MONETARY HISTORY CALENDAR June 16 – 22

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JUNE 16

1929 – DEATH OF VERNON PARRINGTON, HISTORIAN
“The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole.”

1933 – PASSAGE OF GLASS-STEAGALL ACT
Actual title was Banking Act of 1933. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999

JUNE 18

1926 – BIRTH OF CHARLES WALTERS, FOUNDER OF ACRES MAGAZINE, A VOICE FOR ECO-AGRICULTURE
“[O]ur forefathers took steps to protect the economic freedom of the United States by giving to Congress, elected by the people, the power to provide a monetary system independent of the monetary systems of other countries, and to regulate the value of the dollar, adopted as our monetary unit, or measure of value. This power automatically gave Congress the right to determine the value of the United States production in terms of United States money.”

JUNE 19

1843 – DEATH OF LORD ACTON, ENGLISH HISTORIAN, POLITICIAN, AND WRITER
“The issue which has swept down the centuries and which will have to be fought sooner or later, is the people versus the banks.”

1946 – DEATH OF HENRY SIMONS, PROFESSOR OF ECONOMICS, UNIVERSITY OF CHICAGO
“The mistake lies in fearing money and trusting debt.”

JUNE 20
1934 – QUOTES IN NEW BRITAIN MAGAZINE OF LONDON
“Britain is the slave of an international financial bloc.”
– David Lloyd George, former British Prime Minister
“Democracy has no more persistent and insidious foe than money power…questions regarding Bank of England, its conduct and its objects, are not allowed by the Speaker (of the House of Commons).”
— Lord Bryce, British House of Commons

JUNE 21

1940 — DEATH OF SMEDLEY BUTLER, MARINE CORP MAJOR GENERAL (MOST DECORATED MARINE IN US HISTORY AT THE TIME OF HIS DEATH)
“I spent thirty-three years and four months in active military service as a member of this country’s most agile military force, the Marine Corps. I served in all commissioned ranks from Second Lieutenant to Major-General. And during that period, I spent most of my time being a high class muscle-man for Big Business, for Wall Street and for the Bankers. In short, I was a racketeer, a gangster for capitalism…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…. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912…”

2012 – DEATH OF ANNA SCHWARTZ, CO-AUTHOR OF “A MONETARY HISTORY OF THE UNITED STATES”
“A Monetary History of the United States” contributed to a new consensus on monetary issues, including the sources of the Great Depression. The 888-page book asserts that the 1929 stock market crash and subsequent Great Depression was caused by mistakes by the Federal Reserve. . Former Federal Reserve Chairman Ben Bernanke called the work, “the leading and most persuasive explanation of the worst economic disaster in American history.” “You’re right, we [the Fed] did it. We’re very sorry. But thanks to you, we won’t do it again.”
A month after the collapse of Lehman Brothers, Schwartz said in the Wall Street Journal interview the insolvent financial firms should not be bailed out, but rather shut down.

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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

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