use credit instruments rather than legal tender currency.

The bank's deposits commonly come included in the monetary structure of a country; the term "offer of currency" means the currency in circulation, plus the bank's deposits.

The real value of money is determined by its purchasing power that depends on the prices of the products.

According to the quantitative theory, the prices are in part or entirely determined by the amount of currency in circulation.

Experience has demonstrated, however, that equally important for the determination of the level of the prices are the speed of circulation of the currency and the volume of the production of goods and services.



All the current forced circulation currencies issued by the central banks aren't convertible in the metal that guarantees them.

Convertibility ended when the issued amount of paper money exceeded the value of the precious metal that it represents.

From that moment the value of the currency is established by the market, independently on the real value placed as guarantee of the currency.

The more the country's economy appears strong the more the currency issued by its Bank will be strong.

Unfortunately, the appearing force of an economic system does not correspond to its real force but it is determined by other factors: the war power of the country, its ability to manage means of investigation, its presence (hegemony) in the exchange relationships.

These factors often determine an appearing monetary value different from the real value.

As an example, the appearing value of the Dollar of the United States (whose real issue value is equal to three single cent of Dollar) is much higher than its real value.

If all those people who detain American Dollars exchanged them with goods all at the same time, we would realise that the amount of outstanding Dollars is beyond one thousand times the United States' annual Gross Domestic Product and is also higher than the value of all the personal properties and real estates existing on the planet.

In such case, one would notice that the real value of the Dollar is equal to the 3% of its appearing value. It would be a disaster: the monetary catastrophe.

Also the Euro has an inferior real value than the nominal one but surely the difference is much less than the one of the American Dollar.

However, paradoxically, for effect of the other factors that determine the value of the currency (war power, hegemony of the exchanges) while the Euro has an equal real value up to seven or eight times the one of the Dollar, its fair market value (exchange rate) has been even lower and, in some occasions, one Euro wasn't enough to have one Dollar.



As effect of what is called a credit multiplier, for each 100 units of currency received as deposit, the bank system can lend up to 5.000 currency units.

That's because of the relation between legal bank reserves and deposits. For the majority of the banks the legal reserve is par to the 2% of the deposits.

When the Bank A receives a deposit of 100, takes off 2 as legal reserve and can lend up to 98.

Who receives the loan of 98 can deposit it in Bank B or use it as payment; who receives it as payment will deposit it in Bank C.

When Bank C receives a deposit of 98, takes off 1.96 as legal reserve and can lend up to 96.04.

Who receives the loan of 96.04 can deposit it on Bank D or use it as payment, who receives it will deposit it in Bank E.

When Bank E receives a deposit of 96.04, takes off 1.92 and can lend up to 94.12.

And so on. Thus, with a reserve of 2 per cent the deposits, the bank system can allow loans up to 50 times the deposit value, that's 5,000 units in loans each 100 units of deposits.

So the bank system creates currency par to 49 times the value of the currency issued by the central bank.

This way the bank, fixes not only the development level of an economy but also the destination of resources and wealth, because it decides to whom, why and in exchange of what loan money.

And because in free market the profit is normally proportioned to the employed means and resources, it's not who wants to produce, it's the bank who decides who has to earn the most and who less.

Whichever government a country has, or whichever economic politics it wants to promote does not make the difference.

The bank is capable, on its own, to determine the economic relationships of whichever country independently on who governs it. What is important is that it can emit currency and lend it to the states as to private subjects.



Dhana has been issued in order to realise one of the fundamental objectives of the Republic of the Earth: the redistribution of wealth.

Dhana is the currency of the Republic of the Earth.

The monetary base of Dhana is not constituted by precious metals, other currencies, credits or public titles but only by capitals of enterprises that produce goods or services.

Adam Smith, that firmly refused the protectionist conclusions of the mercantilist thought, emphasized that wealth was not constituted by precious metals, but by the materials that could be bought with them.

Dhana is what the other coins would like to be: an exchange mean that represents real existing economic values.

Dhana is a universal currency that can be used as exchange correspondent all over the world.

The first six billions of Dhana have been guaranteed by a capital of 150 billions of Euro, one Dhana for 25 Euro.

Each inhabitant of the planet that participates to the Republic of the Earth is assigned 100 Dhana.

The total issue previewed is of approximately 450 billions of Dhana: 100 Dhana for each of the 4.5 billions of inhabitants of the Earth that participate to the exchanges.

Because of the population's increase other Dhana will be issued so that each inhabitant of the planet is always assured 100 Dhana.



Dhana is issued in physical, electromagnetic and data transmission currency.

Dhana in physical currency is paper money provided of all the currently known safety devices that make it difficult to counterfeit.

Dhana in electromagnetic currency is recorded in a small electromagnetic case called Gandhana with which payments and collections can be carried out at a distance of a few meters from who has another Gandhana.

Dhana in data transmission currency is managed through a check account recorded on Internet (www.dhana.org).

Dhana is divided in thousands Kana-Dhana and is issued in the denominations of 1, 5, 10, 50, 100 Dhana and of 1, 5, 10, 25, 50, 100, 250 and 500 Khana-Dhana.

Dhana is a monetary revolution. It renews the currency to its original function of exchange mean.

Instead of having a metallic monetary base, Dhana's monetary base is production.

Three reasons have advised us against guarantying Dhana with precious metals.

In first place the difficulty and the useless of converting it in precious metals, because the currency's function must be the one of exchange mean and value measure unit and not of wealth hoarding.

In second place, the amount of precious metal that would be necessary in order to guarantee the issue of 450 billions of Dhana (11,250 billions of Euro, approximately 9,900 billions of American Dollars) is not available on the planet and anyway it would be so much that it would provoke the reduction of the price of the metals, therefore the collapse of all the other currencies.

The third reason is that, if it is true that a currency is worth for what it represents, we believed that the most suitable goods in order to guarantee the value of Dhana and its revaluation in time are the shares of capitals of productive enterprises.

Every issued Dhana is, in fact, totally guaranteed by the capital of productive enterprise and is convertible in shares of the capital that guarantees it.

Set apart its fair market value (exchange rate), every Dhana has an equal real value to its nominal value since it represents material existing values.

The issue value of Dhana is of 25 Euro, approximately 22 Dollars to the current foreign exchange.

In truth, we consider the real value (the effectively guaranteed one) of these two coins; the value of Dhana is much higher.

The real value of a Dhana is equal to the real value of approximately 100 Euro (guaranteed to 25%) and of approximately 733 American Dollars (guaranteed to 3%).

Therefore the fair market value of a Dhana is of 25 Euro at the moment of its issue but it will tend to increase with the increasing of its circulation.

Naturally nobody will want to exchange Dhana with other coins but just with goods or services, knowing that the relationship of foreign exchange between Dhana and all the other coins is destined to increase.

Dhana will be revalued in the same proportion in which the other coins will be devaluated.



We could ask our selves why haven't we thought of distributing to each inhabitant of the planet a proportional value in other coins, Dollars, Euro or Yen, instead of issuing a new currency.

The answer is simple.

First: to distribute in equal parts current currencies would mean to induce the central banks to emit further currency provoking a colossal devaluation without alternatives.

Second: to use current currencies would mean to perpetuate the current monetary systems founded on apparent values.

Third: little countries hegemonise the current international monetary system, the United States in particular, which make the other people pay their supremacy and their well-being.

How do they do it? Issuing Dollars in order to acquire goods in foreign countries (in the United States what is consumed is much more than what is produced) and in order to support public expenses (the American public debit is nearly entirely owned by foreign subjects).

It's in order to interrupt this process that Dhana has been issued, and must become everyone's currency, of who works, produces and it consumes and also of who cannot, and not of who issues it.

Dhana must generate a new universal monetary system that assures a fair distribution of the resources and the wealth, wiping out the prerogatives and hegemonies originally acquired with force.



The monetary policy consists in controlling the amount of currency in circulation, in order to avoid that an exceeding amount provokes a monetary devaluation, an increase of the prices and an amount in defect; prevents the purchase of the consumer goods and therefore the satisfaction of the needs.

With Dhana any kind of monetary policy would be useless. To give 100 Dhana to each inhabitant of the Earth means to put in circulation approximately 450 billions of Dhana, par to the necessary value not only for current but also for future exchanges.

In fact, when the effect of Dhana on the economies of all the world will be completed, with increasing of production and wealth Dhana's value will increase, with the consequence that if today you need five Dhana to buy something, tomorrow you will need four, then three and so on until there will not be any reason for Dhana to exist.



Dhana is the instrument in order to redistribute the wealth.

Dhana brings back the currency to its original function of exchange mean, of barter of useful goods with a title representing the equivalent in other useful goods.

Dhana does not affect property. The assignment of the 100 Dhana does not request any compensation. The owners of real estates, personal properties and of whichever other value don't have to worry.

Dhana represents the beginning and not the conclusion of a new process of economic relationships, the trigger of a new concatenation that doesn't impoverish the rich and doesn't reduce the poverty of the poor.

The resources for the successive issues will be put to disposition by enterprises that have been constituted and managed to the only purpose to produce wealth in order to guarantee this new currency.

The enterprises that guarantee Dhana are of property of privates and of foundations that have understood the necessity of putting to disposition of who works, produces and consumes a new value and exchange measure mean.

These subjects have accepted to renounce to the possession of huge values.

They have been able to recognize the difference between property and possession. They are remained owners of their values but they have renounced to their possession.

To exchange assets with the other coins, above all with Dollars, means to receive a piece of paper with a much lower real value than what it seems. To exchange assets with Dhana means to receive a mean of payment that represents a value higher than the price of the exchanged good.



Someone could consider Dhana and the new monetary system it creates as simplistic hypothesis.

It is not. We shouldn't confuse simplistic with simplicity.

The simplest things are always the truest.

By reading the paragraphs of the agreement that bounds the international monetary system (Articles of Agreement of the International Monetary Fund) of all the countries that join the FMI (International Monetary Fund) you realise how difficult, complex, complicated, arduous, abstruse, enigmatic, intricate, sometimes incomprehensible and dark the provided regulations and clauses are.

Why have they been made this way? First, in order to guarantee the hegemony of who has proposed the FMI, second for being able to be always right, third, in order to prevent the spread of the acquaintance of the monetary mechanisms.

Dhana is a simple instrument, elementary, lacking in complications or difficulty, easy to understand and to use.

That does not mean that who proposes it is inexpert, that he still doesn't know man and the difficulties of the world and neither that he is ingenuous, foolish, credulous and no sensed. Maximum simplicity and purity of language are the result of a great complexity.

In order to elaborate elementary, easy, nearly obvious, evident, clear, flat, manifest and easy proposals; and to be able to introduce them in a sober, essential, measured, unwrapped, melted and natural way; years of studies have occurred and a great engagement has been necessary in order to demonstrate to many persons the necessity to adopt this instrument.

Simplicity means a too simple and superficial way of thinking, vagueness, outward appearance, and facade.

With Dhana instead we have attended to essence, substance, even knowing that it is nearly impossible to reinvent reality, but it can be if is not for our selves.


Naturally there will be wariness and above all indifference.

Wariness of ignorance and fear. Indifference and unconsciousness of satisfaction. Wariness and indifference of who is pretending thinking he's doing his own interest.

Logics say that from a true premise derives a true conclusion.

Sometimes the true premises are not valid and the conclusion is anyway true but not valid.

Cogito ergo sum. I think therefore I am, I exists. The premise and the conclusion are true.

But are they also valid? Is the conclusion always valid?

It is, for who is lucky to be born where the resources and the instruments for nutrition, care, knowledge, receiving information, to work, to produce and to develop exist, where at least an appearance of democracy and freedom exists.

It is not for who is born in order to suffer without the possibility of being able to fight in order to resolve not only his own desires but not even his own essential needs. For these, “to be ”is not more valid than it is for whichever other animal from a slaughter house, destined to be instrument of the satisfaction of needs and desires of other animals.

The validity of an argument goes therefore distinguished from the truth of the conclusion.

Naturally if one or more premises were false, the conclusion of a valid argument would have to be false. As an example the locution " All mammals are quadruped " (is false), "all men are mammalian, consequently, all men are quadruped " is a valid argument with a false conclusion (because the premise is false).

In spite, as we have seen, a not valid reasoning could have, accidentally, a true conclusion, like in this case: " Some animals are bipeds; all men are animals; consequently, all the men are bipeds ", which is a true conclusion with a not valid reasoning.

The logical validity therefore depends exclusively from the kind of reasoning and not only from its content.



All the other currencies are currently issued by central banks authorized by the national states. The amount of issued currency depends on the requirements of the consumptions.

Dhana is issued directly by the Republic of the Earth, therefore by a government and not by a bank.

It has been considered that 450 billions of Dhana, par to an issuing value of 11,250 billions of Euro and to approximately 9,900 billions of American Dollars (to the current exchange rate) are sufficient to the requirements of currency for all worldwide level exchanges.

Considering that all in all the exchanges involve approximately 4.5 billions of inhabitants of the planet, it has been decided to assign 100 Dhana to each of them.

With the adoption of the new European currency have been issued approximately 650 billions of Euro for approximately 250 million adult persons who live in the countries of the European Monetary Union.

Every person will have at her disposal an average of approximately 2,500 Euro.

The equivalent issuing value of 100 Dhana is of 2,500 Euro.

It is not provided to distribute further issues between the inhabitants of the Earth, a part from the necessary ones due to eventual population increases.

Further issues will only carried out aiming particular humanitarian initiatives.

The adoption of Dhana will provoke an increase of the production.

The increase of the production will provoke the increase of the value of Dhana and the contextual cut in prices following consumption.

Therefore the increase of Dhana's value will allow facing the increasing of the consumptions without issuing new currency.

We could ask ourselves: “If Dhana is guaranteed with a value represented by an other currency (the Euro), and having the Euro a real value lower than the nominal one, also Dhana has a lower real value than its nominal one.

No. Dhana is guaranteed by a capital expressed in Euro as value measure unit and not exchange mean.

We will make the example of the hen and the eggs.

The price of an egg is determined by the relation between the demand and offer of eggs, the price of the hen is determined by the quantity of eggs she produces and how much it costs to make her produce.

Lets suppose the price of a hen for eggs is 25 Euro and the one of an egg is25 Eurocent.

25 Euro correspond to one Dhana and 25 Eurocent to 10 Kana-Dhana (if one Dhana is 25 Euro, i.e. 2,500 Eurocent, and Dhana is divided in one thousand Kana-Dhana, one Kana-Dhana is worth 2.5 Eurocent then 25 Eurocent are equal to 10 Kana-Dhana).

Dividing the price of the hen (25 Euro) for the price of the egg (25 Eurocent), we obtain 100. Practically the price of a hen is equal to 100 times the price of the egg.

A hen could then be swapped for 25 Euro or 100 eggs. The price of the hen and of the egg is expressed in Euro, therefore their value measure is the Euro but the exchange mean are the eggs. The eggs' real value is equal to the price determined by the value measure unit in Euro; instead the Euro's real value is lower than its nominal value. This also happens with all the other currencies.

The example will explain the difference between the value measure and the exchange mean.

Now will talk about the differences between Dhana and the other currencies on the world.

What would happen if, due to a better rearing, that hen would double the number of produced eggs without spending more to make her produce? The quantity of money to be put towards the purchase of more eggs at the same price as before would be increased, whereas the price of the hen would doubled from 25 to 50 Euro. Consequently that hen could be swapped with 200 eggs.

With Dhana we would have the opposite. Because the quantity of outstanding money is fixed, if the eggs are doubled their price gets halved: from 10 to 5 Dhana. If earlier with one Dhana you could buy 100 eggs (100 eggs, each one for 10 Kana-Dhana), now with one Dhana you can buy 200 eggs. The price of the hen doesn't change: one hen for one Dhana, 200 eggs for one Dhana, one hen for 200 eggs. As consequence the purchase power of Dhana towards the eggs is double because the price of the eggs is halved.

Dhana corresponds to the eggs. Its value measure is calculated in Euro (it could be calculated in Dollars, Yen or other currencies) but its real value is higher than the real value of the currencies used as measure unit of its value.


All the other coins are (partially) guaranteed by gold, (other) currencies, credits and (government) stocks.

To finance them selves, the states issue stocks and give them to their central banks from which they receive on loan currencies issued from the same central banks.

The gold reservoirs cover less than the 15 per cent of the value of the issued coins.

For two reasons it is not possible to guarantee Dhana with gold.

In first place because the necessary amount of gold does not exist.

In 6,000 years have been extracted approximately 135,000 tons of fine gold (24 carats). The gold price is about 400 Dollars each ounce. A Troy ounce is equal to 31.1034807 grams. Therefore the gold price is approximately 13 Dollars each gram, 13.000 Dollars per kilogram, 13 million Dollars each ton. The 135.000 tons of gold extracted are totally worth approximately 1,755 billions of American Dollars.

The price in Euro is of approximately 12 Euro per gram, 12.000 Euro the kilogram, 12 million Euro for a ton, 1,620 billions of Euro for 135.000 tons.

By the way, we remember that the auriferous reserves of the central banks are approximately 21,000 tons of fine gold. At the end of the 2000 the tons of fine gold to guarantee the main currencies were: United States 8,137 tons, Germany 3,469, Switzerland 2,419, France 3,025, Italy 2,452, Holland 912, Belgium 258, Japan 764, Sweden 185, Canada 37.

The value of all the auriferous reservoirs of the central banks is of approximately 273 billions of American Dollars, par to approximately 252 billions of Euro.

Just the first six billions of issued Dhana have been guaranteed by a capital of 150 billions of Euro.

If the first six billions of Dhana had been entirely guaranteed in gold, the 59.5 per cent of the total auriferous reservoirs used to guarantee the other currencies would have been necessary.

In order to guarantee entirely in gold the provided 450 billions of Dhana (equal to 11,250 billions of Euro, 9,900 billions of American Dollars) 937.500 tons of fine gold would be needed, more than six times the quantitative of gold extracted in six thousand years.

The second reason that stops us from guarantying Dhana with gold is due to the fact that a such amount, even if available, would cause the decrease of gold's price.

To a greater available amount would in fact correspond a proportional reduction of the gold price and therefore of the guarantee value.

The same reasoning is valid for guarantees in other currencies or government stocks.

Being all the currencies guaranteed more or less in the same way, the money reserve addressed to guarantee a currency has much lower real value than its nominal one.

The (government) stocks addressed to currencies' guarantee, are issued by states with budgets deficiency that produce losses every year and, being public stocks represented in the received currency by loan, the same real value of the stocks turns out always lower of the nominal one.

After all, the other currencies are guaranteed (with gold, other currencies, titles and credits) for a maximum of 25 per cent of their nominal value down to a minimum of 3 per cent, while the issuing value of Dhana is 100 per cent guaranteed, not by gold quantities or other precious metals but by capitals of enterprises.

This is what would happen in future because, while other Dhana beyond the 100 for each inhabitant of the Earth can't be issued, the value increase of Dhana will be the effect of the proportional increase of the capital of the enterprises that guarantee it.



Today no currency is convertible in its own monetary base, because the value of the issued amount of currency is higher than the one of its monetary base.

Dhana is convertible in shares of the capitals that guarantee it anytime; therefore the same shares are convertible in Dhana anytime.



Currently currencies are monetary policy instruments.

The authorities that issue them decide the emitting amount following the economic conditions of the countries in which they are issued.

Dhana does not need any control authority.

As Dhana's value will depend on the production development and not on the amount of issued Dhanas, the consumptions will be proportional to the production and to Dhana's value.



The other coins all have a real value lower than their nominal one (value measure unit) and than their appearing market one.

Dhana is issued with a real value exactly the same as the nominal one and in future real value and market value will be higher than the nominal one, just because the issuing value of Dhana is equal to a value measure unit (of Euro), which represents a higher value than the real one of the same measure unit.



All the other currencies are given on loan with an interest.

That's the origin of the speculative character of all the currencies.

The interest is risk compensation and also a system to control the currency's value loss deriving from its devaluation.

This is why the interest that the banks acknowledge to the savers is proportioned to the inflation rate.

Dhana doesn't produce interests because it's not made for speculation.

Who saves has no need to worry about devaluation but can rely indeed on a constant revaluation.

Who lends it does not run any risk because she can anytime transform her own credits in Dhana with shares of capitals that guarantee it.

Obviously a loan authorization would be necessary, in order to avoid lending Dhana to who would never be able to return them.



All the current monetary systems have the same origin and are the result of a concatenation based on the rule of the strongest.

The strongest has taken possession of the resources and has imposed his own ideologies, generally all oriented towards economic relationships and exchange proceedings: monetization is one of them.

As everything else, also monetary systems have had a beginning and will have an end.

The free economists of the entire world have previewed the end of the current monetary systems and in that moment we will not only have a monetary catastrophe but also an economic catastrophe.

The same thing has happened to the atmosphere. From decades scientists inform us of the effects of human activities on climate and atmosphere.

They said logical things and however they remained unheeded.

Today the hole in the ozone is a dramatic truth, also the pollution of pure water and air are.

The governor's insensitivity and their impotence regarding these problems represent the recklessness of power, more oriented to maintain and to consolidate the power of who has wanted the current human relationships system of which they are the product and the instrument, rather than towards the real and concrete problems of the whole humanity.

Normally a shape of appearing renewal follows every crisis.

If the primary causes that origin crisis aren't eliminated or overcome, these will repeat. The world will keep going anyway but who is going to support the costs? Always the most weak people, obviously.

In this "chronic" situation, Dhana represents a breach action, altruism and courage, restarting from the beginning.

Not by means of a theory that ended with apparent changes, but through a choice that breaks off with the past and introduces changes immediately.

Someone could objected that, because we aren't all the same, by sharing a certain amount of currency in equal parts we run the risk that in little time just some individuals will invest and produce new wealth while all the others could consume it.

It is true. This risk exists. Some will be captured by the instinct of satisfying their needs and desires without producing. There will be individuals that will consume the received wealth without working.

But Dhana's issue proposal isn't to eliminate the differences or to compress the freedom of the inhabitants of the Earth.

Dhana's proposal is to assure to everyone the same starting conditions or at least sufficient conditions in order to carry out their own function of citizens of the world.

We make this choice, which nobody has ever made from the last ten thousand years.

Then we will see. We will see if who receives 100 Dhana will consume them without working and without producing even if he knows he won't receive others. We will see if Dhana will be used in order to acquire weapons and drugs or production means, information, culture, acquaintance and all those material and immaterial goods that help each human being towards the solution of one owns problems of life and development.

And, even if this monetary and economic revolution will not be followed by a revolution of consciences, in any case we will have put everyone in the conditions of being able to live and to fight for one's own happiness.

A suicide cannot be prevented. But suicide is a desperate action provoked by irreversible and serious uneasiness and considered incurable.

To remove the desperation means to take part on the suicide causes.

To hide behind considerations as the one that says that you shouldn't give fish to who is hungry because once he has eaten it he will ask for more, or the one that says that the dog bites always the hand of who has given him to eat, means to give up in a bit cowardly way to a history that has never done anything in order to teach to fish and to make the dog understand that a hand is not to eat.

On the other side, Dhana is not charity but a new monetary system that can affect radically the economic relationships.

For once, we are doing something really new. Not in our house garden, not in one city or a country, but on the entire planet.

We will see if people of many countries and entire continents will still need the protection of the banks, the great financial power, the states that assure their power and their weapons, or if they will manage it on their own.



Dhana is the new currency of the Republic of the Earth.

Which are the objectives of this republic that proposes its self as worldwide government of all the inhabitants of the planet?

Here they are.

Free and Pacific democratic development. Freedom and peace are the two sides of the same medal. Thought and action freedom constitute the elements from which peace draws origin, considered as an harmonic equilibrium between subjects in a constant comparison lacking of conflicts.

To start again from the beginning in the human relationships (with new rules from which new behaviours rise). Rules and behaviours today are due to original processes that will continue causing the effects we are used to, until when they will not be removed.

Freedom guaranteed by precise rules, according to ethic positions (Kant) based on the fundamental aspiration of the human being: freedom of the individual. The legitimacy of this principle hasn't been proved in the scientific field, but is reliable by a moral point of view. Freedom essentially considered as autonomy, i.e. as our will ability to legislate rationally and solo in moral field.

Effective democracy and democratic decisions, without using the well-known obscure manipulations of the electoral system.

Long-lasting peace on the entire planet, also by a demilitarisation of all the states.

Development and redistribution of the wealth on the planet. Dhana and a complex of relative plans towards feeding, health, development of new enterprises, emergency and today's greatest problems, as water resources and climate, will allow the construction of a better and just future together with the maximum possible solidarity.

Defuse religious or other nature fundamentalism excesses, freeing feelings from dogmas, false myths and doctrines that don't practice what they preach.

They are cosmopolite proposals. What does it mean? Cosmopolitism is a culture that supports the belonging of man to the world, in a vision that overcomes race, ethnic groups or nation distinctions. In Hellenistic age it was the distinctive element of the cynical and stoic philosophical schools. The concept was resumed by the Enlightenment, which cherished the foundation of a universal order based on nature law and not on the historical differentiations. And nature laws demonstrate the co-existence of equalities of objective conditions and subjective differences.

In devising the Republic of the Earth and its currency, we started from the truth of the last ten thousand years we know, from history and not from myths, fantasies or legends. We've started from concrete, real facts.

The hinge around which the world turns cannot be one state, a group of states and not even an organization formed by all the states but a democratic government elected by all the inhabitants of the planet.

Who has spoken about republic and worldwide government?

The merit of having clearly defined the concept of republic, considered as " not like a any other men aggregation, but as a totality of people joined by the consent given to the laws and by a common interest " goes to Cicero.

In his republic civic virtues acquired a primary role, which were expressed during the participation to public life, and moral virtues.

According to Plato the instruments that would have to form the philosopher governors are a regime of communistic properties and a specific education system. It's a holistic vision (from the Greek holos: an hole entirety) of history and of the subjects that have constructed it.

Einstein asserted, "The only salvation for civilization and human species resides in the institution of a world-wide government, so that the nations safety is founded on law”.

Plato, Cicero, Einstein, de Béthene, Penn, Abbot  Saint Pierre, Montesquieu,  Rousseau, Kant, Singer, Niels, Tamames, Berlinguer, Gorbaciov, Palms, Luther King, Norberto Bobbio and many other illustrious personages have indicated in the worldwide government the solution to injustice and conflicts.

Nowadays states have to face a situation that brings up for discussion their own legitimacy and existence.

The globalisation of economy, migratory flows, information diffusion concurs to circumscribe the states action.

To this evolution of the international panorama corresponds the birth of institutions that take some of the states own functions, where in other areas integration plans are developed, like in the case of the European Union, some people think about it as an alternative to the national state and others as evolution towards new and greater state entities.

The personages who have spoken about world-wide government until now have gathered that the states would unify in one great planetary federation.

Unfortunately, a similar initiative, even if intentional, could not affect the processes of the human relationships, because it would be expression of the same political systems that have produced the current situation, systems that tend to consolidate and to perpetuate them selves.

Lets go to see what international institutions like the United Nations, the World Bank, the International Monetary Fund, the FAO, and the World-wide Organization of Commerce have produced.

Less poverty on the planet? More justice? No wars? The safeguard of atmosphere?

Wasn't it possible to do more than that? Surely it has not been done. The three richer men of the Earth have more wealth of the 46 poorest countries of the world.

Ten million persons, many children (the weakest) continue to die of hunger and curable diseases but not cured because the resources in order to acquire the necessary drugs lack.

Hunger, weapons, drugs, wars, money laundering are antique but unsolved evils. Not because they are not curable but because someone wants it to be this way.

What's new must start from the bottom, the people, and the citizens of the world.

Till now, they have spoken about worldwide government as an entity founded by the states. But a world-wide effectively democratic government cannot be founded by the states; it must start from the bottom, from the people.

To do it, we need ideas, resources and organization.

The ideas introduced by the Republic of the Earth in its Constitution correspond to the expectations of all the inhabitants and people of the Earth.

The resources are put to disposition by who has had the fortune of being able to produce wealth and are managed by who has had the assignment to orient them to the historical change of the current systems.

The organization will have to rise spontaneously from the participants to this instrument (because that’s what we're talking about) according to how much they will take conscience of the truth and they will have confidence in their own strength.

Would publicity be useful? Propaganda? It hasn't got to be useful. If an idea is good and the instruments to carry it out exist who's interested receives it.

Political problems and economic problems exist. We want to face them with the Republic of the Earth and Dhana. But also a moral limit exists that must always guide us, even when we think that our solution is the best. Various times in history it has gone other ways and we have seen the results.

Solutions don't have to be imposed. Using persons like the ones who support the current systems we could obtain the fast adhesion of billions of persons to these two instruments.

With a common marketing operation like the ones are used nowadays in order obtaining consent it would be possible to make a sort of “lightning attack” to the existing to transform it in something else. The resources aren't lacking. The use of a very small part of what has been addressed to productive scopes would be enough.

But a different choice has been taken; the choice to make what we think is right by both ethical and moral point of view. And we think that it's right that people are free to choose. This is the only way to form self-control, the acquaintance of reality.

We will have to inform, yes. We will give all the necessary information in all the languages and with all the communication means.

We always remember a phrase of the Danish philosopher Soren Aabye Kierkergaard (Copenaghen 1813-1855) that said more or less this: “If something can be carried out and it is useful and just to do it nevertheless will be, because it hasn't been understood enough.”

Instead we hope we won't need to defend our selves from thoughtless actions.

The Republic of the Earth and its currency have been thought and introduced in absolute good faith, with sincerity, adopting the rules of the international law and the regulations of the countries in which have been completed the operations necessary to promote these instruments.

Concepts, methods and techniques have been conjugated with operating instruments.

Nobody, not even who has devised these proposals would be in a position to interrupt them or stop them. Very aware of this fact, who has devised them has also thought of his own safety. Having done null that could be considered bad he does not fear Echelons, indeed he doesn't even know fear.

However, following Christ's advice “Be pure as doves and prudent as snakes ”(Thomas, line 39), he has learned the methods and the means of who is “capable of anything”.

Pacifically, without violence and sudden decisions, the ideas could be appraisal and comparison objects and nobody will have to be worse than before. Irrational deeds, dictated by hindrance, fear or anxiety, would only cause anything more than an acceleration of the processes of Dhana's diffusion and the effects of such a speed increase would reflect in first place on who would like to use violence. Both on actors and mentors.

It would be the price of the last injustice.

10 January 2002, reviewed on the 22nd of September 2003.

Rodolfo Marusi Guareschi