1.
Gold
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Gold is a chemical element with symbol Au and atomic number 79. In its purest form, it is a bright, slightly yellow, dense, soft, malleable. Chemically, gold is a metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions, Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the element silver and also naturally alloyed with copper. Less commonly, it occurs in minerals as gold compounds, often with tellurium, golds atomic number of 79 makes it one of the higher numbered, naturally occurring elements. It is thought to have produced in supernova nucleosynthesis, from the collision of neutron stars. Because the Earth was molten when it was formed, almost all of the present in the early Earth probably sank into the planetary core. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of acid and hydrochloric acid. Gold also dissolves in solutions of cyanide, which are used in mining and electroplating. Gold dissolves in mercury, forming amalgam alloys, but this is not a chemical reaction, as a precious metal, gold has been used for coinage, jewelry, and other arts throughout recorded history. A total of 186,700 tonnes of gold is in existence above ground, the world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. Gold is also used in infrared shielding, colored-glass production, gold leafing, certain gold salts are still used as anti-inflammatories in medicine. As of 2014, the worlds largest gold producer by far was China with 450 tonnes, Gold is cognate with similar words in many Germanic languages, deriving via Proto-Germanic *gulþą from Proto-Indo-European *ǵʰelh₃-. The symbol Au is from the Latin, aurum, the Latin word for gold, the Proto-Indo-European ancestor of aurum was *h₂é-h₂us-o-, meaning glow. This word is derived from the root as *h₂éu̯sōs, the ancestor of the Latin word Aurora. This etymological relationship is presumably behind the frequent claim in scientific publications that aurum meant shining dawn, Gold is the most malleable of all metals, a single gram can be beaten into a sheet of 1 square meter, and an avoirdupois ounce into 300 square feet. Gold leaf can be thin enough to become semi-transparent
2.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
3.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
4.
Troy weight
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Troy weight is a system of units of mass customarily used for precious metals and gemstones. One troy ounce equals 31.1034768 grams exactly, there are only 12 troy ounces per troy pound, rather than the 16 ounces per pound found in the more common avoirdupois system. However, the pound has 7000 grains whereas the troy pound has only 5760 grains. Both systems use the same grain defined by the international yard, therefore the troy ounce is 480 grains, compared with the avoirdupois ounce, which is 437.5 grains. So the troy ounce is about 10% heavier than the avoirdupois ounce, although troy ounces are still used to weigh gold, silver, and gemstones, troy weight is no longer used in most other applications. One troy ounce of gold is denoted with the ISO4217 currency code XAU, troy weight probably takes its name from the French market town of Troyes in France where English merchants traded at least as early as the early 9th century. The name troy is first attested in 1390, describing the weight of a platter, the word troni refers to markets. Watson finds the dialect word troi, meaning a balance in Wrights Dialect Dictionary, troy weight referred to the tower system, the earliest reference to the modern troy weights is in 1414. Many aspects of the weight system were indirectly derived from the Roman monetary system. The Romans used bronze bars of varying weights as currency, an aes grave weighed 1 pound. One twelfth of an aes grave was called an uncia, or in English an ounce, before the adoption of the metric system, many systems of troy weights were in use in various parts of Europe, among them Holland troy, Paris troy, etc. Their values varied from one another by up to several percentage points, troy weights were first used in England in the 15th century, and were made official for gold and silver in 1527. The British Imperial system of weights and measures was established in 1824, the troy ounce in use today is essentially the same as the British Imperial troy ounce, adopted as an official weight standard for United States coinage by Act of Congress on May 19,1828. The British Imperial troy ounce was based on, and virtually identical with, the pre-1824 British troy ounce, the English troy ounce was officially adopted for coinage in 1527. Troy ounces have been used in England since about 1400, before that, various sorts of troy ounces were in use on the continent. The troy ounce and grain were also part of the apothecaries system and this was long used in medicine, but has now been largely replaced by the metric system. The only troy weight in widespread use today is the British Imperial troy ounce, both are currently based on a grain of 0.06479891 gram, with 480 grains to a troy ounce. The British Empire abolished the 12-ounce troy pound in the 19th century, the origin of the troy weight system is unknown
5.
Chief of the General Staff (United Kingdom)
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Chief of the General Staff has been the title of the professional head of the British Army since 1964. The CGS is a member of both the Chiefs of Staff Committee and the Army Board, prior to 1964 the title was Chief of the Imperial General Staff. Since 1959, the post has been subordinate to the Chief of the Defence Staff. The current Chief of the General Staff is General Sir Nick Carter – having succeeded his predecessor, the title was also used for five years between the demise of the Commander-in-Chief of the Forces in 1904 and the introduction of Chief of the Imperial General Staff in 1909. The post was held by General Sir Neville Lyttelton and, briefly. Throughout the existence of the post the Chief of the General Staff has been the First Military Member of the Army Board, Chief of the Defence Staff First Sea Lord / Chief of the Naval Staff Chief of the Air Staff Deputy Chief of the General Staff
6.
British Armed Forces
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They also promote Britains wider interests, support international peacekeeping efforts, and provide humanitarian aid. Repeatedly emerging victorious from conflicts has allowed Britain to establish itself as one of the leading military. The Commander-in-chief of the British Armed Forces is the British monarch, Queen Elizabeth II, the UK Parliament approves the continued existence of the armed forces by passing an Armed Forces Act at least once every five years, as required by the Bill of Rights 1689. The armed forces are managed by the Defence Council of the Ministry of Defence, with the Acts of Union 1707, the armed forces of England and Scotland were merged into the armed forces of the Kingdom of Great Britain. Britain feared that Russian expansionism in the region would eventually threaten the Empire in India and this ultimately led to British involvement in the Crimean War against the Russian Empire. The beginning of the twentieth century served to reduce tensions between Britain and the Russian Empire, partly due to the emergence of a unified German Empire. Allied victory resulted in the defeat of the Central Powers, the end of the German Empire, the Treaty of Versailles, once again tensions accumulated in European relations, and following Germanys invasion of Poland in September 1939, the Second World War began. The conflict was the most widespread in British history, with British Empire and Commonwealth troops fighting in campaigns from Europe and North Africa, to the Middle East, approximately 390,000 British Empire and Commonwealth troops lost their lives. Allied victory resulted in the defeat of the Axis powers and the establishment of the United Nations, reflecting Britains new role in the world and the escalation of the Cold War, the country became a founding member of the NATO military alliance in 1949. By the mid-1970s, the forces had reconfigured to focus on the responsibilities allocated to them by NATO. While NATO obligations took increased prominence, Britain nonetheless found itself engaged in a number of low-intensity conflicts, however the Dhofar Rebellion and The Troubles emerged as the primary operational concerns of the armed forces. Perhaps the most important conflict during the Cold War, at least in the context of British defence policy, was the Falklands War. Since the end of the Cold War, an international role for the armed forces has been pursued, with re-structuring to deliver a greater focus on expeditionary warfare. In addition to the campaign, the British Army has trained and supplied allies on the ground. Figures released by the Ministry of Defence on 31 March 2016 show that 7,185 British Armed Forces personnel have lost their lives in medal earning theatres since the end of the Second World War. As Sovereign and head of state, Queen Elizabeth II is Head of the Armed Forces, the Queen, however, remains the ultimate authority of the military, with officers and personnel swearing allegiance to the monarch. It has been claimed that this includes the power to prevent unconstitutional use of the armed forces, responsibility for the management of the forces is delegated to a number of committees, the Defence Council, Chiefs of Staff Committee, Defence Management Board and three single-service boards. The Defence Council, composed of representatives of the services
7.
Foreign and Commonwealth Office
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The Foreign and Commonwealth Office, commonly called the Foreign Office, is a department of the Government of the United Kingdom. It is responsible for protecting and promoting British interests worldwide and it was created in 1968 by merging the Foreign Office and the Commonwealth Office. The head of the FCO is the Secretary of State for Foreign and Commonwealth Affairs and this position is regarded as one of the four most prestigious appointments in the Cabinet, alongside those of Chancellor of the Exchequer and Home Secretary. Together with the Prime Minister, these are the Great Offices of State, the FCO is managed from day-to-day by a civil servant, the Permanent Under-Secretary of State for Foreign Affairs, who also acts as the Head of the Her Majestys Diplomatic Service. This position is held by Sir Simon McDonald, who took office on 1 September 2015, safeguarding the UK’s national security by countering terrorism and weapons proliferation, and working to reduce conflict. Building the UK’s prosperity by increasing exports and investment, opening markets, ensuring access to resources, supporting British nationals around the world through modern and efficient consular services. The two departments foreign affairs responsibilities became the Foreign Office, whilst their domestic affairs responsibilities were assigned to the Home Office, the Home Office is technically the senior. One of the most influential Times journalists was Valentine Chirol, British Ambassadors across Europe communicated with him on a number of political and local issues. Twentieth century During World War I, the Arab Bureau was set up within the British Foreign Office as a section of the Cairo Intelligence Department, the FCO was formed in 1968, from the merger of the short-lived Commonwealth Office and the Foreign Office. The Foreign and Commonwealth Office held responsibility for development issues between 1970 and 1974, and again between 1979 and 1997. From 1997, this became the responsibility of the separate Department for International Development, the National Archives website contains a Government timeline to show the departments responsible for Foreign Affairs from 1945. When David Miliband took over as Foreign Secretary in June 2007, one of the key messages of these discussions was the conclusion that the existing framework of ten international strategic priorities, dating from 2003, was no longer appropriate. Although the framework had been useful in helping the FCO plan its work and allocate its resources, the new strategic framework consists of three core elements, A flexible global network of staff and offices, serving the whole of the UK Government. Three essential services that support the British economy, British nationals abroad and these services are delivered through UK Trade & Investment, consular teams in Britain and overseas, and UK Visas and Immigration. In August 2005 a report by management consultant group Collinson Grant was made public by Andrew Mackinlay, the report severely criticised the FCOs management structure, noting, The Foreign Office could be slow to act. Delegation is lacking within the management structure, the FCO could feasibly cut 1200 jobs. At least £48 million could be saved annually, the Foreign Office commissioned the report to highlight areas which would help it achieve its pledge to reduce spending by £87 million over three years. In response to the report being made public, the Foreign Office stated it had implemented the reports recommendations
8.
Dakar
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Dakar is the capital and largest city of Senegal. It is located on the Cap-Vert peninsula on the Atlantic coast and is the westernmost city in the Old World as well as on the African mainland. The city of Dakar proper has a population of 1,030,594, the area around Dakar was settled in the 15th century. The Portuguese established a presence on the island of Gorée off the coast of Cap-Vert, France took over the island in 1677. Following the abolition of the trade and French annexation of the mainland area in the 19th century, Dakar grew into a major regional port. In 1902, Dakar replaced Saint-Louis as the capital of French West Africa, from 1959 to 1960, Dakar was the capital of the short-lived Mali Federation. In 1960, it became the capital of the independent Republic of Senegal, Dakar is home to multiple national and regional banks as well as numerous international organizations. From 1978 to 2007, it was also the finishing point of the Dakar Rally. The Cap-Vert peninsula was settled no later than the 15th century, by the Lebou people, the original villages, Ouakam, Ngor, Yoff and Hann, still constitute distinctively Lebou neighborhoods of the city today. In 1444, the Portuguese reached the Bay of Dakar, initially as slave-raiders, peaceful contact was finally opened in 1456 by Diogo Gomes, and the bay was subsequently referred to as the Angra de Bezeguiche. The Portuguese eventually founded a settlement on the island of Gorée, the mainland of Cap-Vert, however, was under control of the Jolof Empire, as part of the western province of Cayor which seceded from Jolof in its own right in 1549. A new Lebou village, called Ndakaaru, was established directly across from Gorée in the 17th century to service the European trading factory with food, Gorée was captured by the United Netherlands in 1588, which gave it its present name. The island was to switch hands between the Portuguese and Dutch several more times before falling to the English under Admiral Robert Holmes on January 23,1664, and finally to the French in 1677. Though under continuous French administration since, métis families, descended from Dutch and French traders and African wives, the infamous House of Slaves was built at Gorée in 1776. In 1795 the Lebou of Cape Verde revolted against Cayor rule, a new theocratic state, subsequently called the Lebou Republic by the French, was established under the leadership of the Diop, a Muslim clerical family originally from Koki in Cayor. The capital of the republic was established at Ndakaaru, in 1857 the French established a military post at Ndakaaru and annexed the Lebou Republic, though its institutions continued to function nominally. The Serigne of Ndakaaru is still recognized as the political authority of the Lebou by the Senegalese State today. The slave trade was abolished by France in February 1794, however, Napoleon reinstated it in May 1802, then finally abolished it permanently in March 1815
9.
Senegal
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Senegal, officially the Republic of Senegal, is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, Senegal also shares a maritime border with Cape Verde. Senegals economic and political capital is Dakar and it is the westernmost country in the mainland of the Old World, or Afro-Eurasia, and owes its name to the Senegal River, which borders it to the east and north. The name Senegal comes from the Wolof Sunuu Gaal, which means Our Boat, Senegal covers a land area of almost 197,000 square kilometres and has an estimated population of about 15 million. The climate is Sahelian, but there is a rainy season, the territory of modern Senegal has been inhabited by various ethnic groups since prehistory. Organized kingdoms emerged around the century, and parts of the country were ruled by prominent regional empires such as the Jolof Empire. The present state of Senegal has its roots in European colonialism, which began during the mid-15th century, the establishment of coastal trading posts gradually led to control of the mainland, culminating in French rule of the area by the 19th century, albeit amid much local resistance. Senegal peacefully attained independence from France in 1960, and has since been among the politically stable countries in Africa. Senegals economy is centered mostly on commodities and natural resources, major industries are fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, and ship construction and repair. As in most African nations, agriculture is a sector, with Senegal producing several important cash crops, including peanuts, sugarcane, cotton, green beans, tomatoes, melons. Owing to its stability, tourism and hospitality are also burgeoning sectors. A multiethnic and secular nation, Senegal is predominantly Sunni Muslim with Sufi, French is the official language, although many native languages are spoken and recognized. Since April 2012 Senegals president has been Macky Sall, Senegal has been a member of the Organisation internationale de la Francophonie since 1970. Senegal is named after the Senegal River, the etymology of which is contested, one popular theory is that it stems from the Wolof phrase sunu gaal, which means our canoe, resulting from a miscommunication between 15th-century Portuguese sailors and Wolof fishermen. The our canoe theory has been embraced in modern Senegal for its charm. It is frequently used in appeals to national solidarity, frequently heard in the media, modern historians believe the name probably refers to the Sanhaja, Berbers who lived on the northern side of the river. A competing theory is that it derives from the town of Sanghana
10.
French colonial empire
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The French colonial empire constituted the overseas colonies, protectorates and mandate territories that came under French rule from the 16th century onward. The second empire came to an end after the loss of bitter wars in Vietnam and Algeria, competing with Spain, Portugal, the United Provinces, and later Britain, France began to establish colonies in North America, the Caribbean, and India in the 17th century. A series of wars with Great Britain and other European major powers during the 18th century, France rebuilt a new empire mostly after 1850, concentrating chiefly in Africa, as well as Indochina and the South Pacific. Republicans, at first hostile to empire, only became supportive when Germany started to build her own colonial empire and it also provided manpower in the World Wars. It became a mission to lift the world up to French standards by bringing Christianity. In 1884 the leading proponent of colonialism, Jules Ferry declared, The higher races have a right over the lower races, full citizenship rights – assimilation – were offered, although in reality assimilation was always receding the colonial populations treated like subjects not citizens. At its apex, it was one of the largest empires in history, including metropolitan France, the total amount of land under French sovereignty reached 11,500,000 km2 in 1920, with a population of 110 million people in 1939. In World War II, Charles de Gaulle and the Free French used the colonies as bases from which they fought to liberate France. However, after 1945 anti-colonial movements began to challenge European authority, the French constitution of October 27,1946, established the French Union which endured until 1958. Newer remnants of the empire were integrated into France as overseas departments. These now total altogether 119,394 km², which amounts to only 1% of the pre-1939 French colonial empires area, by the 1970s, says Robert Aldrich, the last vestiges of empire held little interest for the French. He argues, Except for the decolonization of Algeria, however. During the 16th century, the French colonization of the Americas began, the story of Frances colonial empire truly began on 27 July 1605, with the foundation of Port Royal in the colony of Acadia in North America, in what is now Nova Scotia, Canada. A few years later, in 1608, Samuel De Champlain founded Quebec, which was to become the capital of the enormous, New France had a rather small population, which resulted from more emphasis being placed on the fur trade rather than agricultural settlements. Due to this emphasis, the French relied heavily on creating friendly contacts with the local First Nations community and these became the most enduring alliances between the French and the First Nation community. The French were, however, under pressure from religious orders to them to Catholicism. Through alliances with various Native American tribes, the French were able to exert a loose control over much of the North American continent, areas of French settlement were generally limited to the St. Lawrence River Valley. Prior to the establishment of the 1663 Sovereign Council, the territories of New France were developed as mercantile colonies
11.
Vichy France
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Vichy France is the common name of the French State headed by Marshal Philippe Pétain during World War II. In particular, it represents the southern, unoccupied Free Zone that governed the southern part of the country, from 1940 to 1942, while the Vichy regime was the nominal government of France as a whole, Germany militarily occupied northern France. Thus, while Paris remained the de jure capital of France, following the Allied landings in French North Africa in November 1942, southern France was also militarily occupied by Germany and Italy. The Vichy government remained in existence, but as a de facto client and it vanished in late 1944 when the Allies occupied all of France. After being appointed Premier by President Albert Lebrun, Marshal Pétain ordered the French Governments military representatives to sign an armistice with Germany on 22 June 1940, Pétain subsequently established an authoritarian regime when the National Assembly of the French Third Republic granted him full powers on 10 July 1940. At that point, the Third Republic was dissolved, calling for National Regeneration, the French Government at Vichy reversed many liberal policies and began tight supervision of the economy, with central planning a key feature. Labour unions came under government control. The independence of women was reversed, with a put on motherhood. Paris lost its status in European art and culture. The media were tightly controlled and stressed virulent anti-Semitism, and, after June 1941, the French State maintained nominal sovereignty over the whole of French territory, but had effective full sovereignty only in the unoccupied southern zone libre. It had limited and only civil authority in the zones under military occupation. The occupation was to be a state of affairs, pending the conclusion of the war. The French Government at Vichy never joined the Axis alliance, Germany kept two million French soldiers prisoner, carrying out forced labour. They were hostages to ensure that Vichy would reduce its forces and pay a heavy tribute in gold, food. French police were ordered to round up immigrant Jews and other such as communists. Public opinion in some quarters turned against the French government and the occupying German forces over time, when it became clear that Germany was losing the war, and resistance to them increased. Most of the legal French governments leaders at Vichy fled or were subject to show trials by the GPRF, thousands of collaborators were summarily executed by local communists and the Resistance in so-called savage purges. The last of the French State exiles were captured in the Sigmaringen enclave by de Gaulles French 1st Armoured Division in April 1945, in 1940, Marshal Pétain was known as a First World War hero, the victor of the battle of Verdun
12.
Reichsbank
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The Reichsbank was the central bank of Germany from 1876 until 1945. It was founded on 1 January 1876, the Reichsbank was a privately owned central bank of Prussia, under close control by the Reich government. Its first president was Hermann von Dechend, before unification in 1871, Germany had 31 central banks – the Notenbanken. Each of the independent states issued their own money, in 1870, a law was passed that forbade the formation of further central banks. In 1874, a banking law was introduced in the Reichstag. After several changes and compromises, the law was passed in 1875, despite the creation of the Reichsbank, however, four of the Notenbanken – Baden, Bavaria, Saxony and Württemberg – continued to exist until 1914. The history of the Reichsbank was volatile, until World War I it produced a very stable currency called the Goldmark. The expenses of the war caused inflationary pressure and the mark started to decrease in value, the mark, formerly backed by gold, evolved into the Papiermark, backed by nothing. One of the key reforms caused by the Dawes Plan was the establishment of the Reichsbank as an independent of the Reich government. On 30 August 1924, the Reichsbank began issuing the Reichsmark, the seizure and consolidation of power by the Nazis during the years of the Third Reich also greatly affected the Reichsbank. The defeat of Nazi Germany in May 1945 also resulted in the dissolution of the Reichsbank, along with other Reich ministries, the explanation of the disappearance of the Reichsbank reserves in 1945 was uncovered by Bill Stanley Moss and Andrew Kennedy, in post War Germany. Similarly the Abwehr cash reserves were hidden nearby in Garmisch-Partenkirchen, shortly after the American forces overran the area, the reserves and money disappeared. Funk would be tried and convicted of war crimes at the Nuremberg trials, not least for receiving money and goods stolen from Jewish, gold teeth extracted from the mouths of victims were found in 1945 in the vaults of the bank in Berlin. The Allied occupation authorities became responsible for German monetary policy in the postwar years. In this role, the Allies continued to issue Reichsmarks as the German banking system was gradually restored, in 1948, the Reichsmark ceased to exist owing to the introduction of the Deutsche Mark in the West and the East German mark in the East. In West Germany, monetary policy was taken over by the Bank deutscher Länder and later by the Deutsche Bundesbank, in East Germany, this role was assumed by the Deutsche Notenbank (later renamed as the Staatsbank der DDR
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