Elizabeth II is Queen of the United Kingdom and the other Commonwealth realms. Elizabeth was born in London as the first child of the Duke and Duchess of York King George VI and Queen Elizabeth, she was educated at home, her father acceded to the throne on the abdication of his brother King Edward VIII in 1936, from which time she was the heir presumptive. She began to undertake public duties during the Second World War, serving in the Auxiliary Territorial Service. In 1947, she married Prince Philip, Duke of Edinburgh, a former prince of Greece and Denmark, with whom she has four children: Charles, Prince of Wales; when her father died in February 1952, she became head of the Commonwealth and queen regnant of seven independent Commonwealth countries: the United Kingdom, Australia, New Zealand, South Africa and Ceylon. She has reigned as a constitutional monarch through major political changes, such as devolution in the United Kingdom, Canadian patriation, the decolonisation of Africa. Between 1956 and 1992, the number of her realms varied as territories gained independence and realms, including South Africa and Ceylon, became republics.
Her many historic visits and meetings include a state visit to the Republic of Ireland and visits to or from five popes. Significant events have included her coronation in 1953 and the celebrations of her Silver and Diamond Jubilees in 1977, 2002, 2012 respectively. In 2017, she became the first British monarch to reach a Sapphire Jubilee, she is the longest-lived and longest-reigning British monarch as well as the world's longest-reigning queen regnant and female head of state, the oldest and longest-reigning current monarch and the longest-serving current head of state. Elizabeth has faced republican sentiments and press criticism of the royal family, in particular after the breakdown of her children's marriages, her annus horribilis in 1992 and the death in 1997 of her former daughter-in-law Diana, Princess of Wales. However, support for the monarchy has been and remains high, as does her personal popularity. Elizabeth was born at 02:40 on 21 April 1926, during the reign of her paternal grandfather, King George V.
Her father, the Duke of York, was the second son of the King. Her mother, the Duchess of York, was the youngest daughter of Scottish aristocrat the Earl of Strathmore and Kinghorne, she was delivered by Caesarean section at her maternal grandfather's London house: 17 Bruton Street, Mayfair. She was baptised by the Anglican Archbishop of York, Cosmo Gordon Lang, in the private chapel of Buckingham Palace on 29 May, named Elizabeth after her mother, Alexandra after George V's mother, who had died six months earlier, Mary after her paternal grandmother. Called "Lilibet" by her close family, based on what she called herself at first, she was cherished by her grandfather George V, during his serious illness in 1929 her regular visits were credited in the popular press and by biographers with raising his spirits and aiding his recovery. Elizabeth's only sibling, Princess Margaret, was born in 1930; the two princesses were educated at home under the supervision of their mother and their governess, Marion Crawford.
Lessons concentrated on history, language and music. Crawford published a biography of Elizabeth and Margaret's childhood years entitled The Little Princesses in 1950, much to the dismay of the royal family; the book describes Elizabeth's love of horses and dogs, her orderliness, her attitude of responsibility. Others echoed such observations: Winston Churchill described Elizabeth when she was two as "a character, she has an air of authority and reflectiveness astonishing in an infant." Her cousin Margaret Rhodes described her as "a jolly little girl, but fundamentally sensible and well-behaved". During her grandfather's reign, Elizabeth was third in the line of succession to the throne, behind her uncle Edward and her father. Although her birth generated public interest, she was not expected to become queen, as Edward was still young. Many people believed he would have children of his own; when her grandfather died in 1936 and her uncle succeeded as Edward VIII, she became second-in-line to the throne, after her father.
That year, Edward abdicated, after his proposed marriage to divorced socialite Wallis Simpson provoked a constitutional crisis. Elizabeth's father became king, she became heir presumptive. If her parents had had a son, she would have lost her position as first-in-line, as her brother would have been heir apparent and above her in the line of succession. Elizabeth received private tuition in constitutional history from Henry Marten, Vice-Provost of Eton College, learned French from a succession of native-speaking governesses. A Girl Guides company, the 1st Buckingham Palace Company, was formed so she could socialise with girls her own age, she was enrolled as a Sea Ranger. In 1939, Elizabeth's parents toured the United States; as in 1927, when her parents had toured Australia and New Zealand, Elizabeth remained in Britain, since her father thought her too young to undertake public tours. Elizabeth "looked tearful", they corresponded and she and her parents made the first royal transatlantic telephone call on 18 May.
In September 1939, Britain entered the Second World War. Lord Hailsham suggested that the two princesses should be evacuated to Canada to avoid the frequent aerial bombing; this was rejected by Elizabeth's mother. I won't leave wit
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
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
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 produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; 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, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
A penny is a coin or a unit of currency in various countries. Borrowed from the Carolingian denarius, it is the smallest denomination within a currency system. Presently, it is the formal name of the British penny and the informal name of one American cent as well as the informal Irish designation of 1 cent euro coin, it is the informal name of the cent unit of account in Canada, although one cent coins are no longer minted there. The name is used in reference to various historical currencies derived from the Carolingian system, such as the French denier and the German pfennig, it may be informally used to refer to any similar smallest-denomination coin, such as the euro cent or Chinese fen. The Carolingian penny was a.940-fine silver coin weighing 1/240 pound. It was adopted by Offa of Mercia and other English kings and remained the principal currency in Europe over the next few centuries until repeated debasements necessitated the development of more valuable coins; the British penny remained a silver coin until the expense of the Napoleonic Wars prompted the use of base metals in 1797.
Despite the decimalization of currencies in the United States and throughout the British Commonwealth, the name remains in informal use. No penny is formally subdivided, although farthings and half cents have been minted and the mill remains in use as a unit of account in some contexts. Penny is first attested in a 1394 Scots text, a variant of Old English peni, a development of numerous variations including pennig and pending; the etymology of the term "penny" is uncertain, although cognates are common across all Germanic languages and suggest a base *pan-, *pann-, or *pand- with the individualizing suffix -ing. Common suggestions include that it was *panding as a Low Franconian form of Old High German pfant "pawn", it has been proposed that it may represent an early borrowing of Punic pn, as the face of Carthaginian goddess Tanit was represented on nearly all Carthaginian currency. Following decimalization, the British and Irish coins were marked "new penny" until 1982 and 1985, respectively.
The regular plural pennies fell out of use in England from the 16th century, except in reference to coins considered individually. It remains common in Scottish English and is standard for all senses in American English, however, the informal "penny" is only used of the coins in any case, values being expressed in "cents"; the informal name for the American cent seems to have spread from New York State. In British English, prior to decimalization, values from two to eleven pence and of twenty pence are written and spoken as a single word, as twopence or tuppence, threepence or thruppence, &c. Where a single coin represented a number of pence, it was treated as a single noun, as a sixpence or two eightpences. Thus, "a threepence" would be single coin of that value whereas "three pence" would be its value and "three pennies" would be three penny coins. In British English, divisions of a penny were added to such combinations without a conjunction, as sixpence-farthing, such constructions were treated as single nouns.
Adjectival use of such coins used the ending -penny, as sixpenny. The British abbreviation d. derived from the Latin denarius. It followed the amount after a space, it has been replaced since decimalization by p written without a space or period. From this abbreviation, it is common to speak of pennies and values in pence as "p". In North America, it is common to abbreviate cents with the currency symbol ¢. Elsewhere, it is written with a simple c; the medieval silver penny was modeled on similar coins in antiquity, such as the Greek drachma, the Carthaginian shekel, the Roman denarius. Forms of these seem to have reached as far as Sweden; the use of Roman currency in Britain seems to have fallen off after the Roman withdrawal and subsequent Saxon invasions. Charlemagne's father Pepin the Short instituted a major currency reform around AD 755, aiming to reorganise Francia's previous silver standard with a standardized.940-fine denier weighing 1⁄240 pound. Around 790, Charlemagne introduced a new.950 or.960-fine penny with a smaller diameter.
Surviving specimens have an average weight of 1.70 grams, although some estimate the original ideal mass at 1.76 grams. Despite the purity and quality of these pennies, they were rejected by traders throughout the Carolingian period in favor of the gold coins used elsewhere, a situation that led to repeated legislation against such refusal to accept the king's currency; some of the Anglo-Saxons kingdoms copied the solidus, the late Roman gold coin. Around AD 641–670, there seems to have been a movement to use coins with a lower gold content; this decreased their value and may have increased the number that could be minted, but these paler coins do not seem to have solved the problem of the value and scarcity of the currency
Northern Rhodesia was a protectorate in south central Africa, formed in 1911 by amalgamating the two earlier protectorates of Barotziland-North-Western Rhodesia and North-Eastern Rhodesia. It was administered, as were the two earlier protectorates, by the British South Africa Company, a chartered company on behalf of the British Government. From 1924 it was administered by the British Government as a protectorate under similar conditions to other British-administered protectorates, the special provisions required when it was administered by BSAC were terminated. Although under the BSAC charter it had features of a charter colony, the BSAC's treaties with local rulers and British legislation gave it the status of a protectorate; the territory attracted a small number of European settlers, but from the time these first secured political representation, they agitated for white minority rule, either as a separate entity or associated with Southern Rhodesia and Nyasaland. The mineral wealth of Northern Rhodesia made full amalgamation attractive to Southern Rhodesian politicians, but the British Government preferred a looser association to include Nyasaland.
This was intended to protect Africans in Northern Rhodesia and Nyasaland from discriminatory Southern Rhodesian laws. The Federation of Rhodesia and Nyasaland formed in 1953 was intensely unpopular among the vast African majority and its formation hastened calls for majority rule; as a result of this pressure, the country became independent in 1964 as Zambia. The geographical, as opposed to political, term "Rhodesia" referred to a region comprising the areas that are today Zambia and Zimbabwe. From 1964, it only referred to the former Southern Rhodesia; the name "Rhodesia" was derived from Cecil John Rhodes, the British capitalist and empire-builder, a guiding figure in British expansion north of the Limpopo River into south-central Africa. Rhodes pushed British influence into the region by obtaining mineral rights from local chiefs under questionable treaties. After making a vast fortune in mining in South Africa, it was his ambition to extend the British Empire north, all the way to Cairo if possible, although this was far beyond the resources of any commercial company to achieve.
Rhodes' main focus was south of the Zambezi, in Mashonaland and the coastal areas to its east, when the expected wealth of Mashonaland did not materialise, there was little money left for significant development in the area north of the Zambezi, which he wanted to be held as cheaply as possible. Although Rhodes sent European settlers into the territory that became Southern Rhodesia, he limited his involvement north of the Zambezi to encouraging and financing British expeditions to bring it into the British sphere of influence. British missionaries had established themselves in Nyasaland, in 1890 the British government's Colonial Office sent Harry Johnston to this area, where he proclaimed a protectorate named the British Central Africa Protectorate; the charter of BSAC contained only vague limits on the northern extent of the company's sphere of activities, Rhodes sent emissaries Joseph Thomson and Alfred Sharpe to make treaties with chiefs in the area west of Nyasaland. Rhodes considered Barotseland as a suitable area for British South Africa Company operations and as a gateway to the copper deposits of Katanga.
Lewanika, king of the Lozi people of Barotseland sought European protection because of internal unrest and the threat of Ndebele raids. With the help of François Coillard of the Paris Evangelical Missionary Society he drafted a petition seeking a British protectorate in 1889, but the Colonial Office took no immediate action on it. However, Rhodes sent Frank Elliott Lochner to Barotseland to obtain a concession, offered to pay the expenses of a protectorate there. Lochner told Lewanika that BSAC represented the British government, on 27 June 1890 Lewanika consented to an exclusive mineral concession; this gave the company mining rights over the whole area in which Lewanika was paramount ruler in exchange for an annual subsidy and the promise of British protection, a promise that Lochner had no authority to give. However, the BSAC advised the Foreign Office; as a result, Barotseland was claimed to be within the British sphere of influence under the Anglo-Portuguese Treaty of 1891, although its boundary with Angola was not fixed until 1905.
In 1889, although Britain recognised the rights of the International Association of the Congo to large sections of the Congo basin, which formed the Congo Free State under the personal rule of King Leopold II of Belgium, it did not accept its effective occupation of Katanga, known to have copper and was thought might have gold. Rhodes prompted by Harry Johnston, wanted a mineral concession for the BSAC in Katanga, he sent Alfred Sharpe to obtain a treaty from its ruler, Msiri which would grant the concession and create a British protectorate over his kingdom. King Leopold II of Belgium was interested in Katanga and Rhodes suffered one of his few setbacks when in April 1891 a Belgian expedition led by Paul Le Marinel obtained Msiri's agreement to Congo Free State personnel entering his territory, which they did in force in 1892; this treaty produced the anomaly of the Congo Pedicle. The two stages in acquiring territory in Africa after the Congress of Berlin were, firstly, to enter into treaties with local rulers and, secondly, to make bi-lateral treaties with other European powers.
By one series of agreements made between 1890 and 1910, Lewanika granted concessions covering a poorly defined area of Barotziland-North-Western Rhodesia, a second series covering a disputed part of North-Eastern Rhodesia was negotiated by Jose