Japanese government-issued rupee in Burma
The Japanese government-issued rupee in Burma was a Japanese invasion money issued by the Japanese Military Authority, as a replacement for local currency during the Japanese occupation of Burma in the Second World War. The Japanese invaded Burma in January 1942, they conquered Mandalay on 21 May 1942. The Japanese held Burma until the second Allied campaign of 1944, although an official surrender did not take place until August 1945. In 1942 the Japanese issued paper scrip currency of 1, 5 and 10 1/4, 1/2, 1, 5 and 10 Rupees. Like most Japanese colonial currency from this period, a letter code was used on the notes; the first or top letter "B" indicates the note was issued for Burma. The second letter or letters indicate the block of the note, there are single letter blocks and double letter blocks for Burma, with the two letter blocks being identified by a hyphen separating the letter "B" from the block letters. In 1943, the Japanese commuted the sentence of Dr Ba Maw, an outspoken advocate for Burmese self-rule, installed him as the head of the puppet government.
From 1943 onward the Japanese issued paper scrip currency of 1, 5 and 10 Rupee with a 100 Rupee note in 1944. The Japanese characters in the oblong box at the bottom of each note read “Government of Great Imperial Japan” and the contents of the seal at the lower right of the comprise the Japanese symbol for the Minister of Finance; when all of these notes became obsolete, punch holes were made to indicate that the note had been "cancelled" and therefore devalued. Prior to the Japanese invasion, Burma circulated the Indian rupee issued by the Reserve Bank of India since nationalized paper currency was introduced by the British Administration in 1897. For table standards, see the banknote specification table. Emergency circulating notes Japanese government-issued dollar in Malaya and Borneo Burma Japanese invasion money
World War II
World War II known as the Second World War, was a global war that lasted from 1939 to 1945. The vast majority of the world's countries—including all the great powers—eventually formed two opposing military alliances: the Allies and the Axis. A state of total war emerged, directly involving more than 100 million people from over 30 countries; the major participants threw their entire economic and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. World War II was the deadliest conflict in human history, marked by 50 to 85 million fatalities, most of whom were civilians in the Soviet Union and China, it included massacres, the genocide of the Holocaust, strategic bombing, premeditated death from starvation and disease, the only use of nuclear weapons in war. Japan, which aimed to dominate Asia and the Pacific, was at war with China by 1937, though neither side had declared war on the other. World War II is said to have begun on 1 September 1939, with the invasion of Poland by Germany and subsequent declarations of war on Germany by France and the United Kingdom.
From late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, 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, Finland and the Baltic states. Following the onset of campaigns in North Africa and East Africa, the fall of France in mid 1940, the war continued between the European Axis powers and the British Empire. War in the Balkans, the aerial Battle of Britain, the Blitz, the long Battle of the Atlantic followed. On 22 June 1941, the European Axis powers launched an invasion of the Soviet Union, opening the largest land theatre of war in history; this Eastern Front trapped most crucially the German Wehrmacht, into a war of attrition. In December 1941, Japan launched a surprise attack on the United States as well as European colonies in the Pacific. Following an immediate U. S. declaration of war against Japan, supported by one from Great Britain, the European Axis powers declared war on the U.
S. in solidarity with their Japanese ally. Rapid Japanese conquests over much of the Western Pacific ensued, perceived by many in Asia as liberation from Western dominance and resulting in the support of several armies from defeated territories; the Axis advance in the Pacific halted in 1942. Key setbacks in 1943, which included a series of German defeats on the Eastern Front, the Allied invasions of Sicily and Italy, Allied victories in the Pacific, cost the Axis its initiative and forced it into strategic retreat on all fronts. In 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained its territorial losses and turned toward Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in Central China, South China and Burma, while the Allies crippled the Japanese Navy and captured key Western Pacific islands; the war in Europe concluded with an invasion of Germany by the Western Allies and the Soviet Union, culminating in the capture of Berlin by Soviet troops, the suicide of Adolf Hitler and the German unconditional surrender on 8 May 1945.
Following the Potsdam Declaration by the Allies on 26 July 1945 and the refusal of Japan to surrender under its terms, the United States dropped atomic bombs on the Japanese cities of Hiroshima and Nagasaki on 6 and 9 August respectively. With an invasion of the Japanese archipelago imminent, the possibility of additional atomic bombings, the Soviet entry into the war against Japan and its invasion of Manchuria, Japan announced its intention to surrender on 15 August 1945, cementing total victory in Asia for the Allies. Tribunals were set up by fiat by the Allies and war crimes trials were conducted in the wake of the war both against the Germans and the Japanese. World War II changed the political social structure of the globe; the United Nations was established to foster international co-operation and prevent future conflicts. The Soviet Union and United States emerged as rival superpowers, setting the stage for the nearly half-century long Cold War. In the wake of European devastation, the influence of its great powers waned, triggering the decolonisation of Africa and Asia.
Most countries whose industries had been damaged moved towards economic expansion. Political integration in Europe, emerged as an effort to end pre-war enmities and create a common identity; the start of the war in Europe is held to be 1 September 1939, beginning with the German invasion of Poland. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or 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 and the two wars merged in 1941; 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 fo
United States dollar
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent units, but is divided into 1000 mills for accounting; the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. Since the suspension in 1971 of convertibility of paper U. S. currency into any precious metal, the U. S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U. S. dollar is the world's primary reserve currency. Several countries use it as their official currency, in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or accept U. S. dollar coins. As of June 27, 2018, there are $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes.
Article I, Section 8 of the U. S. Constitution provides that the Congress has the power "To coin money". Laws implementing this power are codified at 31 U. S. C. § 5112. Section 5112 prescribes the forms; these coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar; the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars; these other coins are more described in Coins of the United States dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"; that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are being expressed in U. S. dollars. The U. S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.
S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act established monetary units of mill or one-thousandth of a dollar, cent or one-hundredth of a dollar, dime or one-tenth of a dollar, eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each, it was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar. XX9 per gallon, e.g. $3.599, more written as $3.599⁄10. When issued in circulating form, denominations equal to or less than a dollar are emitted as U. S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. Both one-dollar coins and notes are produced today, although the note form is more common. In the past, "paper money" was issued in denominations less than a dollar and gold coins were issued for circulation up to the value of $20.
The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", "Quarter Union", thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, made of wood fiber. U. S. coins are produced by the United States Mint. U. S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by t
Nauru the Republic of Nauru and known as Pleasant Island, is an island country in Micronesia, a subregion of Oceania, in the Central Pacific. Its nearest neighbour is Banaba Island in 300 kilometres to the east, it further lies northwest of Tuvalu, north of the Solomon Islands, east-northeast of Papua New Guinea, southeast of the Federated States of Micronesia and south of the Marshall Islands. With only a 21-square-kilometre area, Nauru is the third-smallest state on the list of countries and dependencies by area behind Vatican City and Monaco, making it the smallest state in the South Pacific Ocean, the smallest island state, the smallest republic, its population is 11,347, making it the third smallest on the list of countries and dependencies by population, after the Vatican and Tuvalu. Settled by people from Micronesia and Polynesia c. 1000 BC, Nauru was annexed and claimed as a colony by the German Empire in the late 19th century. After World War I, Nauru became a League of Nations mandate administered by Australia, New Zealand and the United Kingdom.
During World War II, Nauru was occupied by Japanese troops, who were bypassed by the Allied advance across the Pacific. After the war ended, the country entered into United Nations trusteeship. Nauru gained its independence in 1968, became a member of the Pacific Community in 1969. Nauru is a phosphate-rock island with rich deposits near the surface, which allowed easy strip mining operations, it has some remaining phosphate resources which, as of 2011, are not economically viable for extraction. When the phosphate reserves were exhausted, the island's environment had been harmed by mining, the trust, established to manage the island's wealth diminished in value. To earn income, Nauru became a tax haven and illegal money laundering centre. From 2001 to 2008, again from 2012, it accepted aid from the Australian Government in exchange for hosting the Nauru Regional Processing Centre, an offshore Australian immigration detention facility; as a result of heavy dependence on Australia, many sources have identified Nauru as a client state of Australia.
Nauru was first inhabited by Polynesians at least 3,000 years ago. There were traditionally 12 clans or tribes on Nauru, which are represented in the twelve-pointed star on the country's flag. Traditionally, Nauruans traced their descent matrilineally. Inhabitants practised aquaculture: they caught juvenile ibija fish, acclimatised them to fresh water, raised them in the Buada Lagoon, providing a reliable source of food; the other locally grown components of their diet pandanus fruit. The name "Nauru" may derive from the Nauruan word Anáoero, which means'I go to the beach'; the British sea captain John Fearn, a whale hunter, became the first Westerner to visit Nauru, in 1798, calling it "Pleasant Island". From around 1830, Nauruans had contact with Europeans from whaling ships and traders who replenished their supplies fresh water, at Nauru. Around this time, deserters from European ships began to live on the island; the islanders firearms. The firearms were used during the 10-year Nauruan Tribal War that began in 1878.
After an agreement with Great Britain, Nauru was annexed by Germany in 1888 and incorporated into Germany's Marshall Islands Protectorate for administrative purposes. The arrival of the Germans ended the civil war, kings were established as rulers of the island; the most known of these was King Auweyida. Christian missionaries from the Gilbert Islands arrived in 1888; the German settlers called the island "Nawodo" or "Onawero". The Germans ruled Nauru for three decades. Robert Rasch, a German trader who married a Nauruan woman, was the first administrator, appointed in 1890. Phosphate was discovered on Nauru in 1900 by the prospector Albert Fuller Ellis; the Pacific Phosphate Company began to exploit the reserves in 1906 by agreement with Germany, exporting its first shipment in 1907. In 1914, following the outbreak of World War I, Nauru was captured by Australian troops. In 1919 it was agreed by the Allied and Associated Powers that His Britannic Majesty should be the administering authority under a League of Nations mandate.
The Nauru Island Agreement forged in 1919 between the governments of the United Kingdom and New Zealand provided for the administration of the island and for extraction of the phosphate deposits by an intergovernmental British Phosphate Commission. The terms of the League of Nations mandate were drawn up in 1920; the island experienced an influenza epidemic in 1920, with a mortality rate of 18 per cent among native Nauruans. In 1923, the League of Nations gave Australia a trustee mandate over Nauru, with the United Kingdom and New Zealand as co-trustees. On 6 and 7 December 1940, the German auxiliary cruisers Komet and Orion sank five supply ships in the vicinity of Nauru. Komet shelled Nauru's phosphate mining areas, oil storage depots, the shiploading cantilever. Japanese troops occupied Nauru on 25 August 1942; the Japanese built an airfield, bombed for the first time on 25 March 1943, preventing food supplies from being flown to Nauru. The Japanese deported 1,200 Nauruans to work as labourers in the Chuuk islands, occupied by Japan.
Nauru, bypassed and left to "wither on the vine" by US forces, was liberated on 13 September 1945, when commander Hisayaki Soeda surrendered the island to the Australian Army and the Royal Australian Navy. The surrender was accepted by Brigadier J. R. Stevenson, who represented Lieutenant General Vernon Sturdee, the commander of the First Australian Army, aboard the
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separated fr
Japanese government-issued currency in the Dutch East Indies
The Netherlands Indies gulden the Netherlands Indies roepiah, was the currency issued by the Japanese occupiers in the Dutch East Indies between 1942 and 1945. It replaced the gulden at par. In December 1941, the Empire of Japan began its assault on British Borneo; this was followed by attacks on Java in February. The Dutch colonial government capitulated on 8 March 1942, though pockets of resistance lasted for several months. In the succeeding months, the Japanese government closed the banks, seized assets and currency, assumed control of the Indies' economy. Java was left under the administration of the Sixteenth Army, Sumatra under the Twenty-Fifth Army, the remainder of the archipelago under the Japanese Navy; this administrative division meant that some notes were localized. For instance, the 100 and 1000 gulden notes, with a design similar to that used in occupied Malaya, were only meant to be circulated in Sumatra. There is no evidence, that the latter were in use; the Japanese occupation government began issuing military banknotes for use in the occupied Indies, as had been done in other occupied territories.
These first banknotes were printed in Japan, issued by the Ministry of Finance. This issue formally retained the gulden name, though in common indigene parlance it was called oeang Djepang or oeang pisang; each gulden consisted of 100 cents. After the occupation began, the Japanese military government ruled that, as of 11 March 1942, the only valid currency in the region were military banknotes and existing colonial gulden. Soon, they had begun replacing the pre-war currency at par, they soon required. This policy, was not implemented strictly, pre-war currency was hoarded in the internment camps. In March 1943, the Japanese occupation government ceased issuing military notes. Printing operations were moved to Kolff in Java; these banknotes, which experienced no change in appearance, were issued by the Southern Development Bank, established the preceding year and was managed by Yokohama Specie Bank and Bank of Taiwan. Under the SDB, an large amount of currency was issued; this increase in circulation was followed by a drastic increase in inflation.
This currency, renamed the roepiah for the 1944 issue, was used but depreciated. The Japanese forces surrendered on 15 August, two days the Republic of Indonesia proclaimed its independence; the available Japanese-issued roepiah were accepted as legal tender, together with the pre-war gulden, in both areas controlled by the Netherlands and those under Republican rule. Japanese issued notes were not, however, at par with pre-war gulden. On 6 March 1946, Dutch-controlled areas replaced the Japanese-issue roepiah with the NICA-issued gulden, giving an official exchange rate of 3 NICA gulden to 100 Japanese roepiah; the Republican government followed suit on 30 October 1946, replacing the occupation currency with Oeang Repoeblik Indonesia at an official rate of 50 Japanese roepiah for 1 ORI. However, owing to the ongoing Indonesian National Revolution and the resulting chaotic monetary landscape, Japanese-issued bills remained in use into 1949; the Indonesian Minister of Finance, Alexander Andries Maramis, estimated in 1946 that the Japanese had put some 2.2 billion roepiah into circulation by the end of the occupation.
Yoshimasa gives a higher amount, over 3.1 billion. The Australian historian Robert Cribb, writes that the Japanese issued more than they recorded, that – combined with money printed after the Japanese surrender – the actual total could be between 3.5 and 8 billion, with only 2.7 billion issued during the occupation. Known as the "Puppet Series" for each having depicted a distinctive traditional Indonesian shadow puppet, these coins were struck in tin with denominations of 1, 5, 10 sen, they were dated 2604 using the classical Japanese imperial year calendar system, which equals 1943 in the Gregorian calendar. However, as the war began to turn against Japan her advantageous shipping routes were disrupted, many coins destined towards the Indies were lost in transit due to heavy artillery fire and torpedoing of Japanese ships by Allied forces. Most of the unused stock was melted down and today few specimens of any denomination survive; the Japanese invasion money used in the Netherlands Indies was first denominated in Gulden and in Roepiah.
The Gulden issue bears the payment obligation "De Japansche Regeering Betaalt Aan Toonder" on notes one-half Gulden and above. On smaller change notes it is shortened to “De Japansche Regeering”. All Japanese invasion money used in the Netherlands Indies bear the block prefi
Japanese government-issued Philippine peso
During World War II in the Philippines, the occupying Japanese government-issued fiat currency in several denominations. The Second Philippine Republic under President José P. Laurel outlawed possession of guerrilla currency, declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested or executed; some Filipinos called the fiat peso "Mickey Mouse money". Many survivors of the war tell stories of going to the market laden with suitcases or "bayóng" overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U. S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos; these bills were used by American psychological warfare personnel as propaganda leaflets. Japanese occupation banknotes were overprinted with the words "The Co-prosperity Sphere: What is it worth?", in an attempt to discredit the Greater East Asia Co-Prosperity Sphere, dropped from Allied aircraft over the occupied territories.
A new series of notes in denominations of 1, 5, 10 pesos were issued in 1943. Hyperinflation had forced the Japanese to issue notes for 100, 500, 1000 pesos in 1944. Emergency circulating notes Japanese government-issued dollar in Malaya, North Borneo and Brunei Philippine peso Bangko Sentral ng Pilipinas - Official website of the Bangko Sentral ng Pilipinas Philippine Currency During WWII