MONETARY HISTORY CALENDAR April 28 – May 4

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APRIL 291947 – DEATH OF IRVING FISHER, PROFESSOR AND ECONOMIST
“Thus our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess. ”

2006 – DEATH OF JOHN KENNETH GALBRAITH, AMERICAN ECONOMIST, PUBLIC OFFICIAL AND DIPLOMAT
“In numerous years following the Civil War, the Federal Government ran a heavy surplus. But it could not pay off its debt, retire its securities, because to do so meant there would be no more bonds to back the national bank notes. The pay off the debt was to destroy the money supply.”
The same is true today. Since most money is created as debt via loans (to individuals, corporations and the government), paying off the debt would reduce the money supply. A severe depression would inevitable result since not enough money would exist to permit all our economic transactions. The solution is not to “reform” our debt-based money system, but to replace it with a system where money is created debt-free.

MAY 1

1871 — KNOX V LEE US SUPREME COURT DECISION
This decision was one of several popularly known “Legal Tender Cases” during this period (the others were Hepburn v. Griswold and Julliard v Greenman). The Supreme Court reversed their earlier decision in Hepburn v. Griswold (1870). The decision upheld the Legal Tender Act declaring that making paper money legal tender did not conflict with US Constitution (Article 1). The decision allowed debtors to repay debts in Greenbacks rather than gold or silver.

MAY 3

1939 – TESTIMONY OF GRAHAM TOWERS, GOVERNOR OF THE BANK OF CANADA (1934-54) BEFORE CANADIAN SELECT STANDING COMMITTEE ON BANKING AND COMMERCE
Question: “But there is no question about it, that banks create that medium of exchange?” [i.e., bank deposits]
Towers: “That is right. That is what they are for.”
Question: “And they issue that medium of exchange when they purchase securities or make loans?”
Towers: “That is the banking business, just in the way that a steel plant makes steel.”
Towers testified that just as steel corporations create steel, banking corporations create money. The difference is that steel corporations start with iron ore and apply labor and technology. Banks, by contrast, create money out of thin air…as debt.

———————–

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

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AFSC Podcast – April 25

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We summarize last week’s activities; announce upcoming events for next week; and comment on President Obama’s trip to Asia as it relates to the TPP, winners and losers of the proposed House Republican budget, two legal issues regarding corporate personhood, downward economic trends (including income, housing, sales at McDonald’s and Family Dollar, and the coming end to the US empire and dollar supremacy), and how Spain’s “Robin Hood” swindled banks to help build the movement against capitalist austerity and for alternatives.

http://afsc.org/audio/neo-afsc-april-25-2014-podcast

Corporate Personhood Ignored in Ohio Case before US Supreme Court

SBAList

The salient issue, completely ignored by the press (even NPR) and obviously the United States Supreme Court, is how in the world does a bunch of legal documents (i.e. a corporation) possess inalienable Bill of Rights rights – in this case First Amendment “free speech” rights.

Supreme Court Will Hear Challenge To Ohio Ban On Campaign Lies
http://www.npr.org/2014/04/22/299171030/supreme-court-will-hear-challenge-to-ohio-ban-on-campaign-lies

It’s not about abortion.

Nor it is about whether or not Ohio or any other state can make it a crime to lie about candidates during an election campaign

The “right to lie” should only be an issue when an actual human being in involved. The “Susan B. Anthony List” is a 501c4 organization. It’s not Susan B. Anthony, a human person.

From the link above: “In the Ohio case being argued Tuesday, civil libertarians on the right and left have filed briefs opposing the law against lying, and by extension similar laws in about one-third of the states.”

Where are the briefs arguing that the entire case is moot – that the First Amendment and Bill of Rights was meant to solely apply to human beings?

The gap between reality and the law keeps growing wider.

 

 

The Corporate Easter Story

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Read the touching story of death and rebirth – so relevant this time of the year.

The General Motors corporation “dies” when filing for bankruptcy in 2009 to protect itself financially and legally. Its claimed subsequent “rebirth” as an entirely “new” corporate being shields it from liability in connection to selling faulty ignition switches by the “old” GM corporation that caused at least 13 deaths and the recall of 2.6 million vehicles.

“New GM’s recall covenant does not create a basis for the plaintiffs to sue new GM for economic damages relating to a vehicle or part sold by old GM,” a spokesperson for the resurrected corporation stated.

It’s a Miracle!

http://www.reuters.com/article/2014/04/22/us-gm-recall-lawsuit-idUSBREA3L08H20140422

MONETARY HISTORY CALENDAR April 21-27

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APRIL 21
1910 – DEATH OF MARK TWAIN, AUTHOR
“There are three kinds of lies: lies, damned lies and statistics.”
“”I wasn’t worth a cent two years ago, and now I owe two millions of dollars.”
Classic Twain.
APRIL 22
EARTH DAY – CREE INDIAN PROVERB
“Only when the last tree has died and the last river has been poisoned and the last fish been caught, will we realize we cannot eat money.”
Seems an appropriate quote on this day.
APRIL 23
384 BC – BIRTH OF ARISTOTLE
“The most hated sort of wealth getting is usury, which makes again out of money itself and not from the natural object of it.  For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money…of all modes of getting wealth this is the most unnatural.”
“Money exists not by nature but by law.”
This is one of the most insightful comments on money of all time.
871 – REIGN OF KING ALFRED OF ENGLAND BEGINS
King Alfred (Alfred the Great) implemented a law that moneylenders who took usury would forfeit all their possessions to the King.
APRIL 27
2009 – COMMENT BY DICK DURBIN, US SENATOR, ILLINOIS
“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.”
What was a refreshing bit of truth-telling in 2009 is even more true in 2014. The finance, insurance and real estate (FIRE) sector tops all sectors in political campaign contributions (or are they investments?) to Washington politicians. The return on their investments are substantial – no indictments of top bankers responsible for the 2008 sub-prime crisis and financial implosion, bailouts galore and, of course the continuation of the license to print debt money that is loaned to the US – at interest.
———————–
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

 

The Grapes of Wrath Wraths Corporate Personhood

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John Steinbeck’s masterpiece, The Grapes of Wrath, was published 75 years ago this week … but it could have been published yesterday.

National Public Radio literacy critic, Steve Almond, discusses the book on Monday’s edition of Here and Now, http://hereandnow.wbur.org/2014/04/14/grapes-wrath-steinbeck

Here is a portion of his comments, including a passage from the book:

“Part of what makes the book to me kind of amazingly prescient, there’s almost no issue that we’re struggling with today that isn’t somehow written about in ‘The Grapes of Wrath.’ If you want to talk about undocumented workers, if you want to talk about are corporations people, you know, John Steinbeck is directly addressing that question. At one point, there are a bunch of migrants who’ve been kicked off their land and one says, ‘Yes, but the bank is only made of men.’ And the men from the bank respond, ‘no, you’re wrong there, quite wrong there. The bank is something else than men. It happens that every man in the bank hates what the bank does, and yet the bank does it. The bank is something more than men. I tell you, it’s the monster. Men made it but they can’t control it.'”

Steinbeck is on the mark when it comes to understanding the distinction between human beings and the artificial legal entities that are corporations. He is also correct to say that those directly connected to corporations for the most part can’t control what they do — be they employees, shareholders, even owners. The same goes for consumers.

But I must respectfully disagree with Steinbeck on his assertion that “men (and presumably women as well)…can’t control it.”

Of course they can. That is, of course we can, but not in the role of employees, shareholders, consumers, even owners. Only as citizens.

It’s citizens, We the People, who alone have the authority to define the terms for overall corporate conduct through charters and the Constitution. It’s citizens that can establish the economic and political terms. Current corporate conduct is not inevitable or irreversible. Human beings created corporations. They can change them.

If we relegate ourselves merely as employees, shareholders, consumers or owners, however, our tools are limited. There’s only so much that we can accomplish. The overarching rules governing how banks fundamentally operated during The Great Depression that Steinbeck writes about and that exist today (as well as all other types of corporations) are beyond the reach of employees, shareholders, consumers and owners.

They are, however, very much within the reach of us, We the People, acting as self-governing people. We’ve simply not behaved as we should as citizens, but rather acted as employees, shareholders, consumers and owners.

For that, the wrath has been on us…until recently. The growing modern day citizen’s movement for real democracy to fundamentally define corporate actions and define the role of money in elections is alive and growing. For that, we should thank the Program on Corporations, Law and Democracy, Democracy Unlimited, Women’s International League for Peace & Freedom, Alliance for Democracy, Reclaim Democracy and others over the past two decades and currently the national Move to Amend (MTA) movement which seeks an amendment to the U.S. Constitution declaring corporations are not people and money is not speech.

I think Steinbeck would be a MTA supporter.

 

 

 

 

NEO AFSC April 17, 2014 Podcast

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We summarize last week’s events (including the March for Justice); announce upcoming events for next week; and comment on the Ohio Voters Bill of Rights, a new development in emergency unemployment extension legislation, various bad economic trends, a new report from Princeton and Northwestern researchers concluding our nation is an oligarchy not a democracy, and what John Steinbeck in The Grapes of Wraph on the 75th anniversary of its publication had to say about corporations personhood and banks.

Tune in. Let us know what you think!

Note: We forgot to mention two events for this upcoming week:

Monday, April 21 from 6-8pm at the AFSC office at 2101 Front Street, Suite 111 in Cuyahoga Falls, will be the Akron Time Bank new member orientation. Anyone who is interested in joining the time bank is welcome to come to this meeting for more information.

Thursday, April 24 at 6pm will be the Akron Time Bank’s first ever “Bowl Off” at Bill White’s Akron Lanes located at 2911 E. Waterloo Rd in Akron. Cost is $3.00 per game and $2.00 shoe rental. Food will be provided. Highest score receives two time credits.