MONETARY HISTORY CALENDAR — July 25-31

JULY 25

1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people the United States for the benefit of themselves and their foreign customers….The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board.”

JULY 26

1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE
“We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson…and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business…When we have restored the money of the Constitution, all other necessary reforms will be possible, and … until that is done there is no reform that can be accomplished.”

JULY 27

1694 – BANK OF ENGLAND CREATED
A private central bank, England began to borrow all of its money from corporate banks rather than simply creating it debt-free as it had for hundreds of years.

JULY 28

1919 – BANK OF NORTH DAKOTA FOUNDED
The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government. No tax dollars are used to pay interest to bond holders since the state has no debt. Coincidentally or not, North Dakota is one of the few states in the nation not facing a fiscal crisis.

JULY 30

1863 – BIRTH OF HENRY FORD, INVENTOR AND INDUSTRIALIST
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

JULY 31

1881 – BIRTH OF SMEDLEY BUTLER, US MARINE MAJOR GENERAL (TWICE DECORATED)
I wouldn’t go to war again as I have done to protect some lousy investment of the bankers. There are only two things that we should fight for. One is the defense of out homes and the other is the Bill of Rights. War for any other reason is simply a racket.

1912 – BIRTH OF MILTON FRIEDMAN, ECONOMIST
If you kill the Fed [Federal Reserve] and don’t kill fractional reserve lending, you’ve done nothing.

JULY 1939

A PROGRAM FOR MONETARY REFORM RELEASED

A group of prominent economists issue a plan for US monetary reform. The lead author of the plan, “A Program for Monetary Reform,” [PMR] was University of Chicago professor and Quaker Paul H. Douglas. More than 230 economists from 150 universities approved it without reservations while an additional 40 supported it with some reservations.

In assessing the problem of the day, the PMR states, “If the purpose of money and credit were to discourage the exchange of goods and services, to destroy periodically the wealth produced, to frustrate and trip those who work and save, our present monetary system would seem a most effective instrument to that end.” It also stated monetary systems based on a gold standard “has had…disastrous results all over the world.”

The PMR called for government creation and maintenance in the quantity of money. “Our own monetary policy should…be directed toward avoiding inflation as well as deflation, and in attaining and maintaining as nearly as possible full production and employment.” The plan also called for eliminating fractional reserve lending – the process of banks loaning our many more times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 10:1. Some of the major banks involved in the economic collapse of 2007 had ignored this law and were loaning out 50 times their reserves. The PMR called for a 100% reserve requirement – banks could only lend the amount of money they possessed.

The document goes on, “In early times the creation of money was the sole privilege of the kings or other sovereigns – namely the sovereign people, acting through their Government. This principle is firmly anchored in our Constitution and it is a perversion to transfer the privilege to private parties to use in their own real, or presumed, interest. The founders of the Republic did not expect the banks to create the money they lend.”

Their plan to reduce the national debt was simply to have the government purchase government bonds with new US debt-free money.

NOTE 1: An excellent article explaining our monetary policy and describing in detail how to reform it is at the Center for Progressive Economics
http://cpe.us.com/article/monetary-policy/

NOTE 2: I’ve written an article on Eliminating Rather than Exploiting the Debt Crisis
http://www.opednews.com/articl​es/Elimating-Rather-than-Expl-​by-Greg-Coleridge-110724-782.h​tml

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html

MONETARY HISTORY CALENDAR July 18-24


JULY 18

BIRTH OF STEPHEN ZARLENGA, DIRECTOR, AMERICAN MONETARY INSTITUTE
“I am suggesting that the nature of human affairs requires the government to have four branches, not three, the fourth branch to embody and administer the monetary power…When society loses control over its money system, it loses any control it might have had over its destiny.”

JULY 22
1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48
“Once a nation parts with the control of its currency and credit, it matters not who makes that nation’s laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.”

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html

MONETARY HISTORY CALENDAR July 11-17

JULY 11

1862 – LEGISLATIVE ACT AUTHORITIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks.

JULY 13

1832 – CONGRESS FAILS TO OVERRIDE PRESIDENT JACKSON VETO TO RENEW THE CHARTER OF THE SECOND NATIONAL BANK OF THE UNITED STATES
In his veto message to renew the misnamed “national bank” (it was actually a private bank controlled/owned by stockholders, a majority of whom were foreigners), Jackson stated: “Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence…would be more formidable and dangerous than a naval and military power of the enemy.”

1956 – QUOTE OF OF J.R.R TOLKIEN, AUTHOR (THE HOBBIT AND LORD OF THE RINGS) AND UNIVERSITY OF OXFORD PROFESSOR IN CONTOUR MAGAZINE
The true equation is “democracy” = government by world financiers.
The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or, what is most important of all, the banker of the backer.
Throned above all, in a manner without parallel in all past, is the veiled prophet of finance, swaying all men living by a sort of magic, and delivering oracles in a language not understood of the people…
There should only be one source of money: one fountainhead from which flows the nation’s blood to vitalize commerce and industry, ensure economic equity and justice and safeguard the welfare of the people…In other words, it has always been and still is our contention that the prerogative of creating and issuing the money of the nation should be restored to the State.

JULY 14

1833 – DEATH OF WILLIAM GOUGE, ADVISOR TO PRESIDENT ANDREW JACKSON; AUTHOR, A SHORT HISTORY OF MONEY AND BANKING
“The large extent of bank influence is not easily seen. We seldom see an identified bank or a money corporation candidate running for office; but when questions arise which affect them, the banks have agents at work, whose operations are the more effective because they are unseen.”

JULY 17

1780 – BANK OF PENNSYLVANIA ESTABLISHED
Quakers first introduced public banking in America with the creation of this state-owned bank which issued its own paper scrip which it lent to farmers. Resident paid no income taxes. There was no government debt and no inflation. The state prospered.

1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50 cent notes – which were needed to substitute for gold, silver and copper coins which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.

Note: Readers may be interested in this short piece connecting the current national debt ceiling Congressional deliberations and monetary policy
How Do We Eliminate the National Debt? Democracy.

http://createrealdemocracy.blogspot.com/2011/07/how-do-we-eliminate-national-debt.html

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html Previous calendar entries are posted at http://afsc.net/monetaryhistorycalendar.html

How Do We Eliminate the National Debt? Democracy.

The President and Congressional leaders strain and pain to reach agreement on the right combination of spending cuts and tax increases before raising the federal debt ceiling. Yet they continue to ignore changing our monetary system, which could eliminate our nation’s debt.

The United States could simply issue its own debt-free money — similar to the Greenbacks introduced by Abraham Lincoln. Why do we continue to allow our nation’s money system to be privatized (more like corporatized)? Banks issue money as debt when they create it out of thin air as loans to people and the government. This represents by far the single largest federal subsidy in this nation.

As Treasury bonds, notes and bills come due, rather than rolling them over as new debt, the US government should simply pay the holders with US debt-free currency, thereby extinguishing the debt. Laws can limit the amount of money issued by the government so it creates neither inflation nor deflation.

Our Constitution provides our federal government the authority to issue its own money. Democratizing our monetary system will not only put We the People in charge of this essential national function, but can also eliminate our national debt.

MONETARY HISTORY CALENDAR – July 4-10

 JULY 4

1826 – DEATH OF JOHN ADAMS, SECOND PRESIDENT OF THE UNITED STATES

“ All of the perplexities, confusion, and distress in America arises, not from the deflects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”

1826 – DEATH OF THOMAS JEFFERSON, THIRD PRESIDENT OF THE UNITED STATES

“I believe that banking institutions are more dangerous to our liberties than standing armies. . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

1892 – ADOPTION OF THE “OMAHA PLATFORM,” FOUNDING DOCUMENT OF THE POPULIST PARTY

The national power to create money is appropriated to enrich bondholders; a vast public debt payable in legal tender currency has been funded into gold-bearing bonds, thereby adding millions to the burdens of the people…[The two political parties] propose to drown the outcries of a plundered people with the uproar of a sham battle over the tariff, so that capitalists, corporations, national banks, rings, trusts, watered stock, the demonetization of silver and the oppressions of the usurers may all be lost sight of.

PLATFORM

We demand a national currency, safe, sound, and flexible, issued by the general government only, a full legal tender for all debts, public and private, and that without the use of banking corporations, a just, equitable, and efficient means of distribution direct to the people, at a tax not to exceed 2 per cent. per annum, to be provided as set forth in the sub-treasury plan of the Farmers’ Alliance, or a better system; also by payments in discharge of its obligations for public improvements….We demand that postal savings banks be established by the government for the safe deposit of the earnings of the people and to facilitate exchange.”


JULY 6

1863 – BIRTH OF RICHARD MCKENNA, FORMER PRESIDENT OF THE MIDLANDS BANK OF ENGLAND

“I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money.  And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.”

 

JULY 7

1947 – DEATH OF HENRY FORD, INDUSTRIALIST, FOUNDER, FORD MOTOR COMPANY

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

 

JULY 9

1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION.

Eight states sign the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if 9 states agreed.

2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES

Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,

“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”


JULY 10

1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR

“For we altogether condemn usuries, we shall impose severer restrictions upon the consciences that the Lord himself desired”           

1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES

“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?… Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.

 

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact
monetarycalendar@yahoo.com  For more information, visit http://www.afsc.net/economiccrisis.html 

Libya: All About Oil, or All About Banking?


This is a very enlightening article describing what may be the single most important reason for the US/NATO war against Libya — their movement toward a monetary system controlled by the nation instead of bankers. The last thing banksters want is a model for public control of money creation and circulation — something that does not take place in the United States (the Federal Reserve is actually a private/corporate body) or any European nation (though Iceland is trying to move back to a public system). Corporatization of money creation and circulation enslaves us all — in our nation and across the planet.

Libya: All About Oil, or All About Banking?
By Ellen Brown, Reader Supported News
http://readersupportednews.org/opinion2/289-134/5625-libya-all-about-oil-or-all-about-banking