The global financial crisis, which is shaking the countries and continents today, is a unique phenomenon unknown to mankind. It is an unprecedented phenomenon which does not have its analogy in world history and is changing the world order with all its economic foundations. To analyze, understand and overcome this phenomenon a totally different approach is required which calls for a reexamination of all the old dogmas and stereotypes.

In this connection it would be unproductive to look for extremities and guilty persons or institutions. It is more important to find out the inner defects of the system that have led to such large-scale cataclysms and to find out ways and means for their eradication. While doing so, one should have the courage to admit that we are standing at the threshold of creating a radically new model of world economy, politics and security. It gives us a unique opportunity of overcoming the shortcomings of the old world order and building a new one. We can provisionally call it the Great Transition. Let us first mark out the basic reasons for this global crisis and its sources.

Deep-rooted global defect
As long back as 1500 years ago a great Eurasian thinker had said: “External strength is the fruit of inner power.” We can slightly rephrase this thought and say in definite terms that the “External crisis is born out of an internal crisis.” Obviously, the present global crisis is a natural external manifestation of some deep-rooted internal defect.

What underlies the development of the world? It is the capital that reproduces global wealth. And what underlies this capital? The answer is the system of world currency. And what underlies the system of world currency? It is run by the mechanism of its generation and circulation the laws, procedures, issuers, channels, users etc.

Seven Simple Questions
1. Is the de facto existing world currency de jure lawful? It is obvious that in the absence of an international law on the world currency signed by Heads of majority of the countries and ratified by the majority of parliaments of these countries one can not talk about such a level of legality in this matter. It would be more correct to characterize the existing world currency as "pre-legal" because it de facto appeared before any global law of world currency which could have given it legality de jure. That is why the currency of the New World should exist on the basis of an international Law of World Currency signed by the heads of a majority of the countries of the world and ratified by a majority of parliaments of these countries. Here one thing is clear that it would be unproductive to use national currency of any country of the world as world currency. This law should define in very clear and unequivocal terms the essentially supranational and interstate status of this world currency and principles of issuing it by specially constituted World Issue Centre. Such a system could really become the basis for an absolutely lawful and legitimate world currency being adopted for the first time in the history of mankind.

2. Is the procedure followed by the issuer of world currency truly democratic? It is absolutely clear that none of the peoples of the world are participating in either taking decisions, or in the activity of the issuer of world currency. That is why the procedure of activity of the issuer of world currency of the old world is not democratic from any angle or point of view. In this connection all the main subjects, i.e. the users of the new world currency could create, according to the law of world currency, democratic bodies for controlling its issue and the issuers, and such bodies should operate strictly according to democratic procedures.

3. Is the mechanism of balance of a supply and demand of world currency competitive and free? It is quite obvious that the world market of world currency is not competitive and cannot be recognized as such until international institutions have been created which will be responsible for setting and supervising the rules of competitive activity of all the participants of this market. This type of obligatory competitiveness could be ensured and be strictly supervised by a special inspection body, such as, the World Antimonopoly Currency Committee. The existing market of world currency obviously does not provide equal rights to all its possible issuers. The market of world currency could be supervised under the law by a sort of, say, World Committee on Market Freedom. In this absolutely free market no group of emitters or sellers of world currency should enjoy any privileges.

4. Is the world currency market civilized? In a civilized market the rules of the game are decided and observed by all on the basis of a general agreement between all the participants (the sellers and the buyers) without harming anybody's personal interests. It is quite apparent that in the market of world currency nothing of this sort is being observed. Hence, today's market of world currency market can not be called as civilized. In the market of the new world currency the rules of the game should be legally decided and observed on the basis of a general agreement between all its participants (the sellers and the buyers).

5. Can the system of generation and issuing of world currency be controlled by its main user-subjects (countries, companies and citizens) and the world community as a whole? No. It does not allow itself to be controlled either by any groups of its main user-subjects, or by the world community as a whole.

6. Is the system of generation and issuing of world currency answerable to its main user-subjects (countries, companies and citizens) and to the entire world community? The issuers of world currency are not at all answerable either to any of its main user-subjects or to the world community as a whole. In this sense the issuers of world currency are absolutely irresponsible, and this is the reason for the global economic crisis. All the legitimate and lawful issuers of world currency should be fully answerable to its main user-subjects (countries, companies and citizens) and to the entire world community for their actions (or inactions). This is legally and practically possible only through a body like World Currency Arbitrage.

7. Is the system of world currency effective and result-bearing? That is to what extent the results of its work are in consonance with the goals of development of mankind and the world as a whole? Practical results of working of the system of world currency have now put under threat the very existence of the prospering world capital and a stable world development (as well as the existence of a uniform world currency). This is clear shows that the present system has proved to be totally ineffective. Actions of the issuers of the new world currency should fully and adequately correspond to the key goals and values of the development of the world and mankind. The practical results of the working of this new system of world currency should be fully in consonance with the highest goals and objectives of sustainable development and prosperity. These principles should form the basis of the entire system of new world currency, and also of the system of regular measurement and correction of its efficiency.

Honest replies to these seven simple questions make the question of suitability of the existing world currency to the challenges of the new century purely rhetorical. The entire mechanism of the new world currency system should be built up on the basis of a special system of anticipatory monitoring of future challenges of the century, the world and the mankind and on the seven simple principles mentioned above. Only then the new system of world currency can always remain up-to-date and faultless, and be a productive source of sustainable development of the world and prosperity of the whole mankind rather than being a source of global crises.

To begin with, let us remind ourselves that till the time of the present crisis the real engine and heart of the Old World was the world capital which was based on the world currency that was suffering from global sevenfold genetic defect. Recently hundreds of billionaires all over the world have themselves practically experienced the real defects of their illusory capital when just within a few months their "the defective capital" suddenly came falling down ten times.

The engine and heart of the development of the future New World would be some radically new world capital. To be more precise, we can say that it would be a self-growing world wealth based on a new faultless world currency. We may have to search for some other, more appropriate name for this radically new world wealth.

The ancient Greeks designated the highest stage of development by the beautiful word "àcmå". Our descendants will in future pick up a correct name for this new fault-free and higher form of currency. But now it is quite clear that the new name could include this highest quality, i.e. "àcmå": for example, acme-capital, or "acmetal". And then this future set-up of a radically New World driven by such a radically new world "acmetal", could appropriately be called as 'akmetalism”, and not capitalism.

A rather unconventional approach of this kind with a new designation for the new stage of development of the future world will provide us with a practical opportunity to prepare ourselves in a better way when we will be faced with this new stage of development, and we will be able to comprehend and understand more deeply the real essence of future updating of the world. And the most important thing is that we shall have in our hands a new tool of our updating and navigation with the help of which we will be able to practically determine and identify the New World so that we shall find ourselves in a position to perform our tasks confidently.