Global Central Bank

Dr. Sankarshan Acharya
Founder, Pro-Prosperity.Com and Citizens for Development

April 13, 2015

To:       Honorable President Xi Jinping of China

Via:     Ms. Vivian Li, Executive Committee of Euro‐Asia Economic Forum
1 Hui Xian Yuan, Dalian Hightech Industrial Zone,
Ascenda Building F11, Dalian, LN 116025, China
Tel: 0086‐411‐84799609‐813, Fax: 0086‐411‐ 84796897
Email: vivian@euro‐

Cc:       All Honorable Global Leaders and Peoples they represent

Sub:     Global Financial Cooperation - a topic to be discoursed in the Euro-Asia Economic Forum of the Sanghai Cooperation Organization.

Date:   April 13, 2015

Dear Honorable President Jinping,

This letter is prompted by the honorable invitation from the Executive Committee of Euro‐Asia Economic Forum to present my views on Financial Cooperation.  May I first felicitate you for the immense success in shaping the Asian Infrastructure Development Bank (AIDB) with global participation! This is not only unprecedented.  It is very useful for humanity, most of which resides in the area to be nurtured by AIDB.

AIDB should compete with the World Bank and IMF for infrastructure development in the Euro-Asia region.  More importantly, though, the world needs a Global Central Bank (GCB)-based on a fundamentally fair system of money and finance to attain stability and efficiency-for civilized coexistence and survival of humans.  Only if the global financial system is fundamentally fair would the humanity repose trust in it and persevere for civilized coexistence. 

Currently, the Federal Reserve, IMF and WB have willy-nilly influenced central banks everywhere to foster a fundamentally unfair (unconstitutional) system of money and finance.[1]  This has caused distrust and indolence (as opposed to animal spirit) of the vast majority of producers of globally competitive goods and services everywhere, leading to the current financial depression, instability and inefficiency. It is obvious for individuals to turn indolent if they see their accumulated wealth robbed away by the system of money and finance.  Rekindling trust to galvanize entrepreneurship and perseverance is not easy. 

A GCB-founded on a fundamentally fair, stable and efficient system of money and finance-is necessary to revive trust and rekindle the spirit of cooperation among the persevering, able and talented people to make the world more efficient and stable for civilized coexistence of all humans.  A GCB–structured on the basis of the quantity of real output by excluding asset value appreciation (resulting from monetary expansion) of each nation–is now possible as a result of competition between the AIDB and IMF-WB-ADB. 

Whatever the institutions (new and old), their system (rules) of governance ought to be fundamentally (constitutionally) fair to attain stability, efficiency and civilized coexistence.  This necessitates institutions and individuals running them to adopt Absolute Knowledge on Governance and Diktat of Unanimously Agreeable Governance and Unified Philosophy Necessary for Individual Freedom.[2] 

As someone who has steadfastly pursued for discovery of unanimously agreeable knowledge on governance, I found it natural to build a physical Research Center for Finance and Governance-the world’s first First-best Management Academy[3] somewhere on earth to preserve and propagate the discovered knowledge for freedom everywhere.  I found a unique physical location of the FMA in Odisha (India) where I was born and raised.  Odisha is distinguished for creating the world’s first university in Ratnagiri that was replicated in Nalanda and Taxila and then spread to the rest of the world.  Latest research shows that Odisha is the birthplace of Gautam Buddha.  Historically, Odisha transformed one of the most virulent ancient Indian kings (Ashoka) to a Buddhist apostle of non-violence.  Ashoka has become a symbol of peace.  The Ashoka Wheel has been adopted in the Indian national flag and letterheads.  Ashoka spearheaded propagation of Buddhism to the rest of the world. 

The specific place where I have established the FMA is Bhanjanagar, which is the capital of the erstwhile Ghumusur kingdom headed by the Bhanj Dynasty.  Ghumusur had to fight with the British to preserve its cultural identity.  In the 18th century AD, Bhanjanagar had culled talents from all over India to cultivate nonpareil literature including economic policy for public good.  This is how my forefather (a pundit descendant of Saint Batchasa) came from Benares (the oldest city of the world) to Bhanjanagar and was later anointed as ‘Acharya’ in the kingdom. 

In 2007, I searched for a place for the FMA in USA as well as India to preserve the knowledge discovered in my research.  I was surprised to find a unique spot on earth for which a British general had to defeat the Bhanja king to build a bungalow and a reservoir.  The spot happens to be in Bhanjanagar.  Ghumusur region has been awarded for being the most verdant area of India by the Rajiv Gandhi Foundation.  The Bhanja literature is nonpareil and comparable to that of Shakespeare and Tagore.  Bhanjanagar was instrumental in the establishment of language-based states in India. 

I would welcome you and all leaders to help establish a global university in Bhanjanagar.  You are welcome to use the FMA nomenclature and my service since my research center and place of abode when I am in India will be close by.  I am sure that the current prime minister of India will welcome such a global initiative.  I am also confident that the idea of a global university in Bhanjanagar will be greeted by the current Odisha chief minister, whose father was born and raised in Bhanjanagar and was a chief minister of the state.

With profound regards, 
Founder, Citizens for Development & Pro-Prosperity.Com
Director, Research Center on Finance and Governance