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94-692: The 31st G8 summit was held on 6–8 July 2005 at the Gleneagles Hotel in Auchterarder , Scotland and hosted by Prime Minister Tony Blair . The locations of previous G8 summits to have been hosted by the UK include: London (1977, 1984, 1991); and Birmingham (1998). It is the first G8 summit to be held in Scotland . A sixth UK summit was held in Lough Erne in 2013; and a seventh UK summit
188-465: A British company – Bi-water) which led to a worse service and higher prices. In practice, only 19 developing countries signed up to the HIPC initiative. Even then, only the debt to the public international financial institutions was cancelled (so [Indonesia’s arms debts][www.jubileescotland.org.uk], for example, were not covered). Even then the debts will only apply to a cut off date of 2003. This came despite
282-487: A dollar are emitted as Federal Reserve Notes , disregarding these special cases: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers , named for Joachimstal , the valley in which the silver was mined. In turn, the valley's name is titled after Saint Joachim , whereby thal or tal , a cognate of the English word dale , is German for 'valley.' The joachimstaler
376-757: A dollar, and dimes at 0.100 of a dollar. After the adoption of the United States Constitution , the U.S. dollar was defined by the Coinage Act of 1792 . It specified a "dollar" based on the Spanish milled dollar to contain 371 + 4 ⁄ 16 grains of fine silver, or 416.0 grains (26.96 g) of "standard silver" of fineness 371.25/416 = 89.24%; as well as an "eagle" to contain 247 + 4 ⁄ 8 grains of fine gold, or 270.0 grains (17.50 g) of 22 karat or 91.67% fine gold. Alexander Hamilton arrived at these numbers based on
470-648: A few cases, U.S. coins) used in circulation. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . As of February 10, 2021, currency in circulation amounted to US$ 2.10 trillion , $ 2.05 trillion of which is in Federal Reserve Notes (the remaining $ 50 billion is in the form of coins and older-style United States Notes ). As of September 20, 2023,
564-545: A grain of pure, or four hundred and sixteen grains of standard silver. Section 20 of the Act designates the United States dollar as the unit of currency of the United States: [T]he 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. Unlike
658-410: A large number of Officers had been deployed to Central London as reserves in case of protest. The Metropolitan Police SOR, Special Operations Room, had been stood up and so there was a full Command Team in place with units immediately able to be deployed. While attending the summit, on 6 July 2005, George W. Bush collided with a British police officer, suffering minor lacerations on his hands and arms;
752-575: A limited extent" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857 , as well as to help finance the Mexican–American War and the Civil War . Paper money was issued again in 1862 without the backing of precious metals due to the Civil War . In addition to Treasury Notes, Congress in 1861 authorized
846-452: A mild rebellion against the stiff formality of other international meetings was a part of the genesis of cooperation between France's president Valéry Giscard d'Estaing and West Germany's chancellor Helmut Schmidt as they conceived the initial summit of the Group of Six (G6) in 1975. The G8 summits during the 21st-century have inspired widespread debates, protests and demonstrations; and
940-408: A mountain bike, sometimes you fall, otherwise you're not riding hard." The Gleneagles G8 summit cost the host nation £12.7 million. Of this, £4.1m was spent on the conference facilities, catering and accommodation; £3.9m was spent on facilities and catering for the media; and £1.5m for transport related to the summit. Policing and security of the summit cost an extra £72m, of which £52m was provided by
1034-678: A series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets . Congress continued to issue paper money after the Civil War, the latest of which is the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913 . Since
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#17327572013121128-575: A small proportion of the Third World debt will be affected by the proposal. In mid-July, objections by Belgium raised the possibility of the debt relief bill not being approved by the International Monetary Fund, a development that was harshly criticized by many activists. Agreement was not reached on Brown's proposed International Finance Facility , partly because the United States said that its budget procedures meant it
1222-487: A treasury assay of the average fine silver content of a selection of worn Spanish dollars , which came out to be 371 grains. Combined with the prevailing gold-silver ratio of 15, the standard for gold was calculated at 371/15 = 24.73 grains fine gold or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar's standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver. The same coinage act also set
1316-654: Is an international event which is observed and reported by news media, but the G8's continuing relevance after more than 30 years is somewhat unclear. More than one analyst suggests that a G8 summit is not the place to flesh out the details of any difficult or controversial policy issue in the context of a three-day event. Rather, the meeting offers an opportunity to bring a range of complex and sometimes inter-related issues. The G8 summit brings leaders together "not so they can dream up quick fixes, but to talk and think about them together." While many activists expressed disappointment that
1410-464: Is contributing to the problem". However, he said the Kyoto treaty was not the answer. Environment campaigners called the result of the summit "a very disappointing finale". "The G8 have delivered nothing new here and the text conveys no sense of the scale or urgency of the challenge. The action plan, without any targets or timetables, will deliver very little to reduce emissions, or to roll out renewables to
1504-454: Is one of the first words of Section 9, in which the term refers to the Spanish milled dollar , or the coin worth eight Spanish reales . In 1792, the U.S. Congress passed the Coinage Act , of which Section 9 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, and to contain three hundred and seventy-one grains and four sixteenth parts of
1598-536: Is still far to go to reach the needed 100 per cent. Although the 2005 G8 communique promised that developing countries should be able to decide their own economic policies, there has been little evidence of this in practice. For example, the EU went on to attempt to push so called 'Economic Partnership Agreements' on developing countries, which Trade Justice campaigners argue will not be good for developing countries, and are being forced upon them against their will. Because of
1692-460: Is that it is derived from the Pillars of Hercules on the Spanish coat of arms of the Spanish dollar . These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars ( || ) and a swinging cloth band in the shape of an S . Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of
1786-660: The 31st G8 summit in July 2005. It is a Category B listed building . Construction of the hotel was commenced by the Caledonian Railway (CR), which also built the nearby Gleneagles railway station . However, by the time it opened in 1924, the CR had been absorbed by the London, Midland & Scottish Railway (LMS). It was equipped with its own dedicated railway branch line. An up-and-coming dance band leader named Henry Hall
1880-468: The Coinage Act of 1834 the dollar's fine gold equivalent was revised to 23.2 grains; it was slightly adjusted to 23.22 grains (1.505 g) in 1837 (gold-silver ratio ~16). The same act also resolved the difficulty in minting the "standard silver" of 89.24% fineness by revising the dollar's alloy to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was also revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gold. Following
1974-551: The Comstock Lode in the 1870s. This was the so-called "Crime of '73". The Gold Standard Act of 1900 repealed the U.S. dollar's historic link to silver and defined it solely as 23.22 grains (1.505 g) of fine gold (or $ 20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt , and in 1934 the standard was changed to $ 35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar. After 1968
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#17327572013122068-545: The Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio , with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of
2162-526: The Dutch pioneered in modern-day New York in the 17th century the use and the counting of money in silver dollars in the form of German-Dutch reichsthalers and native Dutch leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century. The colloquialism buck(s) (much like the British quid for
2256-630: The First World War , and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War . The dollar is the most widely used currency in international transactions , and a free-floating currency . It is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in
2350-458: The Scottish government . For some, the G8 summit became a profit-generating event; as for example, the official G8 Summit magazines which have been published under the auspices of the host nations for distribution to all attendees since 1998. General Activism Development Climate change Gleneagles Hotel Gleneagles Hotel is a hotel near Auchterarder , Scotland. It
2444-963: The World Bank , the International Monetary Fund , and the African Development Fund . The annual saving in debt payments amounts to just over US$ 1 billion. War on Want estimates that US$ 45.7 billion would be required for 62 countries to meet the Millennium Development Goals . The ministers stated that twenty more countries, with an additional US$ 15 billion in debt, would be eligible for debt relief if they met targets on fighting corruption and continue to fulfill structural adjustment conditionalities that eliminate impediments to private investment . The agreement, which required weeks of intense negotiations led by Brown, must be approved by
2538-561: The dollar , U.S. dollar , American dollar , or colloquially buck ) is the official currency of the United States and several other countries . The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar , divided it into 100 cents , and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes , popularly called greenbacks due to their predominantly green color. The U.S. dollar
2632-401: The pound sterling ) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade, or it may also have originated from a poker term. Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on
2726-529: 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", which is further specified by Section 331 of Title 31 of the U.S. Code. The sums of money reported in the "Statements" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as the unit of account of the United States. "Dollar"
2820-582: The Federal Reserve estimated that the total amount of currency in circulation was approximately US$ 2.33 trillion . Article I , Section 8 of the U.S. Constitution provides that Congress has the power "[t]o coin money ." Laws implementing this power are currently codified in Title 31 of the U.S. Code , under Section 5112, which prescribes the forms in which the United States dollars should be issued. These coins are both designated in
2914-769: The King's Course, Queen's Course and PGA Centenary Course, previously known as the Monarch's Course. There is also a nine-hole course called the PGA National Academy Course, informally known as the Wee Course. Gleneagles Golf Academy opened in 1994 and in 2010 was re-branded to The PGA National Academy for Scotland. The Jack Nicklaus -designed PGA Centenary Course opened in 1993 and hosted the Ryder Cup in 2014. When asked about his work, Nicklaus said, "It's
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3008-596: The Kyoto Protocol and have committed to reducing their carbon dioxide emissions by 2010. Hopes had been raised that the unprecedented joint declaration by the G8 countries' academies of sciences on the need for urgent action on global warming would help moderate the US negotiating position. On July 6, US President George W. Bush recognised "that the surface of the Earth is warmer and that an increase in greenhouse gases
3102-948: The Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows: the mill , or one-thousandth of a dollar; the cent , or one-hundredth of a dollar; the dime , or one-tenth of a dollar; and the eagle , or ten dollars. The current relevance of these units: The Spanish peso or dollar was historically divided into eight reales (colloquially, bits ) – hence pieces of eight . Americans also learned counting in non-decimal bits of 12 + 1 ⁄ 2 cents before 1857 when Mexican bits were more frequently encountered than American cents; in fact this practice survived in New York Stock Exchange quotations until 2001. In 1854, Secretary of
3196-540: The Treasury James Guthrie proposed creating $ 100, $ 50, and $ 25 gold coins, to be referred to as a union , half union , and quarter union , respectively, thus implying a denomination of 1 Union = $ 100. However, no such coins were ever struck, and only patterns for the $ 50 half union exist. When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins , while denominations greater than or equal to
3290-854: The Treasury to borrow $ 50 million in the form of Demand Notes , which did not bear interest but could be redeemed on demand for precious metals. However, by December 1861, the Union government's supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. In February 1862 Congress passed the Legal Tender Act of 1862 , issuing United States Notes , which were not redeemable on demand and bore no interest, but were legal tender , meaning that creditors had to accept them at face value for any payment except for public debts and import tariffs. However, silver and gold coins continued to be issued, resulting in
3384-471: The US had previously made such statements, this was the first time it had agreed to a multilateral announcement on the issue. Breaking with historical practice, the British government had allowed non-governmental organizations to play a key role in deliberations, perhaps prompted by the public pressure of the Make Poverty History movement and Live 8. The summit continued the trend of including
3478-450: The United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907 . For most of the post-war period, the U.S. government has financed its own spending by borrowing heavily from the dollar-lubricated global capital markets, in debts denominated in its own currency and at minimal interest rates. This ability to borrow heavily without facing a significant balance of payments crisis has been described as
3572-625: The United States until the Coinage Act of 1857 . In particular, colonists' familiarity with the Spanish two- real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin. For the relationship between the Spanish dollar and the individual state colonial currencies, see Connecticut pound , Delaware pound , Georgia pound , Maryland pound , Massachusetts pound , New Hampshire pound , New Jersey pound , New York pound , North Carolina pound , Pennsylvania pound , Rhode Island pound , South Carolina pound , and Virginia pound . On July 6, 1785,
3666-402: The United States was a significant recipient of wartime gold inflows. After the United States emerged as an even stronger global superpower during the Second World War , the Bretton Woods Agreement of 1944 established the U.S. dollar as the world's primary reserve currency and the only post-war currency linked to gold. Despite all links to gold being severed in 1971, the dollar continues to be
3760-582: The agenda were counterterrorism , non-proliferation , and reform in the Middle East . The summit was overshadowed, however, by bomb attacks in London on the second day of the conference. The traditional meeting of G8 finance ministers before the summit took place in London on 10 and 11 June 2005, hosted by Chancellor Gordon Brown . On 11 June, agreement was reached to write off the entire US$ 40 billion debt owed by 18 Highly Indebted Poor Countries to
3854-424: The agreements reached at the summit fell far short of their expectations, others noted that the 2005 summit was perhaps the most productive in the 30-year history of the G8. Some agreements were: No agreement was reached to address global warming, largely due to US opposition. The US did agree to a joint communique stating that global warming exists and that human intervention may at least partially be at fault. While
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3948-496: The arrests. Most people were released with strict bail conditions, having to leave the districts of Edinburgh, Glasgow, Perth , and/or Stirling or even Scotland altogether. Several people were rearrested for breaching their bail conditions. Section 60 of the Criminal Justice and Public Order Act 1994 , which allows searches for weapons in designated areas, was continuously used to stop and search people. The G8 summit
4042-521: The average Spanish dollar in circulation. The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains
4136-500: The backside, created by Abraham Lincoln to finance the North for the Civil War . It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such as Australia , New Zealand , South Africa , and India . Other well-known names of the dollar as a whole in denominations include greenmail , green , and dead presidents ,
4230-525: The bombings may have been planned that day because the terrorists knew that a large number of London police officers would be deployed in Scotland, weakening the city. Thousands of officers were deployed to Scotland from the Metropolitan Police , British Transport Police , and City of London Police , as well as many from other forces. In the event, London was actually better prepared, because
4324-465: The bombings, Blair decided to leave the G8 meeting temporarily to be present in London. He held a brief press conference, saying that the incidents were obviously terrorist attacks directed at the gathering of the G8. He also said that the meeting would continue in his absence, with Foreign Secretary Jack Straw filling in for him. Blair returned to Gleneagles by the evening of the 7th by Chinook helicopter, with heavy military escort. Reports suggest that
4418-440: The buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy. Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for
4512-414: The currency, a practice compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were
4606-421: The current "core members" of the international forum: Traditionally, the host country of the G8 summit sets the agenda for negotiations, which take place primarily amongst multi-national civil servants in the weeks before the summit itself, leading to a joint declaration which all countries can agree to sign. As host, the UK stated its intent to focus this G8 meeting on the issues of global climate change and
4700-549: The debt deal which the Gleneagles summit delivered; if the deal on aid is honoured it will produce an amount the equivalent of five Live Aid concerts every week. The London concert featured acts ranging from Sting and The Who to Annie Lennox , and most notably the reformation of Pink Floyd . Thousands also mobilized through the G8 Alternatives and Dissent! networks to protest the G8 and discuss alternatives to
4794-632: The depreciation of the newly printed notes through Gresham's law . In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases . In 1875, Congress passed the Specie Payment Resumption Act , requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879. Though
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#17327572013124888-537: The developing world in talks. The leaders of seven African nations attended, as well as the five leading developing countries: China, India, Brazil, Mexico, and, South Africa. The Infrastructure Consortium for Africa (ICA) was established at the Gleneagles summit in 2005. In subsequent years, the ICA’s annual meeting is traditionally hosted by the country holding the Presidency of the G8. Closer investigation of many of
4982-668: The dime (1946), the half Dollar (1948), and the Dollar (1971). After the American Revolution , the Thirteen Colonies became independent . Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency . Continental currency depreciated badly during
5076-426: The discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes . The U.S. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged from the First World War relatively unscathed and since
5170-421: The dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ) quantities, and right at the onset of the silver rush from
5264-488: The economic and political models they represent. These mobilizations have taken a more critical line towards both economic globalization (which they reject entirely) and the G8 itself, which they generally regard as illegitimate and undemocratic. The National Library of Scotland holds a collection of leaflets, posters and pamphlets collected during the G8 Summit. Protest took a variety of forms: On 19 June details of
5358-682: The face of difficult economic decisions. The United Kingdom aimed to confront the fundamental problem of conflicting domestic pressures among the G8 nations. As with all recent G8 summits, the meeting was the focus of many advocacy campaigns, including the Make Poverty History campaign in the United Kingdom, and the anti-globalization (a term not usually used by its supporters) movement. More than 200,000 people marched in support of Make Poverty History in Edinburgh on 2 July,
5452-493: The fact that the Commission for Africa report noted that in many cases the debt has in practice been paid back many times over, and that the debt was often accrued by illegitimate governments propped up by rich countries. The partial debt cancellation has done some good – Zambia for example is now able to provide universal free healthcare and Tanzania has increased its education spending. However debt campaigners argue that there
5546-596: The finest parcel of land in the world I have ever been given to work with." Tournaments that have taken place at Gleneagles include: The British School of Falconry has been located at Gleneagles since 1992. The village of Glenmor has holiday homes set within the grounds of the hotel. Conferences have included: Gleneagles Hotel has won/holds various awards, including: United States dollar The United States dollar ( symbol : $ ; currency code : USD ; also abbreviated US$ to distinguish it from other dollar-denominated currencies ; referred to as
5640-553: The hotel passed from LMS to the British Transport Commission and in 1963 to British Transport Hotels . In 1980 the hotel was designated as a Category B listed building . In 1981, British Transport Hotels sold Gleneagles to a newly established private sector operator, Gleneagles Hotels plc. In 1984 it was acquired by Arthur Bell & Sons , which came into the ownership of Guinness in 1985 and Diageo in 1997. Between 1982 and 1986, £11 million
5734-509: The installation of solar water heaters, ceiling insulation and low-energy light-bulbs in hundreds of low-income homes in Khayelitsha township. Defra, UK – Environmental Protection – Climate Change – Cost of carbon – Carbon offsetting The summit was intended as a venue for resolving differences among its members. As a practical matter, the summit was also conceived as an opportunity for its members to give each other mutual encouragement in
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#17327572013125828-774: The lack of economic development in Africa . The British government set the priorities of supporting Africa 's economic development (by agreeing to write off debts of the poorest countries, and to significantly increase aid ) and of moving forward initiatives to research and combat global warming . Blair had planned to move beyond the Kyoto Protocol by looking at how to include key developing countries ( India , China , Mexico , Brazil , and South Africa ) not included in it – principally by agreeing technology transfer of clean energy technologies in exchange for commitments on reduction of greenhouse gases . Other announced items on
5922-661: The largest demonstration in Scottish history. In addition to the Make Poverty History coalition's efforts, singer/activist Bob Geldof organised concerts in each of the G8 member states on 2 July, as well as a concert in Edinburgh on 6 July. Unlike Live Aid 20 years prior, whose primary aim was to raise money, Live 8 aimed to increase awareness among the citizens of the G8 countries, and thus force their leaders into increasing their focus on world poverty – though in fact Live 8 raised 400 times more than Live Aid simply in terms of
6016-397: The latter of which referring to the deceased presidents pictured on most bills. Dollars in general have also been known as bones (e.g. "twenty bones" = $ 20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as bigface notes or Monopoly money . Piastre
6110-514: The lending institutions to take effect. While negotiations have essentially taken place between the G8 member states, some of which are reluctant to endorse debt cancellation and aid increases, African governments, advocacy organizations and their allies have criticised the Blair-Brown plan as inadequate and argued that the continuation of structural adjustment policies outweighs the benefits of debt cancellation, while also pointing out that only
6204-401: The modern-day World Bank Group , establishing the infrastructure for conducting international payments and accessing the global capital markets using the U.S. dollar. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . It was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for
6298-517: The numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was perhaps the result of a late 18th-century evolution of the scribal abbreviation p for the peso , the common name for the Spanish dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The p and the s eventually came to be written over each other giving rise to $ . Another popular explanation
6392-491: The officer was taken to a local hospital. It was initially reported that the officer suffered only minor injuries and was taken to the hospital only as a precaution. However, the officer ended up needing crutches and missing three months of duty. On 26 February 2006, The Scotsman published a previously unreleased police report which contradicted the administration's story: Bush, who has experienced other bicycle- and Segway-related accidents, commented, "When you ride hard on
6486-561: The other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged , does not consider the fact that the symbol was already in use before the formation of the United States. The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso , Spanish milled dollar , eight-real coin , piece-of-eight ). The latter was produced from the rich silver mine output of Spanish America ,
6580-404: The poorest countries), and even then only after completing the ‘Highly Indebted Poor Country’ (HIPC) initiative – that means changing their economic policies at the behest of the International Monetary Fund and World Bank – meaning more of the same economic conditionalities which were highlighted as problems by the Make Poverty History campaign. For example, Tanzania was forced to privatise water (to
6674-442: The promises made at Gleneagles reveals that some of the aid funds were rehashed versions of aid already pledged and the aid was often used to privatise public services to businesses based in the donor country. However even three years on many G8 countries were backsliding on their aid quantity commitments. The debt deal was not ‘full’ cancellation of debts at all but only cancellation of the debts for 40 potential countries (classed as
6768-487: The rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $ 1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin,
6862-725: The scale required", said a spokesperson for Friends of the Earth . [1] Archived 2005-07-30 at the Wayback Machine The US also pulled out of financial pledges to fund a network of regional climate centers throughout Africa which were designed to monitor the unfolding impact of global warming. Other schemes opposed by the US include the Clean Development Mechanism (CDM) set up to help developing states develop economically while controlling greenhouse gas emissions. New US move to spoil climate accord To address claims that flying so many people around
6956-596: The season ended, the band moved to the Adelphi Hotel in Liverpool . Summer 1925 saw the band return to Gleneagles, although their commercial recordings were made in Manchester , and the winter seasons were in Liverpool . During World War II , as with many large country hotels, it was converted into Gleneagles Hospital under the charge of Dr Thomas Ferguson as Medical Superintendent. In 1948 ownership of
7050-572: The section as " legal tender " in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, in contrast to the American Silver Eagle which is pure silver . Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent ( U.S. Penny ) to 100 dollars. These other coins are more fully described in Coins of the United States dollar . Article I, Section 9 of
7144-418: The security for the summit were leaked to the British newspaper The Independent on Sunday , because of concerns by an intelligence source that ministers were being "complacent". The security operation, involving more than 10,000 police, many of whom were armed, possibly a number of US Marines , a Special Air Service (SAS) team and snipers , as well as the unprecedented intelligence gathering beforehand by
7238-512: The security service and American intelligence agencies is estimated to have cost around GB£ 100 million. Police officers from all over Great Britain were called in to reinforce the local forces to maintain order in Edinburgh and other cities; even small protests were cordoned off by large numbers of police officers. The protest legal support team estimates that at least 700 people were arrested and 350 charged. Targeted actions of London's forward intelligence teams (FITs) resulted in several of
7332-552: The silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10 . From implementation of the 1792 Mint Act to the 1900 implementation of the gold standard , the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains (24.056 g) of fine silver or 24.75 grains of fine gold (gold-silver ratio 15). Subsequent to
7426-477: The silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion. Summary and links to coins issued in the 19th century: In order to finance the War of 1812 , Congress authorized the issuance of Treasury Notes , interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function "to
7520-564: The two- or three-day event becomes more than the sum of its parts, elevating the participants, the issues and the venue as focal points for activist pressure. The G8 is an unofficial annual forum for the leaders of Canada, the European Commission, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States. The 31st G8 summit was the last summit for Canadian Prime Minister Paul Martin and German Chancellor Gerhard Schröder . These summit participants are
7614-414: The value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2 , 1 ⁄ 4 , 1 ⁄ 10 , and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted into relative value in the economy for
7708-423: The war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds. The currency was ultimately replaced by
7802-567: The world to talk about global warming actually contributes substantially to it, the entire G8 Presidency was designed to be carbon neutral , with calculated resulting carbon emissions being offset by purchasing Certified Emissions Reductions (CERs) from a Clean Development Mechanism project. The Kuyasa low-income housing energy upgrade project located in Cape Town, South Africa, was chosen. The first CDM project to be registered in Africa, it involves
7896-408: The world's foremost reserve currency for international trade to this day. The Bretton Woods Agreement of 1944 also defined the post-World War II monetary order and relations among modern-day independent states , by setting up a system of rules, institutions, and procedures to regulate the international monetary system . The agreement founded the International Monetary Fund and other institutions of
7990-497: Was commissioned by the Caledonian Railway and opened in 1924. The bandleader Henry Hall performed at the hotel before the Second World War during which it served as a military hospital. There are three tournament-standard golf courses in the grounds and the hotel was redeveloped for the 40th Ryder Cup in 2014 . Significant conferences at the hotel have included the Commonwealth Heads of Government Meeting 1977 and
8084-412: Was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin . The early currency of the United States did not exhibit faces of presidents, as is the custom now; although today, by law, only the portrait of a deceased individual may appear on United States currency. In fact, the newly formed government was against having portraits of leaders on
8178-744: Was held in Carbis Bay in 2021. The Group of Seven (G7) was an unofficial forum which brought together the heads of the richest industrialized countries: France , Germany , Italy , Japan , the United Kingdom , the United States , and Canada starting in 1976. The G8 , meeting for the first time in 1997, was formed with the addition of Russia . In addition, the President of the European Commission has been formally included in summits since 1981. The summits were not meant to be linked formally with wider international institutions; and in fact,
8272-477: Was involved in buying their pianos, and organising the dance band entertainment. He decided that radio broadcasts would be an ideal way to advertise the new hotel, so was given permission to move his Trafford Band from Manchester 's Midland Hotel to the Gleneagles and form a new band in Manchester. The hotel's opening night was celebrated with Scotland 's first ever outside broadcast on 7 June 1924. After
8366-465: Was later shortened to the German taler , a word that eventually found its way into many languages, including: tolar ( Czech , Slovak and Slovenian ); daler ( Danish and Swedish ); talar ( Polish ); dalar and daler ( Norwegian ); daler or daalder ( Dutch ); talari ( Ethiopian ); tallér ( Hungarian ); tallero ( Italian ); دولار ( Arabic ); and dollar ( English ). Though
8460-748: Was minted in Mexico City , Potosí (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States . Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales ; hence Spanish, Mexican, and American dollars all remained legal tender in
8554-461: Was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834 , 23.22 grains (1.505 g) fine gold, or $ 20.67 per troy ounce . The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $ 35 per troy ounce . In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after
8648-553: Was spent on renovation and since 1982 the hotel has been open all year round. In 1986, and every year since, the hotel has been awarded five red stars by the AA . The hotel remained owned by Diageo, until it was sold to a private investment company Ennismore in 2015. The hotel was redeveloped in preparation for hosting the 40th Ryder Cup in 2014 played on the PGA Centenary Course. Gleneagles has three golf courses:
8742-662: Was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase . Though the U.S. dollar is called dollar in Modern French, the term piastre is still used among the speakers of Cajun French and New England French , as well as speakers in Haiti and other French-speaking Caribbean islands. Nicknames specific to denomination: The symbol $ , usually written before
8836-432: Was unable to make the necessary long-term funding commitments. The event attracted much media attention. Development of a joint declaration on efforts to tackle global warming has been much less successful, principally because of the long-standing US opposition to emission targets as a solution to global warming. The other seven G8 nations – France, Russia, Germany, Japan, Italy, Canada, and the United Kingdom – have ratified
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