1946 – BIRTH OF DENNIS KUCINICH, FORMER CONGRESSMAN, OHIO
Author of the National Emergency Employment Defense [NEED] Act, introduced in 2010 and 2011. Among the bill’s provisions are: (a) make the Federal Reserve System more accountable by placing the Fed under the US Department of Treasury, (b) create government issued money to hire people to repair the nation’s physical and human infrastructure, and (c) eliminate fractional reserve lending – the practice that permits banks to lend many times more funds that they actually possess.
2008 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
Here’s what he said just after the Glass Steagall Act was repealed in 1999 (just before the market crashed), of the rapid growth of money center banks… “I believe the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged” -NYtimes.com, October 8, 2008
1899 – BIRTH OF HENRY SIMONS, PROFESSOR OF ECONOMICS, UNIVERSITY OF CHICAGO
“The mistake lies in fearing money and trusting debt.”
2002 – LOW POINT OF THE DOT.COM CRASH
The explosive rise of the Internet resulted in the explosive rise of speculative financial investments in Internet corporations (the “dot.com” industry). A huge bubble ensued when the financial industry seeking quick and massive profits blindly invested in these dot-com start-ups without carefully reviewing their business plans. The euphoria turned to depression when many of these start-ups failed to make a profit. When they collapsed, the market collapsed. The full mania mode of the financial industry imploded The NASDAQ Composite lost 78% of its value as it fell from 5046.86 to 1114.11 on October 9, 2002.
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, Deb Jose 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 firstname.lastname@example.org