A central bank, reserve bank, or monetary authority is an institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separate
Claude Paillat was a French historian and writer. In 1946 Claude Paillat, started a career as a journalist and in 1949 joins the weekly Paris-Match, who sent him to Indochina and to Korea. For several years he followed the political events in Algeria. In 1961, he published his first book: Le Dossier Secret de l'Algérie, 1958-1961; this book marked a turning point in writing French contemporary history, it brought investigative journalism, personal accounts from some of the main actors, oral testimony that broke the veil of state secrets. In 1972, he establishes his series of secret files on contemporary France, Dossiers Secrets de la France Contemporaine. Based on memories and documents, most published for the first time, rare photographs taken from family archives, the Dossiers Secrets take us through the events of the end of World War I and its disastrous Treaty of Versailles until the end of the Second World War; the Dossiers Secrets offer the most original perspective on our knowledge of France in the 20th century, not only in Paris, but from the main economic regions such as Lille, Lyon and Marseille.
Through Claude Paillat's work many key figures have been able to relate their stories, events that may have otherwise never been committed to paper. Paillat was a journalist, his most significant work is his eight-volume Dossiers secrets de la France contemporaine, a series that covers the span of French history from the conclusion of the First World War to the end of the Second. He published a two-volume study of the Algerian War. Paillat's books enjoyed popular success while at the same time being based on exhaustive research, he not only made use of various French archives, he relied on the extensive contacts he had made across French society, including members of the military, leading industrialists, politicians. These contacts allowed Paillat to consult, in some cases acquire, personal collections of correspondence and other documents, many of which formed the basis of the detailed descriptions of events and personalities in his books, his exclusive access to such documents give Paillat's books - most of which contain the word "secret" in the title - the aspect of revealing confidential or privileged information.
Paillat referred to his research methods as yielding a "tapestry" woven from various sources. The Research Materials are arranged according to Paillat's original French subject headings, with additional identification provided at the folder level; the materials include copies of many official documents, private correspondence, as well as clippings and academic studies. There are numerous military records - intelligence reports, campaign journals and correspondence - relating to the French experience in World War II. There are many documents generated by the French national police during the Vichy period. Additionally, there are copies of reports on France in the 1930s originating from the United States embassy in Paris, as well as other American documents concerning France and North Africa in World War II; the Paillat papers contain substantial materials emanating from the French colonial administrations in Indochina and North Africa. The Indochina materials span the period from the 1920s to the French defeat at Dien Bien Phu, include some documents describing the increasing American involvement in Vietnam in the 1950s.
There are extensive materials in the collection pertaining to the Algerian War, including many documents relating both to the Algerian nationalist movement and the military rebellion by rightwing French officers against de Gaulle. There are many police and intelligence reports from Algeria in the 1920s and 1930s; the research materials are rich in the local and regional history of France. Paillat was interested in documenting the family histories of the French economic elite and conducted many interviews with members of this social class; the collection has numerous tape transcripts of these interviews. There is extensive documentation of the interwar years in France, on domestic politics and little studied movements such as Bourgeoisie Chrétienne, Redressement Français, X-Crise. There are materials relating to various social reform initiatives in France, including documents acquired by Paillat from the personal collections of Aymé Bernard and Achille Liénart; the Paillat papers contain press accounts and leaflets pertaining to the protest movement of French students and workers in May–June 1968.
There are significant materials on the years following de Gaulle's resignation as president, including the Mitterrand era. These relate to French political parties, election campaigns, a number of public scandals involving allegations of corruption and bribery; the Correspondence series contains a large general file, arranged chronologically. This consists of letters received by Paillat from the readers of his books, as well as a considerable number of letters from the contacts who provided him information and documents in aid of his research; the Writings series of the papers contain the drafts of many of Paillat's books, as well as his correspondence with his publishers and those sources who had provided him with information and documents for the writing of his books. In this series, there are numerous articles written by Paillat during his career as a journalist for the newspaper, Le Canard enchaîné; the articles focus on French politics as well reporting on business tren
The 2008 presidential campaign of Hillary Rodham Clinton junior United States Senator from New York, was announced on her website on January 20, 2007. Hillary Clinton was the First Lady of the United States and First Lady of Arkansas prior to her election as U. S. Senator from New York, she is the wife of former President Bill Clinton. Clinton was the source of much media speculation since having expressed interest in being a candidate in the 2008 presidential election since at least October 2002. Following her announcement of an exploratory committee and candidacy filing on January 20, 2007 with the FEC, she began fundraising and campaigning activities. For several months Clinton led opinion polls among Democratic candidates by substantial margins until Senator Barack Obama pulled close to or with her. Clinton regained her polling lead, winning many polls by double digits, she placed third in the Iowa caucus to Barack Obama and John Edwards, trailed in polls shortly thereafter in New Hampshire before staging a comeback and finishing first in the primary there.
She went on to win a plurality of votes in Nevada, but won fewer delegates in Nevada than Obama lost by a large margin in South Carolina. On Super Tuesday, Clinton won the most populous states such as California and New York, while Obama won more states total; the two gained a nearly equal number of delegates and a nearly equal share of the total popular vote. Clinton lost the next eleven caucuses and primaries to Obama, lost the overall delegate lead to him for the first time. On March 4, his consecutive wins increased to twelve. After an aggressive round of campaigning, Clinton broke the string of losses with wins in the Rhode Island and Texas primaries. Clinton subsequently lost in Wyoming, Montana, North Carolina and Oregon, won in Pennsylvania, West Virginia, Puerto Rico and South Dakota. On the final day of primaries on June 3, 2008, Obama had gained enough pledged- and super-delegates to become the presumptive nominee. While losing the delegate count, thus the nomination, she earned more popular votes than Barack Obama.
In the general election, Barack Obama defeated Senator and Republican nominee John McCain of Arizona, nominated Clinton as the 67th Secretary of State, an office in which she served until February 2013. In July 2005, the magazine Washington Monthly ran two side-by-side articles debating the pros and cons of a potential Clinton candidacy. Clinton announced formation of her exploratory committee on January 20, 2007, with a post on her website. In a statement on her website, she left no doubt that she had decided to run: "I'm in, and I'm in to win." She filed the official paperwork for an exploratory committee. Clinton's campaign was run by a team of political operatives. Patti Solis Doyle was the first female Hispanic to manage a presidential campaign, which she did from its inception. Deputy campaign manager Mike Henry had managed Tim Kaine's successful campaign for Governor of Virginia in 2005 and coordinated the Democratic advertising efforts for the Senate elections of 2006. Mark Penn, CEO of PR firm Burson-Marsteller and president of polling company Penn, Schoen & Berland was described as Clinton's "strategic genius" in a role likened to that which Karl Rove played in George W. Bush's campaigns.
Howard Wolfson, a veteran of New York politics, served as the campaign spokesperson. Evelyn S. Lieberman, who worked for Clinton when she was First Lady and served as Deputy White House Chief of Staff, was the chief operating officer of the campaign. Ann Lewis, White House communications director from 1997 to 2000, was Senior Advisor to the campaign. Cheryl Mills was general counsel for the campaign. Jonathan Mantz was finance director, Mandy Grunwald the lead media consultant, Neera Tanden the campaign's policy director, Kim Molstre the director of scheduling and long-term planning, Phil Singer the deputy communications director, Leecia Eve a senior policy advisor, Nathaniel Pearlman the chief technology officer, Minyon Moore a senior policy advisor. Other campaign workers date from the "Hillaryland" team of the White House years. Other advisers and supporters included former Secretary of State Madeleine Albright, Richard Holbrooke, Sandy Berger, Wesley Clark, former Rep. and vice presidential candidate Geraldine Ferraro, former Governor and U.
S. Secretary of Education Richard Riley, former Secretary of Defense William Perry. Less well-known but key region and subject specialists were the focus of an intense recruiting battle between her and fellow candidate Barack Obama. An October 2007 study of ongoing presidential campaign staffs showed that 8 of her 14 senior staff were women, as were 12 of her 20 top paid staff and 85 of her 161 nominally paid staff. On February 10, 2008, Solis Doyle ceased duties as campaign manager, become a senior adviser, traveling with Clinton. Although Solis Doyle claimed the unanticipated length of the primary campaign led to her to resign the post, campaign insiders confirmed that she was ousted. Solis Doyle had survived three previous efforts to oust her. Maggie Williams was appointed campaign manager.