“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.” Interview on WJJG 1530 AM’s “Mornings with Ray Hanania,” April 2009


“Banks lend by creating credit. They create the means of payment out of nothing.”


Attending this secret meeting were US Senator Nelson Aldrich; A. Piatt Andrew, Assistant Secretary of the Treasury; Frank Vanderlip, president of the National City Bank of New York; Henry P. Davison, senior partner of J.P. Morgan Company; D. Norton, president of the Morgan-dominated First National Bank of New York; Benjamin Strong (a lieutenant of J.P. Morgan); and Paul Warburg, connected to the banking house of Kuhn, Loeb. The meeting would lead to the Aldrich bill, which eventually led to the Federal Reserve Act, passed in 1913.


The Greenback Party was founded on this day at a convention in Indianapolis. Many of its members were farmers hurt by the financial Panic of 1873 (also known as the “Crime of ‘73”). The party supported “Greenback” paper money that was issued and spent into circulation by the Lincoln administration. They opposed all money systems backed by any precious metal, believing that those who owned gold or silver (banks and corporations) would possess the power to define the value of products and labor. Government control of the US money system would also ensure sufficient quantity of money was in circulation to help small businesses and farmers. Twenty one independent congressmen, mostly Greenbackers, were elected in 1878.


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 For more information, visit

2 thoughts on “MONETARY HISTORY CALENDAR — November 21-27

  1. Two quotes to ponder.Thomas Jefferson 1812"I hope we shall crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country."Abraham Lincoln 1864"I see in in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endevour to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the republic is destroyed.I feel at this moment more anxiety for the safety of my country than ever before, even in the midst ot war."

  2. Corporate persons are now protected against search without a warrant under the United States 4th Amendment TO That Constitution. This means that OH&S and the EPA have to schedule their inspections at a time convenient to corporate managers. If you think the air, land, or water in your community is being polluted, or the workers mistreated, neither you nor the government can go on corporate property to get information without legal permission. Just think of the consequences if corporate polluters were no longer shielded by the Constitution! Here in Tasmania whether it is Poisoning of forests or OH&S the directors simply plead guilty on the corporations behalf, pay the fine, and carry on doing whatever they were doing. No real person is held accountable. If Directors and Executives were licensed as Doctors are, to be struck off if they do harm to society, other industries and the corporation the are responsible for, we would see less robber baron or sociopathic behaviour by corporations.Queen Elisabeth the First gave limited liability to the 'Golden Hind' and allowed piracy by the former slaver trader Francis Drake to benefit the royal purse; we still live with privateers feathering their nests behind the corporate Person.If we simply accept the "way it is" we will continue to have more GFC's, Massive environmental damage and remain powerless to confront Global Warming or avoid wars made to profit Halliburton and others.1. We can start by revoking the charters of especially harmful corporations who have inflicted mass harm on innocent people.. 2. We can recharter corporations to limit their powers and make them entities subordinate to the sovereignity of the people. For making corporate managers and directors liable for the harms done by corporations. 3. We need to reduce the size of corporations by breaking them into smaller units with less power to undermine our democratic institutions.4. We can initiate referendum campaigns, or take action through the parliaments and the courts, to end constitutional protections for corporate persons. 5. We can prohibit corporations from making campaign contributions to candidates in any elections, and from lobbying any local, state, and federal government bodies.6. We can stop subsidy abuse and extortion by corporations through which large corporations rake off billions of dollars from public treasuries. 7. We need to launch campaigns to cap salaries of corporate executives. 8. We can encourage worker and community-owned and -controlled cooperatives and other alternatives to conventional limited liability profit-making corporations. 9. We can prepare model corporation codes based on the principle of citizen sovereignty, and begin the campaign for their adoption. 10. We can invigorate, from the grassroots up, a national debate on the relationship between public property and private property — including future value — and the rights of natural persons, communities, and other species when they are in conflict with those corporations.This whole subject of how we define property rights is at the heart of much of the accumulation and codification of corporate power.

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