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.
Gold standard
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A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished, specie, bullion, and exchange, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency. The gold exchange standard usually does not involve the circulation of gold coins. This creates a de facto standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Most nations abandoned the standard as the basis of their monetary systems at some point in the 20th century. An estimated total of 174,100 tonnes of gold have been mined in human history and this is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres, or a cube 21 metres on a side. There are varying estimates of the volume of gold mined. One reason for the variance is that gold has been mined for thousands of years, another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the output in illegal mining activities. World production for 2011 was at 2,700 tonnes, since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980. The gold specie standard arose from the acceptance of gold as currency. Various commodities have been used as money, typically, the one that loses the least value over time becomes the accepted form, the use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe, however, as the Byzantine Empires economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as its currency over gold, Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796. Similar coins, including Italian denari, French deniers, and Spanish dineros circulated in Europe, Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545. International trade came to depend on such as the Spanish dollar, the Maria Theresa thaler, and later. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard, following Queen Annes proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the sovereign by the new Royal Mint at Tower Hill in 1816
5.
Currency
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A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
6.
Metric tons
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The SI symbol for the tonne is t, adopted at the same time as the unit itself in 1879. Its use is also official, for the metric ton, within the United States, having been adopted by the US National Institute of Standards and it is a symbol, not an abbreviation, and should not be followed by a period. Informal and non-approved symbols or abbreviations include T, mT, MT, in French and all English-speaking countries that are predominantly metric, tonne is the correct spelling. Before metrication in the UK the unit used for most purposes was the Imperial ton of 2,240 pounds avoirdupois, equivalent to 1,016 kg, differing by just 1. 6% from the tonne. Ton and tonne are both derived from a Germanic word in use in the North Sea area since the Middle Ages to designate a large cask. A full tun, standing about a high, could easily weigh a tonne. An English tun of wine weighs roughly a tonne,954 kg if full of water, in the United States, the unit was originally referred to using the French words millier or tonneau, but these terms are now obsolete. The Imperial and US customary units comparable to the tonne are both spelled ton in English, though they differ in mass, one tonne is equivalent to, Metric/SI,1 megagram. Equal to 1000000 grams or 1000 kilograms, megagram, Mg, is the official SI unit. Mg is distinct from mg, milligram, pounds, Exactly 1000/0. 453 592 37 lb, or approximately 2204.622622 lb. US/Short tons, Exactly 1/0. 907 184 74 short tons, or approximately 1.102311311 ST. One short ton is exactly 0.90718474 t, imperial/Long tons, Exactly 1/1. 016 046 9088 long tons, or approximately 0.9842065276 LT. One long ton is exactly 1.0160469088 t, for multiples of the tonne, it is more usual to speak of thousands or millions of tonnes. Kilotonne, megatonne, and gigatonne are more used for the energy of nuclear explosions and other events. When used in context, there is little need to distinguish between metric and other tons, and the unit is spelt either as ton or tonne with the relevant prefix attached. *The equivalent units columns use the short scale large-number naming system used in most English-language countries. †Values in the equivalent short and long tons columns are rounded to five significant figures, ǂThough non-standard, the symbol kt is also sometimes used for knot, a unit of speed for sea-going vessels, and should not be confused with kilotonne. A metric ton unit can mean 10 kilograms within metal trading and it traditionally referred to a metric ton of ore containing 1% of metal. In the case of uranium, the acronym MTU is sometimes considered to be metric ton of uranium, in the petroleum industry the tonne of oil equivalent is a unit of energy, the amount of energy released by burning one tonne of crude oil, approximately 42 GJ
7.
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
8.
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
9.
World War II
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World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan
10.
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
11.
Secret Intelligence Service
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The Secret Intelligence Service, commonly known as MI6, is the foreign intelligence agency of the British government. The SIS Chief is held accountable to the Foreign Secretary, SIS is bound by the Intelligence Services Act 1994. The name MI6 was used as a flag of convenience during the First World War when it was known by many names, the existence of the SIS was not officially acknowledged until 1994. It forms a part of the UKs intelligence machinery alongside GCHQ, MI5, in late 2010, the head of SIS delivered what he said was the first public address by a serving chief of the agency in its then 101-year history. The remarks of Sir John Sawers primarily focused on the relationship between the need for secrecy and the goal of maintaining security within the UK and his remarks acknowledged the tensions caused by secrecy in an era of leaks and pressure for ever-greater disclosure. Since 1995, the SIS headquarters have been at Vauxhall Cross on the South Bank of the River Thames, the service derived from the Secret Service Bureau, which was founded in 1909. The bureau was split into naval and army sections which, over time, specialised in foreign espionage and internal counter-espionage activities and this specialisation was because the Admiralty wanted to know the maritime strength of the Imperial German Navy. This specialisation was formalised before 1914 and its first director was Captain Sir George Mansfield Smith-Cumming, who often dropped the Smith in routine communication. He typically signed correspondence with his initial C in green ink and this usage evolved as a code name, and has been adhered to by all subsequent directors of SIS when signing documents to retain anonymity. The services performance during the First World War was mixed, because it was unable to establish a network in Germany itself, most of its results came from military and commercial intelligence collected through networks in neutral countries, occupied territories, and Russia. After the war, resources were reduced but during the 1920s. In August 1919, Cumming created the new passport control department, the post of Passport Control Officer provided operatives with diplomatic immunity. Circulating Sections established intelligence requirements and passed the intelligence back to its consumer departments, mainly the War Office, the debate over the future structure of British Intelligence continued at length after the end of hostilities but Cumming managed to engineer the return of the Service to Foreign Office control. In the immediate post-war years under Sir George Mansfield Smith-Cumming and throughout most of the 1920s, SIS was focused on Communism, in particular, Russian Bolshevism. Smith-Cumming died suddenly at his home on 14 June 1923, shortly before he was due to retire, an economic intelligence section, Section VII, to deal with trade, industrial and contraband. A clandestine radio communications organisation, Section VIII, to communicate with operatives, Section N to exploit the contents of foreign diplomatic bags Section D to conduct political covert actions and paramilitary operations in time of war. Section D would organise the Home Defence Scheme resistance organisation in the UK, with the emergence of Germany as a threat following the ascendence of the Nazis, in the early 1930s attention was shifted in that direction. Sinclair died in 1939, after an illness, and was replaced as C by Lt Col. Stewart Menzies, the extensive double-cross system run by MI5 to feed misleading intelligence to the Germans Imagery intelligence activities conducted by the RAF Photographic Reconnaissance Unit
12.
War cabinet
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A war cabinet is a committee formed by a government in a time of war. It is usually a subset of the executive cabinet of ministers. It is also common for a war cabinet to have senior military officers. During the First World War, lengthy cabinet discussions came to be seen as a source of vacillation in Britains war effort. In December 1916 it was proposed that the Prime Minister H. H. Asquith should delegate decision-making to a small, Asquith initially agreed before changing his mind after being infuriated by an article in The Times which portrayed the proposed change as a defeat for him. The political crisis grew from this point until Asquith was forced to resign as Prime Minister, among others, the Foreign Secretary, Arthur Balfour, was never a member of the war cabinet, nor were the service ministers Lord Derby and Sir Edward Carson. From the spring of 1917, the Imperial War Cabinet was formed and it had representation from the Dominions. On 3 September 1939, Neville Chamberlain announced his War Cabinet, unlike Lloyd Georges War Cabinet, the members of this one were also heads of Government Departments. In January 1940, after disagreements with the Chiefs of Staff, Hore-Belisha resigned from the National Government and he was succeeded by Oliver Stanley. It was originally the practice for the Chiefs of Staff to attend all discussions of the Chamberlain War Cabinet. Churchill became uneasy with this, as he felt that when they attended they did not confine their comments to purely military issues, to overcome this, a Military Coordination Committee was set up, consisting of the three Service ministers normally chaired by Lord Chatfield. This together with the Service chiefs would co-ordinate the strategic ideas of top hats and brass, unfortunately, except when chaired by the Prime Minister, the Military Co-ordinating Committee lacked sufficient authority to override a Minister fighting his corner. When Churchill took over from Chatfield, whilst continuing to represent the Admiralty, this introduced additional problems, Chamberlain announced a further change in arrangements in the Norway debate, but this was overtaken by events, the Churchill War Cabinet being run on rather different principles. Even so, there were a number of ministers who, though they were not members of the war cabinet, were Constant Attenders, as the War Cabinet considered issues that pertained to a given branch of the service or government due input was obtained from the respective body. The War Cabinet would undergo a number of changes in composition over the five years. The Full Cabinet approved the formation of the War Cabinet on 26 September 1939 and it held its last meeting in Canberra on 19 January 1946. In response to the 11 September 2001 attacks, United States President George W. Bush created a War Cabinet and they met at Camp David on the weekend of 15 September to shape what became the War on Terrorism. The membership was mostly, but not entirely, identical to that of the United States National Security Council, the Cabinet comprised President – George W. Kennedys EXCOMM had some characteristics of a War Cabinet
13.
HM Treasury
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The leading pronoun in the departments name varies depending upon the gender of the reigning monarch. The beginnings of the Treasury of England have been traced by some to a known as Henry the Treasurer. This claim is based on an entry in the Domesday Book showing the individual Henry the treasurer as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of the Kingdom of England, the Treasury emerged from the Royal Household. It was where the king kept his treasures, the head of the Treasury was called the Lord Treasurer. Starting in Tudor times, the Lord Treasurer became one of the officers of state. In 1667, Charles II of England was responsible for appointing George Downing, the builder of Downing Street, to reform the Treasury. The Treasury was first put in commission in May or June 1660, the first commissioners were the Duke of Albermarle, Lord Ashley, W. Coventry, J. Duncomb, and T. Clifford. After 1714, the Treasury was always in commission, the commissioners were referred to as the Lords of the Treasury and were given a number based on their seniority. Until 1827, the First Lord of the Treasury, when a commoner, also held the office of Chancellor of the Exchequer, while if the First Lord was a peer, since 1827, however, the Chancellor of the Exchequer has always been Second Lord of the Treasury. During the time when the Treasury was under commission, the junior Lords were each paid £1600 a year, some of the other whips are nominally Lord Commissioner of HM Treasury, though they are all members of the House of Commons. Whip is a party, rather than a government, position and this has led to the Government front bench in the Commons being known as the Treasury Bench. However, since the no longer have any effective ministerial roles in the Treasury. Lord Young of Cookham, who serves currently as a government whip in the House of Lords, has named as Treasury spokesman. Ramsden is now sole Head of the GES, the previous Head of the GES was Sir Nick Stern. Management support for GES members is provided by the Economists in Government team, banknotes in the UK are normally issued by the Bank of England and a number of commercial banks. Treasury notes had full legal status and were not convertible for gold through the Bank of England. They replaced the coin in circulation to prevent a run on sterling
14.
Bank of England
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The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank, and it was established to act as the English Governments banker and is still one of the bankers for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946, in 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy. The Banks Monetary Policy Committee has a responsibility for managing monetary policy. The Banks Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UKs financial sector, the Banks headquarters have been in Londons main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known by the metonym The Old Lady of Threadneedle Street or The Old Lady, the busy road junction outside is known as Bank junction. Until 2016, the bank provided banking services as a popular privilege for employees. Englands crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, England had no choice but to build a powerful navy. No public funds were available, and the credit of William IIIs government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted. To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor, the Bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue bank notes. The lenders would give the government cash and issue notes against the government bonds, the £1. 2m was raised in 12 days, half of this was used to rebuild the navy. This helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful, the power of the navy made Britain the dominant world power in the late 18th and early 19th centuries. The establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, the plan of 1691, which had been proposed by William Paterson three years before, had not then been acted upon. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994. The charter was renewed in 1742,1764, and 1781, the Bank moved to its current location in Threadneedle Street in 1734, and thereafter slowly acquired neighbouring land to create the edifice seen today. When the idea and reality of the National Debt came about during the 18th century, the 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sole rights with regard to the issue of banknotes. Private banks that had previously had that right retained it, provided that their headquarters were outside London, a few English banks continued to issue their own notes until the last of them was taken over in the 1930s. Scottish and Northern Irish private banks still have that right, the bank acted as lender of last resort for the first time in the panic of 1866
15.
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
16.
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
17.
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
18.
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
19.
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
20.
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
21.
International Monetary Fund
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The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
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Audit
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It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a phenomenon in the corporate and the public sector that academics started identifying an Audit Society. Any subject matter may be audited, Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the information relating to a legal person. Other areas which are commonly audited include, secretarial & compliance audit, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may effectively evaluate and improve the effectiveness of management, control. The word audit is derived from a Latin word audire which means to hear, an information technology audit, or information systems audit, is an examination of the management controls within an Information technology infrastructure. These reviews may be performed in conjunction with a financial statement audit, internal audit, due to strong incentives to misstate financial information, auditing has become a legal requirement for many entities who have the power to exploit financial information for personal gain. Traditionally, audits were mainly associated with gaining information about financial systems, financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a systems internal control. As a result of this, a party can express an opinion of the person / organisation / system in question. The opinion given on financial statements will depends on the evidence obtained. Due to constraints, an audit seeks to provide reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits, but recently, the argument that auditing should go beyond just true and fair is gaining momentum. And the US Public Company Accounting Oversight Board has come out with a release on the same. Cost accounting is a process for verifying the cost of manufacturing or producing of any article, on the basis of measuring the use of material. In simple words, the term, cost audit means a systematic and accurate verification of the cost accounts and records, in most nations, an audit must adhere to generally accepted standards established by governing bodies. There are also new types of integrated auditing becoming available that use unified compliance material and this is a very new but necessary approach in some sectors to ensure that all the necessary governance requirements can be met without duplicating effort from both audit and audit hosting resources. The purpose of an assessment is to something or calculate a value for it
23.
Foreign-exchange reserves
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Reserves are held in one or more reserve currency, mostly the United States dollar and to a lesser extent the Japanese yen. In a strict sense, foreign-exchange reserves should only include foreign banknotes, foreign bank deposits, foreign treasury bills, however, the term in popular usage commonly also adds gold reserves, special drawing rights, and International Monetary Fund reserve positions. This broader figure is readily available, but it is more accurately termed official international reserves or international reserves. Foreign-exchange reserves are called reserve assets in the balance of payments and are located in the capital account, hence, they are usually an important part of the international investment position of a country. The reserves are labeled as reserve assets under assets by functional category, there is no counterpart for reserve assets in liabilities of the International Investment Position. Usually, when the authority of a country has some kind of liability. In the Central Bank’s Balance Sheet, foreign reserves are assets. Official international reserves assets allow a bank to purchase the domestic currency. This is known as Trilemma or Impossible trinity, hence, in a world of perfect capital mobility, a country with fixed exchange rate would not be able to execute an independent monetary policy. Under perfect capital mobility, the change in reserves is a temporary measure, hence, in the long term, the monetary policy has to be adjusted in order to be compatible with that of the country of the base currency. Without that, the country will experience outflows or inflows of capital, fixed pegs were usually used as a form of monetary policy, since attaching the domestic currency to a currency of a country with lower levels of inflation should usually assure convergence of prices. In a pure flexible exchange rate regime or floating exchange rate regime, theoretically, in this case reserves are not necessary. Other instruments of policy are generally used, such as interest rates in the context of an inflation targeting regime. Also, he valued the role of exchange rate as a price, mixed exchange rate regimes may require the use of foreign exchange operations to maintain the targeted exchange rate within the prescribed limits, such as fixed exchange rate regimes. As seen above, there is a relation between exchange rate policy and monetary policy. Foreign exchange operations can be sterilized or unsterilized, non-sterilization will cause an expansion or contraction in the amount of domestic currency in circulation, and hence directly affect inflation and monetary policy. Since the domestic money supply is increasing, this may provoke domestic inflation, also, some central banks may let the exchange rate appreciate to control inflation, usually by the channel of cheapening tradable goods. Since the amount of reserves available to defend a weak currency is limited
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United States
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Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
25.
Germany
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Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Munich, Cologne, Frankfurt, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire. After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD. The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
26.
Italy
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Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal climate and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
27.
France
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France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
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Russia
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Russia, also officially the Russian Federation, is a country in Eurasia. The European western part of the country is more populated and urbanised than the eastern. Russias capital Moscow is one of the largest cities in the world, other urban centers include Saint Petersburg, Novosibirsk, Yekaterinburg, Nizhny Novgorod. Extending across the entirety of Northern Asia and much of Eastern Europe, Russia spans eleven time zones and incorporates a range of environments. It shares maritime borders with Japan by the Sea of Okhotsk, the East Slavs emerged as a recognizable group in Europe between the 3rd and 8th centuries AD. Founded and ruled by a Varangian warrior elite and their descendants, in 988 it adopted Orthodox Christianity from the Byzantine Empire, beginning the synthesis of Byzantine and Slavic cultures that defined Russian culture for the next millennium. Rus ultimately disintegrated into a number of states, most of the Rus lands were overrun by the Mongol invasion. The Soviet Union played a role in the Allied victory in World War II. The Soviet era saw some of the most significant technological achievements of the 20th century, including the worlds first human-made satellite and the launching of the first humans in space. By the end of 1990, the Soviet Union had the second largest economy, largest standing military in the world. It is governed as a federal semi-presidential republic, the Russian economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russias extensive mineral and energy resources are the largest such reserves in the world, making it one of the producers of oil. The country is one of the five recognized nuclear weapons states and possesses the largest stockpile of weapons of mass destruction, Russia is a great power as well as a regional power and has been characterised as a potential superpower. The name Russia is derived from Rus, a state populated mostly by the East Slavs. However, this name became more prominent in the later history, and the country typically was called by its inhabitants Русская Земля. In order to distinguish this state from other states derived from it, it is denoted as Kievan Rus by modern historiography, an old Latin version of the name Rus was Ruthenia, mostly applied to the western and southern regions of Rus that were adjacent to Catholic Europe. The current name of the country, Россия, comes from the Byzantine Greek designation of the Kievan Rus, the standard way to refer to citizens of Russia is Russians in English and rossiyane in Russian. There are two Russian words which are translated into English as Russians
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China
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China, officially the Peoples Republic of China, is a unitary sovereign state in East Asia and the worlds most populous country, with a population of over 1.381 billion. The state is governed by the Communist Party of China and its capital is Beijing, the countrys major urban areas include Shanghai, Guangzhou, Beijing, Chongqing, Shenzhen, Tianjin and Hong Kong. China is a power and a major regional power within Asia. Chinas landscape is vast and diverse, ranging from forest steppes, the Himalaya, Karakoram, Pamir and Tian Shan mountain ranges separate China from much of South and Central Asia. The Yangtze and Yellow Rivers, the third and sixth longest in the world, respectively, Chinas coastline along the Pacific Ocean is 14,500 kilometers long and is bounded by the Bohai, Yellow, East China and South China seas. China emerged as one of the worlds earliest civilizations in the basin of the Yellow River in the North China Plain. For millennia, Chinas political system was based on hereditary monarchies known as dynasties, in 1912, the Republic of China replaced the last dynasty and ruled the Chinese mainland until 1949, when it was defeated by the communist Peoples Liberation Army in the Chinese Civil War. The Communist Party established the Peoples Republic of China in Beijing on 1 October 1949, both the ROC and PRC continue to claim to be the legitimate government of all China, though the latter has more recognition in the world and controls more territory. China had the largest economy in the world for much of the last two years, during which it has seen cycles of prosperity and decline. Since the introduction of reforms in 1978, China has become one of the worlds fastest-growing major economies. As of 2016, it is the worlds second-largest economy by nominal GDP, China is also the worlds largest exporter and second-largest importer of goods. China is a nuclear weapons state and has the worlds largest standing army. The PRC is a member of the United Nations, as it replaced the ROC as a permanent member of the U. N. Security Council in 1971. China is also a member of numerous formal and informal multilateral organizations, including the WTO, APEC, BRICS, the Shanghai Cooperation Organization, the BCIM, the English name China is first attested in Richard Edens 1555 translation of the 1516 journal of the Portuguese explorer Duarte Barbosa. The demonym, that is, the name for the people, Portuguese China is thought to derive from Persian Chīn, and perhaps ultimately from Sanskrit Cīna. Cīna was first used in early Hindu scripture, including the Mahābhārata, there are, however, other suggestions for the derivation of China. The official name of the state is the Peoples Republic of China. The shorter form is China Zhōngguó, from zhōng and guó and it was then applied to the area around Luoyi during the Eastern Zhou and then to Chinas Central Plain before being used as an occasional synonym for the state under the Qing
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Switzerland
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Switzerland, officially the Swiss Confederation, is a federal republic in Europe. It consists of 26 cantons, and the city of Bern is the seat of the federal authorities. The country is situated in western-Central Europe, and is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is a country geographically divided between the Alps, the Swiss Plateau and the Jura, spanning an area of 41,285 km2. The establishment of the Old Swiss Confederacy dates to the medieval period, resulting from a series of military successes against Austria. Swiss independence from the Holy Roman Empire was formally recognized in the Peace of Westphalia in 1648. The country has a history of armed neutrality going back to the Reformation, it has not been in a state of war internationally since 1815, nevertheless, it pursues an active foreign policy and is frequently involved in peace-building processes around the world. In addition to being the birthplace of the Red Cross, Switzerland is home to international organisations. On the European level, it is a member of the European Free Trade Association. However, it participates in the Schengen Area and the European Single Market through bilateral treaties, spanning the intersection of Germanic and Romance Europe, Switzerland comprises four main linguistic and cultural regions, German, French, Italian and Romansh. Due to its diversity, Switzerland is known by a variety of native names, Schweiz, Suisse, Svizzera. On coins and stamps, Latin is used instead of the four living languages, Switzerland is one of the most developed countries in the world, with the highest nominal wealth per adult and the eighth-highest per capita gross domestic product according to the IMF. Zürich and Geneva have each been ranked among the top cities in the world in terms of quality of life, with the former ranked second globally, according to Mercer. The English name Switzerland is a compound containing Switzer, a term for the Swiss. The English adjective Swiss is a loan from French Suisse, also in use since the 16th century. The name Switzer is from the Alemannic Schwiizer, in origin an inhabitant of Schwyz and its associated territory, the Swiss began to adopt the name for themselves after the Swabian War of 1499, used alongside the term for Confederates, Eidgenossen, used since the 14th century. The data code for Switzerland, CH, is derived from Latin Confoederatio Helvetica. The toponym Schwyz itself was first attested in 972, as Old High German Suittes, ultimately related to swedan ‘to burn’
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Japan
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Japan is a sovereign island nation in Eastern Asia. Located in the Pacific Ocean, it lies off the eastern coast of the Asia Mainland and stretches from the Sea of Okhotsk in the north to the East China Sea, the kanji that make up Japans name mean sun origin. 日 can be read as ni and means sun while 本 can be read as hon, or pon, Japan is often referred to by the famous epithet Land of the Rising Sun in reference to its Japanese name. Japan is an archipelago consisting of about 6,852 islands. The four largest are Honshu, Hokkaido, Kyushu and Shikoku, the country is divided into 47 prefectures in eight regions. Hokkaido being the northernmost prefecture and Okinawa being the southernmost one, the population of 127 million is the worlds tenth largest. Japanese people make up 98. 5% of Japans total population, approximately 9.1 million people live in the city of Tokyo, the capital of Japan. Archaeological research indicates that Japan was inhabited as early as the Upper Paleolithic period, the first written mention of Japan is in Chinese history texts from the 1st century AD. Influence from other regions, mainly China, followed by periods of isolation, from the 12th century until 1868, Japan was ruled by successive feudal military shoguns who ruled in the name of the Emperor. Japan entered into a period of isolation in the early 17th century. The Second Sino-Japanese War of 1937 expanded into part of World War II in 1941, which came to an end in 1945 following the bombings of Hiroshima and Nagasaki. Japan is a member of the UN, the OECD, the G7, the G8, the country has the worlds third-largest economy by nominal GDP and the worlds fourth-largest economy by purchasing power parity. It is also the worlds fourth-largest exporter and fourth-largest importer, although Japan has officially renounced its right to declare war, it maintains a modern military with the worlds eighth-largest military budget, used for self-defense and peacekeeping roles. Japan is a country with a very high standard of living. Its population enjoys the highest life expectancy and the third lowest infant mortality rate in the world, in ancient China, Japan was called Wo 倭. It was mentioned in the third century Chinese historical text Records of the Three Kingdoms in the section for the Wei kingdom, Wa became disliked because it has the connotation of the character 矮, meaning dwarf. The 倭 kanji has been replaced with the homophone Wa, meaning harmony, the Japanese word for Japan is 日本, which is pronounced Nippon or Nihon and literally means the origin of the sun. The earliest record of the name Nihon appears in the Chinese historical records of the Tang dynasty, at the start of the seventh century, a delegation from Japan introduced their country as Nihon
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Netherlands
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The Netherlands, also informally known as Holland is the main constituent country of the Kingdom of the Netherlands. It is a densely populated country located in Western Europe with three territories in the Caribbean. The European part of the Netherlands borders Germany to the east, Belgium to the south, and the North Sea to the northwest, sharing borders with Belgium, the United Kingdom. The three largest cities in the Netherlands are Amsterdam, Rotterdam and The Hague, Amsterdam is the countrys capital, while The Hague holds the Dutch seat of parliament and government. The port of Rotterdam is the worlds largest port outside East-Asia, the name Holland is used informally to refer to the whole of the country of the Netherlands. Netherlands literally means lower countries, influenced by its low land and flat geography, most of the areas below sea level are artificial. Since the late 16th century, large areas have been reclaimed from the sea and lakes, with a population density of 412 people per km2 –507 if water is excluded – the Netherlands is classified as a very densely populated country. Only Bangladesh, South Korea, and Taiwan have both a population and higher population density. Nevertheless, the Netherlands is the worlds second-largest exporter of food and agricultural products and this is partly due to the fertility of the soil and the mild climate. In 2001, it became the worlds first country to legalise same-sex marriage, the Netherlands is a founding member of the EU, Eurozone, G-10, NATO, OECD and WTO, as well as being a part of the Schengen Area and the trilateral Benelux Union. The first four are situated in The Hague, as is the EUs criminal intelligence agency Europol and this has led to the city being dubbed the worlds legal capital. The country also ranks second highest in the worlds 2016 Press Freedom Index, the Netherlands has a market-based mixed economy, ranking 17th of 177 countries according to the Index of Economic Freedom. It had the thirteenth-highest per capita income in the world in 2013 according to the International Monetary Fund, in 2013, the United Nations World Happiness Report ranked the Netherlands as the seventh-happiest country in the world, reflecting its high quality of life. The Netherlands also ranks joint second highest in the Inequality-adjusted Human Development Index, the region called Low Countries and the country of the Netherlands have the same toponymy. Place names with Neder, Nieder, Nether and Nedre and Bas or Inferior are in use in all over Europe. They are sometimes used in a relation to a higher ground that consecutively is indicated as Upper, Boven, Oben. In the case of the Low Countries / the Netherlands the geographical location of the region has been more or less downstream. The geographical location of the region, however, changed over time tremendously
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India
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India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and it is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west, China, Nepal, and Bhutan to the northeast, in the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives. Indias Andaman and Nicobar Islands share a border with Thailand. The Indian subcontinent was home to the urban Indus Valley Civilisation of the 3rd millennium BCE, in the following millennium, the oldest scriptures associated with Hinduism began to be composed. Social stratification, based on caste, emerged in the first millennium BCE, early political consolidations took place under the Maurya and Gupta empires, the later peninsular Middle Kingdoms influenced cultures as far as southeast Asia. In the medieval era, Judaism, Zoroastrianism, Christianity, and Islam arrived, much of the north fell to the Delhi sultanate, the south was united under the Vijayanagara Empire. The economy expanded in the 17th century in the Mughal empire, in the mid-18th century, the subcontinent came under British East India Company rule, and in the mid-19th under British crown rule. A nationalist movement emerged in the late 19th century, which later, under Mahatma Gandhi, was noted for nonviolent resistance, in 2015, the Indian economy was the worlds seventh largest by nominal GDP and third largest by purchasing power parity. Following market-based economic reforms in 1991, India became one of the major economies and is considered a newly industrialised country. However, it continues to face the challenges of poverty, corruption, malnutrition, a nuclear weapons state and regional power, it has the third largest standing army in the world and ranks sixth in military expenditure among nations. India is a constitutional republic governed under a parliamentary system. It is a pluralistic, multilingual and multi-ethnic society and is home to a diversity of wildlife in a variety of protected habitats. The name India is derived from Indus, which originates from the Old Persian word Hindu, the latter term stems from the Sanskrit word Sindhu, which was the historical local appellation for the Indus River. The ancient Greeks referred to the Indians as Indoi, which translates as The people of the Indus, the geographical term Bharat, which is recognised by the Constitution of India as an official name for the country, is used by many Indian languages in its variations. Scholars believe it to be named after the Vedic tribe of Bharatas in the second millennium B. C. E and it is also traditionally associated with the rule of the legendary emperor Bharata. Gaṇarājya is the Sanskrit/Hindi term for republic dating back to the ancient times, hindustan is a Persian name for India dating back to the 3rd century B. C. E. It was introduced into India by the Mughals and widely used since then and its meaning varied, referring to a region that encompassed northern India and Pakistan or India in its entirety
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European Central Bank
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The European Central Bank is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the worlds most important central banks and is one of the seven institutions of the European Union listed in the Treaty on European Union, the capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, the bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to price stability within the Eurozone. The ECB has, under Article 16 of its Statute, the right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand, the ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is €11 billion held by the central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the population and GDP. Shares in the ECB are not transferable and cannot be used as collateral, the European Central Bank is the de facto successor of the European Monetary Institute. The EMI itself took over from the earlier European Monetary Co-operation Fund, the bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998, the first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. The French argued that since the ECB was to be located in Germany and this was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by an agreement in which Duisenberg would stand down before the end of his mandate. Trichet replaced Duisenberg as President in November 2003, there had also been tension over the ECBs Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France, Germany, and Italy, Spain also demanded and obtained a seat. Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates, when the ECB was created, it covered a Eurozone of eleven members. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, on 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB
35.
Taiwan
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Taiwan, officially the Republic of China, is a state in East Asia. Neighbours include China to the west, Japan to the northeast, Taiwan is the most populous state that is not a member of the United Nations, and the one with the largest economy. The island of Taiwan, also known as Formosa, was inhabited by Taiwanese aborigines before the 17th century. After a brief rule by the Kingdom of Tungning, the island was annexed by the Qing dynasty, the Qing ceded Taiwan to Japan in 1895 after the Sino-Japanese War. While Taiwan was under Japanese rule, the Republic of China was established on the mainland in 1912 after the fall of the Qing dynasty, following the Japanese surrender to the Allies in 1945, the ROC took control of Taiwan. However, the resumption of the Chinese Civil War led to the ROCs loss of the mainland to the Communists, and the flight of the ROC government to Taiwan in 1949. As a founding member of the United Nations, the ROC continued to represent China at the United Nations until 1971, in the early 1960s, Taiwan entered a period of rapid economic growth and industrialization, creating a stable industrial economy. In the 1980s and early 1990s, it changed from a one-party military dictatorship dominated by the Kuomintang to a multi-party democracy with universal suffrage, Taiwan is the 22nd-largest economy in the world, and its high-tech industry plays a key role in the global economy. It is ranked highly in terms of freedom of the press, health care, public education, economic freedom, the PRC has consistently claimed sovereignty over Taiwan and asserted the ROC is no longer in legitimate existence. Under its One-China Policy the PRC refused diplomatic relations with any country that recognizes the ROC, the PRC has threatened the use of military force in response to any formal declaration of independence by Taiwan or if PRC leaders decide that peaceful unification is no longer possible. There are various names for the island of Taiwan in use today, the former name Formosa dates from 1542, when Portuguese sailors sighted the main island of Taiwan and named it Ilha Formosa, which means beautiful island. The name Formosa eventually replaced all others in European literature and was in use in English in the early 20th century. This name was adopted into the Chinese vernacular as the name of the sandbar. The modern word Taiwan is derived from this usage, which is seen in forms in Chinese historical records. Use of the current Chinese name was formalized as early as 1684 with the establishment of Taiwan Prefecture, through its rapid development, the entire Formosan mainland eventually became known as Taiwan. The official name of the state is the Republic of China and it was a member of the United Nations representing China until 1971, when it lost its seat to the Peoples Republic of China. Over subsequent decades, the Republic of China has become known as Taiwan. In some contexts, especially ones from the ROC government
36.
Portugal
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Portugal, officially the Portuguese Republic, is a country on the Iberian Peninsula in Southwestern Europe. It is the westernmost country of mainland Europe, to the west and south it is bordered by the Atlantic Ocean and to the east and north by Spain. The Portugal–Spain border is 1,214 kilometres long and considered the longest uninterrupted border within the European Union, the republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments. The territory of modern Portugal has been settled, invaded. The Pre-Celts, Celts, Carthaginians and the Romans were followed by the invasions of the Visigothic, in 711 the Iberian Peninsula was invaded by the Moors, making Portugal part of Muslim Al Andalus. Portugal was born as result of the Christian Reconquista, and in 1139, Afonso Henriques was proclaimed King of Portugal, in the 15th and 16th centuries, Portugal established the first global empire, becoming one of the worlds major economic, political and military powers. Portugal monopolized the trade during this time, and the Portuguese Empire expanded with military campaigns led in Asia. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to almost all its overseas territories, Portugal has left a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today. Portugal is a country with a high-income advanced economy and a high living standard. It is the 5th most peaceful country in the world, maintaining a unitary semi-presidential republican form of government and it has the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. Portugal is a pioneer when it comes to drug decriminalization, as the nation decriminalized the possession of all drugs for use in 2001. The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe, the name of Portugal derives from the joined Romano-Celtic name Portus Cale. Other influences include some 5th-century vestiges of Alan settlements, which were found in Alenquer, Coimbra, the region of present-day Portugal was inhabited by Neanderthals and then by Homo sapiens, who roamed the border-less region of the northern Iberian peninsula. These were subsistence societies that, although they did not establish prosperous settlements, neolithic Portugal experimented with domestication of herding animals, the raising of some cereal crops and fluvial or marine fishing. Chief among these tribes were the Calaicians or Gallaeci of Northern Portugal, the Lusitanians of central Portugal, the Celtici of Alentejo, a few small, semi-permanent, commercial coastal settlements were also founded in the Algarve region by Phoenicians-Carthaginians. Romans first invaded the Iberian Peninsula in 219 BC, during the last days of Julius Caesar, almost the entire peninsula had been annexed to the Roman Republic. The Carthaginians, Romes adversary in the Punic Wars, were expelled from their coastal colonies and it suffered a severe setback in 150 BC, when a rebellion began in the north
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Saudi Arabia
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Saudi Arabia is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south. It is separated from Israel and Egypt by the Gulf of Aqaba and it is the only nation with both a Red Sea coast and a Persian Gulf coast and most of its terrain consists of arid desert and mountains. The area of modern-day Saudi Arabia formerly consisted of four regions, Hejaz, Najd and parts of Eastern Arabia. The Kingdom of Saudi Arabia was founded in 1932 by Ibn Saud and he united the four regions into a single state through a series of conquests beginning in 1902 with the capture of Riyadh, the ancestral home of his family, the House of Saud. Saudi Arabia has since been a monarchy, effectively a hereditary dictatorship governed along Islamic lines. The ultraconservative Wahhabi religious movement within Sunni Islam has been called the predominant feature of Saudi culture, with its global spread largely financed by the oil and gas trade. Saudi Arabia is sometimes called the Land of the Two Holy Mosques in reference to Al-Masjid al-Haram and Al-Masjid an-Nabawi, the state has a total population of 28.7 million, of which 20 million are Saudi nationals and 8 million are foreigners. The states official language is Arabic, petroleum was discovered on 3 March 1938 and followed up by several other finds in the Eastern Province. Saudi Arabia has since become the worlds largest oil producer and exporter, controlling the second largest oil reserves. The kingdom is categorized as a World Bank high-income economy with a high Human Development Index and is the only Arab country to be part of the G-20 major economies. However, the economy of Saudi Arabia is the least diversified in the Gulf Cooperation Council, the state has attracted criticism for its treatment of women and use of capital punishment. Saudi Arabia is an autocracy, has the fourth highest military expenditure in the world. Saudi Arabia is considered a regional and middle power, in addition to the GCC, it is an active member of the Organisation of Islamic Cooperation and OPEC. Following the unification of the Hejaz and Nejd kingdoms, the new state was named al-Mamlakah al-ʻArabīyah as-Suʻūdīyah by royal decree on 23 September 1932 by its founder, Abdulaziz Al Saud. Although this is translated as the Kingdom of Saudi Arabia in English it literally means the Saudi Arab kingdom. Its inclusion expresses the view that the country is the possession of the royal family. Al Saud is an Arabic name formed by adding the word Al, meaning family of or House of, in the case of the Al Saud, this is the father of the dynastys 18th century founder, Muhammad bin Saud. There is evidence that human habitation in the Arabian Peninsula dates back to about 125,000 years ago
38.
Kazakhstan
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Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country in northern Central Asia and Eastern Europe. Kazakhstan is the worlds largest landlocked country, and the ninth largest in the world, Kazakhstan is the dominant nation of Central Asia economically, generating 60% of the regions GDP, primarily through its oil/gas industry. It also has vast mineral resources, Kazakhstan is officially a democratic, secular, unitary, constitutional republic with a diverse cultural heritage. Kazakhstan shares borders with Russia, China, Kyrgyzstan, Uzbekistan, and Turkmenistan, the terrain of Kazakhstan includes flatlands, steppe, taiga, rock canyons, hills, deltas, snow-capped mountains, and deserts. Kazakhstan has an estimated 18 million people as of 2014, Given its large area, its population density is among the lowest. The capital is Astana, where it was moved in 1997 from Almaty, the territory of Kazakhstan has historically been inhabited by nomadic tribes. This changed in the 13th century, when Genghis Khan occupied the country as part of the Mongolian Empire, following internal struggles among the conquerors, power eventually reverted to the nomads. By the 16th century, the Kazakh emerged as a distinct group, the Russians began advancing into the Kazakh steppe in the 18th century, and by the mid-19th century, they nominally ruled all of Kazakhstan as part of the Russian Empire. Following the 1917 Russian Revolution, and subsequent civil war, the territory of Kazakhstan was reorganised several times, in 1936, it was made the Kazakh Soviet Socialist Republic, part of the Soviet Union. Kazakhstan was the last of the Soviet republics to declare independence during the dissolution of the Soviet Union in 1991, Kazakhstan has worked to develop its economy, especially its dominant hydrocarbon industry. Kazakhstans 131 ethnicities include Kazakhs, Russians, Uzbeks, Ukrainians, Germans, Tatars, the Kazakh language is the state language, and Russian has equal official status for all levels of administrative and institutional purposes. The name Kazakh comes from the ancient Turkic word qaz, to wander, the name Cossack is of the same origin. The Persian suffix -stan means land or place of, so Kazakhstan can be translated as land of the wanderers. Kazakhstan has been inhabited since the Neolithic Age, the regions climate, archaeologists believe that humans first domesticated the horse in the regions vast steppes. Central Asia was originally inhabited by the Scythians, the Cuman entered the steppes of modern-day Kazakhstan around the early 11th century, where they later joined with the Kipchak and established the vast Cuman-Kipchak confederation. Under the Mongol Empire, the largest in history, administrative districts were established. These eventually came under the rule of the emergent Kazakh Khanate, throughout this period, traditional nomadic life and a livestock-based economy continued to dominate the steppe. Nevertheless, the region was the focus of ever-increasing disputes between the native Kazakh emirs and the neighbouring Persian-speaking peoples to the south, at its height the Khanate would rule parts of Central Asia and control Cumania
39.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
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Lebanon
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Lebanon, officially known as the Lebanese Republic, is a sovereign state in Western Asia. It is bordered by Syria to the north and east and Israel to the south, Lebanons location at the crossroads of the Mediterranean Basin and the Arabian hinterland facilitated its rich history and shaped a cultural identity of religious and ethnic diversity. At just 10,452 km2, it is the smallest recognized country on the entire mainland Asian continent, the earliest evidence of civilization in Lebanon dates back more than seven thousand years, predating recorded history. Lebanon was the home of the Canaanites/Phoenicians and their kingdoms, a culture that flourished for over a thousand years. In 64 BC, the region came under the rule of the Roman Empire, in the Mount Lebanon range a monastic tradition known as the Maronite Church was established. As the Arab Muslims conquered the region, the Maronites held onto their religion, however, a new religious group, the Druze, established themselves in Mount Lebanon as well, generating a religious divide that has lasted for centuries. During the Crusades, the Maronites re-established contact with the Roman Catholic Church, the ties they established with the Latins have influenced the region into the modern era. The region eventually was ruled by the Ottoman Empire from 1516 to 1918, following the collapse of the empire after World War I, the five provinces that constitute modern Lebanon came under the French Mandate of Lebanon. The French expanded the borders of the Mount Lebanon Governorate, which was populated by Maronites and Druze. Lebanon gained independence in 1943, establishing confessionalism, a unique, foreign troops withdrew completely from Lebanon on 31 December 1946. Lebanon has been a member of the Organisation internationale de la francophonie since 1973, despite its small size, the country has developed a well-known culture and has been highly influential in the Arab world. Before the Lebanese Civil War, the experienced a period of relative calm and renowned prosperity, driven by tourism, agriculture, commerce. At the end of the war, there were efforts to revive the economy. In spite of troubles, Lebanon has the highest Human Development Index and GDP per capita in the Arab world. The name of Mount Lebanon originates from the Phoenician root lbn meaning white, occurrences of the name have been found in different Middle Bronze Age texts from the library of Ebla, and three of the twelve tablets of the Epic of Gilgamesh. The name is recorded in Ancient Egyptian as Rmnn, where R stood for Canaanite L, the name occurs nearly 70 times in the Hebrew Bible, as לְבָנוֹן. The borders of contemporary Lebanon are a product of the Treaty of Sèvres of 1920 and its territory was the core of the Bronze Age Phoenician city-states. After the 7th-century Muslim conquest of the Levant, it was part of the Rashidun, Umyayad, Abbasid Seljuk, with the dissolution of the Ottoman Empire, Greater Lebanon fell under French mandate in 1920, and gained independence under president Bechara El Khoury in 1943
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Spain
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By population, Spain is the sixth largest in Europe and the fifth in the European Union. Spains capital and largest city is Madrid, other urban areas include Barcelona, Valencia, Seville, Bilbao. Modern humans first arrived in the Iberian Peninsula around 35,000 years ago, in the Middle Ages, the area was conquered by Germanic tribes and later by the Moors. Spain is a democracy organised in the form of a government under a constitutional monarchy. It is a power and a major developed country with the worlds fourteenth largest economy by nominal GDP. Jesús Luis Cunchillos argues that the root of the span is the Phoenician word spy. Therefore, i-spn-ya would mean the land where metals are forged, two 15th-century Spanish Jewish scholars, Don Isaac Abravanel and Solomon ibn Verga, gave an explanation now considered folkloric. Both men wrote in two different published works that the first Jews to reach Spain were brought by ship by Phiros who was confederate with the king of Babylon when he laid siege to Jerusalem. This man was a Grecian by birth, but who had given a kingdom in Spain. He became related by marriage to Espan, the nephew of king Heracles, Heracles later renounced his throne in preference for his native Greece, leaving his kingdom to his nephew, Espan, from whom the country of España took its name. Based upon their testimonies, this eponym would have already been in use in Spain by c.350 BCE, Iberia enters written records as a land populated largely by the Iberians, Basques and Celts. Early on its coastal areas were settled by Phoenicians who founded Western Europe´s most ancient cities Cadiz, Phoenician influence expanded as much of the Peninsula was eventually incorporated into the Carthaginian Empire, becoming a major theater of the Punic Wars against the expanding Roman Empire. After an arduous conquest, the peninsula came fully under Roman Rule, during the early Middle Ages it came under Germanic rule but later, much of it was conquered by Moorish invaders from North Africa. In a process took centuries, the small Christian kingdoms in the north gradually regained control of the peninsula. The last Moorish kingdom fell in the same year Columbus reached the Americas, a global empire began which saw Spain become the strongest kingdom in Europe, the leading world power for a century and a half, and the largest overseas empire for three centuries. Continued wars and other problems led to a diminished status. The Napoleonic invasions of Spain led to chaos, triggering independence movements that tore apart most of the empire, eventually democracy was peacefully restored in the form of a parliamentary constitutional monarchy. Spain joined the European Union, experiencing a renaissance and steady economic growth
42.
Austria
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Austria, officially the Republic of Austria, is a federal republic and a landlocked country of over 8.7 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, the territory of Austria covers 83,879 km2. The terrain is mountainous, lying within the Alps, only 32% of the country is below 500 m. The majority of the population speaks local Bavarian dialects of German as their native language, other local official languages are Hungarian, Burgenland Croatian, and Slovene. The origins of modern-day Austria date back to the time of the Habsburg dynasty, from the time of the Reformation, many northern German princes, resenting the authority of the Emperor, used Protestantism as a flag of rebellion. Following Napoleons defeat, Prussia emerged as Austrias chief competitor for rule of a greater Germany, Austrias defeat by Prussia at the Battle of Königgrätz, during the Austro-Prussian War of 1866, cleared the way for Prussia to assert control over the rest of Germany. In 1867, the empire was reformed into Austria-Hungary, Austria was thus the first to go to war in the July Crisis, which would ultimately escalate into World War I. The First Austrian Republic was established in 1919, in 1938 Nazi Germany annexed Austria in the Anschluss. This lasted until the end of World War II in 1945, after which Germany was occupied by the Allies, in 1955, the Austrian State Treaty re-established Austria as a sovereign state, ending the occupation. In the same year, the Austrian Parliament created the Declaration of Neutrality which declared that the Second Austrian Republic would become permanently neutral, today, Austria is a parliamentary representative democracy comprising nine federal states. The capital and largest city, with a population exceeding 1.7 million, is Vienna, other major urban areas of Austria include Graz, Linz, Salzburg and Innsbruck. Austria is one of the richest countries in the world, with a nominal per capita GDP of $43,724, the country has developed a high standard of living and in 2014 was ranked 21st in the world for its Human Development Index. Austria has been a member of the United Nations since 1955, joined the European Union in 1995, Austria also signed the Schengen Agreement in 1995, and adopted the euro currency in 1999. The German name for Austria, Österreich, meant eastern realm in Old High German, and is cognate with the word Ostarrîchi and this word is probably a translation of Medieval Latin Marchia orientalis into a local dialect. Austria was a prefecture of Bavaria created in 976, the word Austria is a Latinisation of the German name and was first recorded in the 12th century. Accordingly, Norig would essentially mean the same as Ostarrîchi and Österreich, the Celtic name was eventually Latinised to Noricum after the Romans conquered the area that encloses most of modern-day Austria, around 15 BC. Noricum later became a Roman province in the mid-first century AD, heers hypothesis is not accepted by linguists. Settled in ancient times, the Central European land that is now Austria was occupied in pre-Roman times by various Celtic tribes, the Celtic kingdom of Noricum was later claimed by the Roman Empire and made a province
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Black Friday (1869)
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The Black Friday, September 24,1869, gold panic was caused by the efforts of two speculators, Jay Gould and his partner James Fisk, to corner the gold market on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant whose policy was to sell weekly Treasury gold to pay off the debt, stabilize the dollar. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored and this period, known as the Gilded Age, was a time of great industrial growth which invited much investment and speculation. Gould and Fisk used their personal appearances with Grant to gain clout on Wall Street, at the same time, Gould and Fisk began buying gold at Goulds New York Gold Room raising the price of gold. A panic on Wall Street ensued and the country went through a few months of economic turmoil, thanks to the efforts of Grant, members of his administration and others a national depression was averted. Gould and Fisk, having hired the best defense, and favored by Tweed Ring judges, an 1870 government investigation, headed by James A. Garfield, exonerated Grant of any illicit involvement in the conspiracy. It was generally believed that the U. S. Government would ultimately redeem the greenbacks with gold, Grant believed that putting sound money back into circulation was the best approach to restoring the economy. Grant put in charge of the U. S. Treasury the talented George S. Boutwell whose primary task was to reduce the national debt, to accomplish this Boutwell, in April, ordered his assistant treasurer to sell gold from the Treasury and buy up wartime bonds. He also initiated reforms in the Treasury Department by improving methods of tax collecting and attacking the problem of counterfeiting, by the end of May the national debt had been reduced by $12 million. Boutwells treasury policy of reducing the national debt kept the supply level. The purpose of Grants fiscal policy was to reduce the amount of greenbacks in the economy, Gould bribed Butterfield with a $10,000 check, more than Butterfields annual salary of $8,000. Butterfield agreed to tip the men off when the government intended to sell gold, Gould and Fisk then recruited Grants brother-in-law, a financier named Abel Corbin who had married Grants younger sister Jennie. Corbin was considered a smooth talker and had made money speculating in real estate and they used Corbins relationship to get close to Grant in social situations, where they would argue against government sale of gold, and Corbin would support their arguments. Not accustomed to having such offers turned down, Gould went ahead and made the purchase, when Porter was informed of Goulds unauthorized transaction he refused the offer in writing. In similar fashion Corbin approached Grants wife Julia and attempted to entice her into accepting half interest in $250,000 in bonds, but she turned that offer down. Gould secured owning interest in the federally audited New Yorks Tenth National Bank, in addition to meeting at Corbins mansion home, Fisk and Gould also talked with Grant on their Erie Canal railroad car and in Fisks box seats at New Yorks Fifth Avenue Theatre. When Gould planted an idea in Grant that if gold prices increased, it would lower the dollar, both Grant and Boutwell strongly felt that the nations war time debt had to be paid to assure the credibility of the United States in the eyes of the European banks. To accomplish this Boutwell began selling gold from the Treasurys reserve of $100 million specie, without the Presidents consent, Boutwells controversial approach was endorsed by Grant, giving Boutwell all the latitude he needed
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Federal Reserve Bank of New York
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The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. S, among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals. Its current president is William C and it is by far the largest, most active and most influential of the 12 regional Federal Reserve Banks. The New York Fed is the largest in terms of assets of the regional banks. Operating in the capital of the U. S. the New York Fed is responsible for conducting open market operations. The Trading Desk is the office at the Federal Reserve Bank of New York that manages the FOMC Directive to sell or buy bonds, note that the responsibility for issuing new U. S. Treasury securities lies with the Bureau of the Public Debt. It transferred an additional $1.3 trillion a day in securities, the New York Fed is also responsible for carrying out exchange rate policy by buying and selling dollars at the discretion of the United States Treasury Department. The New York Federal Reserve is the regional bank with a permanent vote on the Federal Open Market Committee. A public competition for the design of the building was held, the bank moved to its current location in 1924. The Federal Reserve Bank of New York maintains a vault that lies 80 feet below street level and 50 feet below sea level, by 1927, the vault contained 10% of the worlds official gold reserves. Currently, it is reputedly the largest gold repository in the world and holds approximately 7,000 tonnes of gold bullion, nearly 98% of the gold at the Federal Reserve Bank of New York is owned by the central banks of foreign nations. The rest is owned by the United States and international such as the IMF. The Federal Reserve Bank does not own the gold but serves as guardian of the metal, which it stores at no charge to the owners. Moving the bars requires special footwear for the staff, to protect their feet in case they drop one of the gold bars weighing 28 pounds, the vault is open to tourists. On October 17,2012, Quazi Mohammad Rezwanul Ahsan Nafis,21, was arrested attempting to detonate what he believed to be an 800-pound bomb. A joint FBI/NYPD operation flagged the suspect on the Internet and set up the sting with fake explosives, in 2013, Nafis pleaded guilty and was sentenced to 30 years in federal prison. The Federal Reserve Bank of New York Buffalo Branch used to be the branch of the Federal Reserve Bank of New York. The New York Fed opened for business on November 16,1914 and he led the Bank until his death in 1928
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