1913 – FEDERAL RESERVE ACT PASSES CONGRESS – CREATING FEDERAL RESERVE SYSTEM
The Act created a largely corporate controlled national banking and currency system. It was a major coup for banking corporations through the establishment of a private central bank authorized to “monetize” government debt (i.e. to print their own money and exchange it for government securities or I.O.U.’s). The central banking system was composed of 12 regional private/corporate banks owned by participating commercial banks. All national banks were required to join the system. Banking corporations now controlled the issuance and circulation of our national currency. By controlling our national money faucet, they could create inflation and deflation. This corporate monopolization of our currency allowed for public regulation, but not control. It was now banking corporations, not the US government, that was in control of the national currency.
2011 YEARS AGO – CLAIMED BIRTH DATE OF JESUS
In his book, Money and its True Function, author FR Burch said, “As long as Christ confined his teachings to the realm of morality and righteousness, He was undisturbed; it was not till He assailed the established economic system and ‘cast out’ the protiteers and ‘overthrew the tables of the money changers,’ that He was doomed. The following day He was questioned, betrayed on the second tried on the third and on the fourth crucified.”
1983 – DEATH OF ROBERT H. HEMPHILL, CREDIT MANAGER, ATLANTA FEDERAL RESERVE BANK
“This is a staggering thought. We are completely dependent on the Commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. “
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.
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