NEO AFSC June 20, 2014 Podcast

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Listen to Podcast Here.   http://afsc.org/audio/neo-afsc-june-20-2014-podcast

We summarize last week’s activities; announce upcoming events for next week; and comment on national AFSC’s just issued points on the Iraqi crisis, a proposed global “anti-dollar” alliance and its implications for US residents, the exploding US and global debt, the massive infusion of money out of thin air being invested by the Fed and other central banks into the stock market, the IMF calling for raising the US minimum wage, how the “freeze” of Ohio’s energy and efficiency standards proves politicians are more responsive to donors and the public, and the status and worth of federal legislation to amend the Constitution to only address money as speech.

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Senate Bill 310 proves politicians are more responsive to big money than to the public: Letter to the Editor

http://blog.cleveland.com/letters/2014/06/letter_to_the_editor_1049.html

Passage of SB 310 by the Ohio Legislature and Governor Kasich not only freezes renewable energy and energy efficiency standards for two years, it freezes democracy.

Citizens want cleaner air and water. Ratepayers want to save money paying for electricity. The existing energy standards accomplished both, but corporations want more profits.

Utility corporations lobbied state legislators hard, including FirstEnergy Corporation. And rather than invest in wind, solar and other cleaner and cheaper long-term renewable energy alternatives, utility corporations decided it was easier and more profitable to “invest” in politicians via campaign cash. Utility corporations invested reportedly $694,000 in Ohio legislators. The six-co-sponsors of SB 310 received $141,200 alone in campaign cash from FirstEnergy. Who can blame them? Utility corporations wanted to change the law.  Compliant politicians were more than willing to take the cash since ever-growing sums of money are needed from corporations and wealthy individuals to be “viable” candidates.

The issues, corporations and politicians change but the narrative remains exactly the same: Public representatives are more responsive to the special interests of corporations and wealthy corporations than to the general public thanks to big money pouring in to their campaign treasuries – directly and/or indirectly.

Only by amending our Constitution to end the bizarre doctrines that corporations are “persons” and money equals speech can we hope to bring what’s little left of our democracy out of the deep freeze.

Greg Coleridge,
Cleveland Heights
Coleridge is director of the Northeast Ohio American Friends Service Committee.

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

NEO AFSC June 13, 2014 Podcast

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We summarize last week’s activities and announce upcoming events for next week.  We also feature a special interview with Lois Romanoff, an AFSC Committee Member,  Move to Amend Cleveland affiliate leader, education reformer.

Lois discusses the state of education: public vs private, charter schools (both non- and for-profit), corporate education “reform” proposals, student test scores, corporatization of testing, the Cleveland “Portfolio Strategy,” ALEC, parental and teacher resistance, and Move to Amend.

MONETARY HISTORY CALENDAR June 9 – 15

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JUNE 10

1751 – PASSAGE OF BRITISH CURRENCY ACT
The Act restricted New England colonies from creating paper money The colonies had issued paper fiat money known as “bills of credit” to help pay for the French and Indian Wars. The Act limited future issuance of bills of credit to certain circumstances (i.e. to pay public debts, such as taxes, but not private debts, such as to merchants)

1816 – DELEGATES CONVENE CONSTITUTIONAL CONVENTION IN INDIANA
The Indiana Convention in 1816 and the Illinois Constitution in 1818 banned private banking corporations altogether. Voters in Wisconsin, plus four other states, rewrote existing constitutions requiring popular votes on every bank charter recommended by their legislatures as a result of corrupt banking practices associated with issuing bank notes. Only private banks that didn’t issue money (bank notes) operated in these states.  

1932 – SPEECH BY LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE ON THE FLOOR OF CONGRESS
“The Federal Reserve (Banks) are one of the most corrupt institutions the world has ever seen…What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson’s day must be fought over again… The Federal Reserve Act should be repealed and the Federal Reserve Banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.”

2008 – QUOTE BY FEDERAL RESERVE CHAIR BEN BERNANKE
“The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.” Four months later, the financial industry collapses and the Congress passes a $700 billion bailout bill. The nation is mired in a “Great Recession;” for many an outright Depression. The economy today remains stagnant.

JUNE 15

1836 – CHARTER (LICENSE) FOR SECOND NATIONAL BANK OF THE UNITED STATES REPEALED
This was the third quasi national bank of the former British colonies — following the Bank of North America (1781-1785, chartered by the Continental Congress) and Bank of the United States (1791-1811, chartered by the US Congress). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly. Early on, it issued a huge amount of money (more than 20 times its reserves) as loans that led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply. This led to massive bankruptcies and the Panic of 1819. When President Andrew Jackson threatened to repeal its charter, the Bank’s leaders used its power to restrict money circulation to cause another depression. Bank President Nicolas Biddle wrote, “Nothing but widespread suffering will produce any effect on Congress…Our only safety is in pursuing a steady course of firm restriction – and I have no doubt that such a course will ultimately lead to restoration of the currency and the recharter of the Bank.”

President Andrew Jackson said this about the bank; “The immense capital and peculiar privileges bestowed upon it enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them which might incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and it undoubtedly possessed) the power to make money plenty or scarce at its pleasure, at any time and in any quarter of the Union, by controlling the issues of other banks and permitting an expansion or compelling a general contraction of the circulating medium, according to its own will.”

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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

NEO AFSC June 6, 2014 Podcast

podcasticon_8

http://afsc.org/audio/neo-afsc-june-6-2014-podcast

We summarize last week’s activities; announce upcoming events for next week; and comment on a new report describing how the majority of war casualties are civilians; who benefits from the Federal Reserve money printing; decreasing housing affordability; polling describing the belief that the economic crisis is not over; the exploding corporate CEO-employee pay gap; and a description and analysis of the Senate proposal to amend the US Constitution to say “money is not speech.”

MONETARY HISTORY CALENDAR June 2-8

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JUNE 3

1864 – PASSAGE OF NATIONAL BANK ACT
This Act superseded the National Bank Act of 1863. Both Acts were pushed by bankers and their supporters to undercut Greenbacks. A system of nationally chartered, private/corporate banks was established and expanded. These new national banks were provided with virtually tax-free status and subsidized through purchasing of government bonds with discounted Greenbacks. These banks were permitted to then create “US Bank Notes” (debt-based money) which entered the money supply – to be used in payment of taxes and duties only. This system enriched banks and worked to wean the US away from Greenbacks (debt free money). The Act limited the issuance of Greenbacks to $300 million

JUNE 4

1910 – BIRTH OF ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT DWIGHT D. EISENHOWER
“When a bank makes a loan it simply adds to the borrowers’ deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposit; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.”

JUNE 5

1883 – BIRTH OF JOHN MAYNARD KEYNES, ECONOMIST
“Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some…As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

JUNE 6

1934 – CHICAGO PLAN INTRODUCED IN THE US CONGRESS
The “Chicago Plan” was a proposal developed by several prominent economists directed at President Roosevelt to end the Great Depression. The Plan was signed by 157 academic economists; another 40 approved it with reservations. Main features: 1. Only the government would create money. 2. The Plan separated the loan-making function, which can belong in private banks, from the money-creation function, which belongs in government. 3. The proposal recognized the distinction between money and credit. Senator Bronson Cutting (R, NM) introduced The Plan in Congress (S. 3744). In several respects, it was the precursor to the National Emergency Employment Act (HR 6550) introduced by Rep. Dennis Kucinich in 2010, and reintroduced as HR 2990 in 2011.

JUNE 8

1042 – REIGN OF KING EDWARD OF ENGLAND BEGINS
Taking any interest on loaned money was considered a sin in early England. Under King Edward’s reign, those who charged interest (usurers) were declared outlaws and banished from the country.

1809 – DEATH OF THOMAS PAINE, COLONIAL REVOLUTIONARY
Commenting on the value of colonial-issued money, the “Continental”… “Every stone in the Bridge, that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten.”

1845 – DEATH OF ANDREW JACKSON, PRESIDENT OF THE UNITED STATES
“The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people, should they be deluded into a perpetuation of this institution or the establishment of another like it.” “If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.”

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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