MONETARY HISTORY CALENDAR March 30 – April 5

lincolngback

MARCH 30

1948 – BIRTH OF MERVYN KING, FORMER GOVERNOR OF THE BANK OF ENGLAND
“Of all the many ways of organising banking, the worst is the one we have today.” Possible remedies included not just breaking up banks, but also ‘eliminating fractional reserve banking’—the centuries-old practice of banks taking in deposits and lending most of them out in riskier and longer-term loans.”

MARCH 31

1913 – DEATH OF J. PIERPONT MORGAN, BANKER
J.P Morgan founded one of the world’s most powerful banks and had extraordinary political influence in the U.S. The National Citizens League, funded by millions of dollars from Morgan and a few other major bankers, financed respected university professors to endorse the concept of creating a private/corporate central bank, which became the Federal Reserve Bank, created by the 1913 Federal Reserve Act. Morgan’s men were among the small number of architects of the private/corporate Federal Reserve.

1980 – US CONGRESS PASSES MONETARY CONTROL ACT
Popularly known as the Depository Institutions Deregulation and Monetary Control Act of 1980. The Federal Reserve Board of Governors was provided with increased control over monetary policy and non-member financial institutions – requiring all financial institutions to follow the private Federal Reserve regulations.

1999 – “THE MATRIX” FILM RELEASE DATE
“Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world. You don’t know what it is, but it’s there, like a splinter in your mind driving you mad. It is this feeling that has brought you to me. Do you know what I’m talking about?”  — Morpheus to Neo

APRIL 1

2011 – PUBLISHED ARTICLE IN BLOOMBERG: “FOREIGN BANKS TAPPED FED’S SECRET LIFELINE MOST AT CRISIS PEAK”
“Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request… The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record.”
[Note: The Fed worked very hard to keep this information secret. The amount in secret loans to US banks and corporations and foreign banks following a partial audit of the Fed in 2012 revealed a total of $16 trillion. The GDP of the United States is only $14 trillion by comparison.]

APRIL 2

1792 – COINAGE ACT PASSES CONGRESS
Congress used its power (as established under the U.S. Constitution) to establish a national Mint. The act authorized the creation of U.S. money — something that we have since forgotten and that Congress has willingly handed over the private banking corporations. Article I, Section 8 states that the government has the power to “coin” money. Coin is used as a verb, as in creating money.

APRIL 3

1729 – PUBLICATION OF “A MODEST ENQUIRY INTO THE NATURE AND NECESSITY OF A PAPER CURRENCY” BY BENJAMIN FRANKLIN
The “father of paper money” and a printer, Franklin’s publication circulated throughout the colonies. He was a strong advocate of colonies printing their own money. The publication helped him earn contracts to print paper money for Pennsylvania, New Jersey and Delaware.
“A legitimate government can both spend and lend money, while banks can only lend significant amounts of their promissory bank notes.  Thus when bankers place money in circulation there is always a debt principal to be returned and usury to be paid.”

APRIL 4

1834 – US HOUSE OF REPRESENTATIVES VOTES AGAINST RECHARTERING THE SECOND BANK OF THE UNITED STATES
The US House voted 134-82 against rechartering (re-licensing) the nation’s central bank – a private bank not ultimately accountable to the public but to its shareholders. Charters were originally considered democratic instruments of public control to keep corporations accountable – as opposed to today where charters are issued automatically as long as minimal conditions are met and a fee is paid. The bank had established loan policies that were detrimental to the nation’s economy but very profitable for its owners. The bank’s President, Nicholas Biddle, had threatened to harm the US economy by restricting the nation’s money supply if the charter were not renewed. The bank shrank the money supply. A financial panic and deep depression followed. President Andrew Jackson was convinced all the more that the private bank should not be in charge of issuing and circulating the nation’s money supply.

1883 – DEATH OF PETER COOPER, US INDUSTRIALIST, PHILANTHROPIST (FOUNDED COOPER UNION) AND GREENBACK CANDIDATE FOR PRESIDENT
“The substitution of greenbacks for National bank notes will make a uniform currency of money. A greenback legal tender is to the full as much real money as a gold legal tender, the only difference being that as many nations make gold a legal tender, there is more demand for it than for paper legal tenders which have the sovereign stamp of only one Government. The substitution of greenbacks for National bank notes would have the bounty now paid to banks which being invested as a sinking fund would in less than thirty years pay off the whole debt of the country.”

APRIL 5

1764 – BRITISH PARLIAMENT PASSES CURRENCY ACT PROHIBITING COLONIES FROM PRINTING THEIR OWN MONEY
As early as 1723, the colony of Pennsylvania showed that it was possible for money to be issued by the government in the place of taxes without causing inflation. Money was printed and circulated there and elsewhere. No taxes needed to be collected in PA from 1723 to the 1750’s as a result. The Bank of England pressured the British Parliament to pass the Currency Act. Benjamin Franklin believed that passage of the Act caused poverty and triggered the Revolutionary War.

1933 – PRESIDENT ROOSEVELT SIGNS EXECUTIVE ORDER CONFISCATING GOLD
President Franklin D. Roosevelt signed Executive Order 6102, ordering all citizens to turn in their private gold. The Order prohibited the “hoarding” of almost all privately held gold coins, bullion and certificates “to provide relief in the existing national emergency in banking” (i.e. the Great Depression) that was caused by the monetary policies of the privately operated Federal Reserve system.

2008 – DEATH OF CHARLTON HESTON (WHO PLAYED MOSES IN THE TEN COMMANDMENTS}
[A stretch, but nevertheless, a means to share the following…]
From the Old Testament in the Bible, Deuteronomy 23:19
“Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn 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, 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, email monetarycalendar@yahoo.com

MONETARY HISTORY CALENDAR March 23-29

lincolngback

MARCH 23

2009 – PUBLICATION OF PEOPLE’S BANK OF CHINA GOVERNOR ZHOU XIAOCHUAN’S PROPOSAL FOR REFORMING THE INTERNATIONAL MONETARY SYSTEM
“’In the interest of international financial stability,’ Zhou proposed the creation of a new international reserve currency that is disconnected from individual nations, issued in accordance with agreed rules and stable in value. For this purpose he proposed to modify the IMF’s Special Drawing Right (SDR), a synthetic reserve asset and unit of account created by international agreement in 1969 to supplement official reserves of member countries and to support the Bretton Woods fixed exchange rate system.”

MARCH 24

2008 – NEW YORK FEDERAL RESERVE BANK ANNOUNCEMENT IT WILL GIVE CASH TO J.P. MORGAN CORPORATION TO ACQUIRE BEAR STEARNS CORPORATION
The Federal Reserve Bank of New York announced that it will provide financing to facilitate JPMorgan Chase & Co.’s acquisition of The Bear Stearns corporation. J.P Morgan corporation received $29 billion from the Fed. However, the Fed never provided financing of this amount during this time to help small businesses or homeowners who were victimized by the speculative financial ventures of Bear Stearns corporation, which led to its implosion, triggering the Great Recession.

2014 – QUOTE BY RICHARD FISHER, PRESIDENT OF THE DALLAS FEDERAL RESERVE BANK
“I don’t think there is any doubt that quantitative easing enabled the rich and the quick. It was a massive gift.”
[Note: Quantitative Easing was the Fed’s program on injecting several trillion dollars into the economy – most of which ending up going to banks and to corporations to buy back stock.]

MARCH 25

1894 – COXEY’S ARMY BEGINS MARCH
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march from Massillon (beginning on March 25, 1894) to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this “petition in boots” was unique — the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey’s Army proposed two bills. The first, a “Good Roads Bill”, would help farmers through $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created — debt-free.

MARCH 26

1892 – BIRTH OF PAUL DOUGLAS, ECONOMIST, US SENATOR, QUAKER
Douglas was a prominent University of Chicago economist who helped develop “A Program for Monetary Reform” in 1939 — sent to President Roosevelt as a means to end the Great Depression. More than 230 economists from 150 universities approved it without reservations while an additional 40 supported it with some reservations.

In assessing the problem of the day, the PMR states, “If the purpose of money and credit were to discourage the exchange of goods and services, to destroy periodically the wealth produced, to frustrate and trip those who work and save, our present monetary system would seem a most effective instrument to that end.” It also stated monetary systems based on a gold standard “has had…disastrous results all over the world.”

The PMR called for government creation and maintenance in the quantity of money. “Our own monetary policy should…be directed toward avoiding inflation as well as deflation, and in attaining and maintaining as nearly as possible, full production and employment.” The plan also called for eliminating fractional reserve lending – the process of banks loaning multiple times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 9:1. Some of the major banks involved in the economic collapse of 2007 had ignored this law and were loaning out 50 times their reserves. The PMR called for a 100% reserve requirement – banks could only lend the amount of money they possessed.

The document goes on, “In early times the creation of money was the sole privilege of the kings or other sovereigns – namely the sovereign people, acting through their Government. This principle is firmly anchored in our Constitution and it is a perversion to transfer the privilege to private parties to use in their own real or presumed interest. The founders of the Republic did not expect the banks to create the money they lend. “

Their plan to reduce the national debt was simply to have the government purchase government bonds with new US debt-free money.

MARCH 27

1933 – BIRTH OF HAZEL HENDERSON, FUTURIST AND ECONOMIST
“All of the intellectual models of the new economy are about cooperation, sharing and abundance.”

MARCH 28

1969 – DEATH OF PRESIDENT DWIGHT D. EISENHOWER
“If you can’t solve a problem, enlarge it.”
[Note: That’s certainly what architects of the current financial system have done – make the financial bubbles bigger, create more money out of thin air, create greater inequality, etc.]

2007 – QUOTE BY BEN BERNANKE, CHAIR OF THE US FEDERAL RESERVE
“At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”
[Note: So much for believing that the head of the Fed should be thought of as some monetary guru.]

MARCH 29

2010 – REUTERS ARTICLE: UK LAWMAKERS SEEK RADICAL, NOT RUSHED BANK REFORM
“Radical and carefully thought reform is needed to shield British taxpayers from having to bail out troubled banks again, a UK parliamentary report said on Monday.
If a bank is too complex to adopt practical and speedy wind-up plan or living will, regulators should be ready to break it up, the Treasury Committee report on banks said.”

———————–

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, email monetarycalendar@yahoo.com

Let Us Now Praise Corporate Persons? NO!

Corporations are Not People at Romney Rally

Kent Greenfield, a professor of law at Boston College Law School, recently wrote a piece for The Washington Monthly called “Let Us Now Praise Corporate Persons.

Greenfield raises several valid points.

Corporations can and should internally be more democratic. Worker cooperatives and worker owned businesses are certainly preferable than a small number of people dictating what takes place with no input from employees, shareholders and investors.

However, there remains a large gap — namely the relationship between the corporate entity itself and society. Democratic, societal control of corporations used to occur via the corporate charter.

Corporations were only permitted to exist when they received from the state a “charter,” or a license to do business. The charter listed exactly and precisely what a corporation could and could not do. Corporate charters were democratic instruments — in the same way a license issued by the state to practice law, medicine, and other professions established the terms to operate in that state.

Corporations were intended to be subordinate to humans, to serve the public and the common good. Personhood places them legally on par.

Inalienable constitutional rights given to artificial legal fiction creations of government are an absurdity. Without the state, there are no corporations, no corporate “persons” — not so with real humans.

If you choose to read The Washington Monthly piece above, take time also to read the discussion between Greenfield and Ron Fein, an attorney who advocates for ending corporate personhood. The discussion took place on Democracy Now.

Should McDonald’s & Monsanto Have the Same Rights as People? A Debate on Corporate Personhood
http://www.democracynow.org/2015/3/13/should_mcdonalds_monsanto_have_the_same

Are Ohio’s Private/Corporate Charter Schools Good for Education?

AFSC Conference Call Conversation

Are Ohio’s Private/Corporate Charter Schools Good for Education?

6904697743_21dd621644_b

Presenter: Lois Romanoff
Tuesday, March 31 / 7:00 pm – 8:00 pm
Conference call #: 857-232-0155 / Access code: 744213

Lois is a retired school psychologist from both public and private schools and close follower of the charter school movement. She is a human rights activist and is on the Northeast Ohio American Friends Service Committee’s Economic & Political Justice Committee.

Lois will describe charter schools, their impact on public schools, the differences between for- and not-for-profit charters, their quality in providing education, the significant political influence in Ohio of corporate charter schools and the proposal of Governor John Kasich to increase funding to charters.

Presentation followed by Q&A and discussion.

High school course on democratizing money creation

worried-dollar-24983-20091020-13

Boy do I wish I had been exposed to this in 12th grade…however, it’s never too late to become monetarily literate. it’s imperative to try to get on the other side of the learning curve ahead of the next soon-to-come (and much more severe) economic collapse — to understand and counter the PR blather that will be rolled out by the power elite and be in a position to offer and organize around fundamental change to democratize money creation.

<><><>

“Without knowing how money is created and managed, all other topics concerning money are out of context. This is crucial: regarding trillions of dollars of economic power, you have no idea where money comes from.”

“When you understand the power of creating credit out of nothing, your mind will eventually take the next logical step and ask: why don’t we create money out of nothing to pay for public goods and services directly rather than surrender this awesome power to the banks? You’ll wonder: why doesn’t government create money to hire unemployed workers for all the infrastructure work that needs to be done?”

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye
http://www.washingtonsblog.com/2015/03/debt-damned-economics-either-learn-monetary-reform-kiss-assets-goodbye-1-7.html

NEO AFSC March 20, 2015 Podcast

podcasticon

Listen to podcast here

We summarize last week’s activities; announce upcoming events for next week; and comment on comparisons between current economic realities vs those just before the last economic crisis; the federal budget proposals of the Republicans and Congressional Progressive Caucus; the secret “classified” briefing to congressional members on the Trans Pacific Partnership; what it means that 68% of Americans believe the wealthy pay too little in federal taxes; and a recent report showing top corporations that invest $1 in politics receive $760 in return from the government — not too shabby!

The Public Can’t See the TPP

images

What the public can see of the “classified” TPP

<><><><><>

A briefing was held this week between members of Congress and the U.S Trade Rep Michael Froman and staff at the Labor Department on details of Trans Pacific Partnership, the so-called trade pact between the US and 12 Latin American and Asian countries.

The briefing wasn’t just a normal meeting. It was labeled “classified,” meaning lawmakers and any of their staff who attended are barred, under threat of punishment, of revealing what they learn with constituents or outside experts.

The meeting—focused on the section of the TPP that deals with the controversial ‘Investor-State Dispute Settlement’ process (or ISDS), which establishes how disputes over so-called trade “barriers” under the proposed agreement would to be resolved. The negotiations have been conducted in secret– secret to the public that is. Reps from 600 transnational corporations have been consultants to the negotiations. Members of the US Congress have, for the most part, also been kept in the dark.

The ISDS calls for establishing a “tribunal” that would serve the function of a court to adjudicate disputes. The disputes could be between two nations or between a nation-state and a corporation. What a nation-state calls a democratically enacted labor law, consumer law or environmental law the corporation could call a barrier to allow goods or services it produces from entering their market. is an anti-democratic travesty — which is why, no doubt, the meeting about it has was labeled “classified.” The unelected “tribunal”(composed of corporate friendly members) would only rule on the question of whether the democratically enacted laws are barriers, not whether they promote worker justice, consumer safety, environmental sustainability or national sovereignty and self-determination. The ISDS would trump national democratic self-governance.

No wonder the Obama Administration and its pro-corporate allies in the House and Senate who support the TPP haven’t come clean about its provisions.

Rep. Lloyd Doggett (D-Texas) condemned the classified briefing. “Making it classified further ensures that, even if we accidentally learn something, we cannot share it. What is [Froman] working so hard to hide? What is the specific legal basis for all this senseless secrecy?…Open trade should begin with open access…Members expected to vote on trade deals should be able to read the unredacted negotiating text.”

“If the TPP would be as good for American jobs as they claim, there should be nothing to hide,” said Rep. Rosa DeLauro (D-Conn.)

Critics of the administration assert that applying national security-style limits on such information is an abuse of the classified information system. It’s not as if the TPP describes how to make nuclear weapons or reveals CIA spies in foreign nations. Nor is it about trying to prevent other nations from knowing what’s in the proposed agreement — since the negotiations are with representatives of foreign nations.

No.

The super secrecy is designed for one purpose and one purpose alone — to keep the details of this anti-democratic deal out of the public and media spotlight for as long as possible.

The TPP is not about in the end trade at all — be it free or fair. It’s about democracy — who rules, who decides. Will be it We the People through our elected representatives. Or will be it corporations using the shield of “trade barriers” to overrule national rules for increased power and profit.

The TPP and the Fast Track negotiating authority, which allows the administration to ram the TPP through Congress with minimum debate and no amendments, come up for a vote soon. It you haven’t already contacted your Senators and Congressperson, now’s the time. Even if you have, now’ the time to do so again.

Fast Track and the TPP are about increasing corporate rule and rights, not about democracy, justice, safety or sustainability.

11 Talking Points of President Obama’s Speech Today in Cleveland

President-Obama-jpg

These should be the 11 “Talking Points” of the President when he speaks at the Cleveland City Club this afternoon. Of course, he won’t say any of this, but, hey, we can only dream…

1.    Our democracy is near death I. Money is pouring in from the super wealthy and corporations in historic sums – to by Republican friends and to my own party. Most elected officials, including me, aren’t hearing the voices of people without money – except at photo ops when we drop into local eateries to buy a hamburg. I encourage Congress to pass the Move to Amend constitutional amendment to abolish corporate personhood and the doctrine that money equals speech.

2.    Our democracy is near death II. Gerrymandered political districts in Ohio and across the nation drawn by winning political parties marginalizes and weakens all other political parties. Voter ID laws disenfranchising “minorities” (which soon will become the majority demographically), seniors and students harken back to the days 50 years in places like where I just visited – Selma, Alabama – and other communities in the South. We need legislation making it easier for all citizens to register to vote and to vote. Maybe the right to vote needs its own constitutional amendment.

3.    The “middle class” in this nation is hurting…and declining. It actually should be called the “working class, ” members of whom earn less, have less wealth, are in more debt and face uncertain time in an economic “recovery” that’s more mirage than real. Too many of the jobs being created don’t pay a living wage and/or are part time.

4.    The “workless class” is really hurting…and growing. The “labor participation rate” has dropped. Poverty levels are a disgrace. Federal spending, tax and monetary policies don’t help working class and workless class people enough. The minumum wage should be increased to become a “living” wage.

5.    Income equality is scandalous, shameful and unsustainable. Time to end the Bush era tax cuts and dramatically increase, at the very least, inheritance taxes. How does receiving huge inheritances to from one generation to the next encourage innovation, creativity and work?

6.    I challenge the nation to become more monetarily literate. We’ve been hoodwinked by economists for generations into believing we should leave the issue of creating and circulating money alone to bankers and financiers. That has only resulted in depressions, recessions, growing inequality, exploding debt, and a rapid economic and political concentration benefiting financial corporations – the most powerful subset of all corporations. Stop watching the monetary propaganda on commercial TV, which only confuses and distracts. I propose funding a national program of monetary literacy in all schools and throughout society developed by real monetary reformers, including those at the American Monetary Institute.

7.    Exploding national debt has been used as the excuse to slash federal social and economic development programs. So how exactly has austerity been working in Greece, which has followed the austerity measures of the European Central Bank and IMF over the last few years? Public debt is fundamentally different than private debt in that the federal government can wipe it away by creating its own money (vs you and I who are not allowed to print money in our basements). I proposed that Congress pass the National Emergency Employment Defense (NEED) Act, introduced in the last 2 congresses by Representative John Conyers and Dennis Kucinich. The Act would move the private and misnamed Federal Reserve Bank under the Treasury Department, end the ability of banks to create money out of thin air as debt, prohibit banks from loaning money that they don’t have as reserves and introduce US money (just like what Republican President Lincoln did in creating “Greenbacks”) to hire millions of citizens repairing our nation’s physical and human infrastructure.

8.    The “defense” budget is out of control. Check that, I mean the “military” budget is out of control – since most of the money spent on planes, tanks, bombs, bullets and soldiers doesn’t “defend” our shores. The Pentagon hasn’t been audited in years. Billions are spend on weapons we don’t need, don’t work and can’t afford. We spend more money that the rest of the world combined. Half of the budget needs to be cut – for starters. Workers will be retrained building goods and services that are economically useful and environmentally sustainable – like alternative energy technologies

9.    It’s time to end the US military empire. We need to shut down hundreds of military bases and installations; stop launching wars and occupations and end the practice of install dictators and puppets; cease being the world’s policeman. We need to let people determine their own policies, politicians, and practices. We will reverse course especially in Ukraine – a nation that we stuck our nose into and toppled their leader, replaced with extremists and now are using as a surrogate to weaken Russia economically and militarily and seek to break the growing alliance between Russia and Europe, which threatens US superiority.

10.    I no longer support Fast Track legislation in Congress, which would weaken their ability to oversee and amend so-called “trade” legislation like the Trans Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) deals. These deals would weaken US labor, environmental and consumer laws and empower transnational corporations to circumvent national laws via judicial “Tribunals” made up of unelected trade attorneys.

11.    Go Cavs!

MONETARY HISTORY CALENDAR March 16-22

lincolngback

MARCH 16

1751 – BIRTH OF JAMES MADISON, FOURTH PRESIDENT OF THE UNITED STATES
“History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible to maintain their control over governments by controlling the money and its issuance.”

1938 – HOUSE RESOLUTION (HR) 7230 INTRODUCED
John William Wright Patman, Democratic Congressman 1938-1978 and Chairman, Committee on Banking & Currency, introduces a bill to nationalize the Federal Reserve System.
“The Federal Reserve is a total moneymaking machine.  It can issue money or checks, and it never has a problem of making its checks good, because it can obtain the $5 or $10 bills necessary to cover its check simply by asking the Treasury Department’s Bureau of Engraving to print them.” 1964

2008 – BEAR STEARNS FINANCIAL CORPORATION ACQUIRED BY JP MORGAN FINANCIAL CORPORATION
Bear Stearns financial corporation is acquired for $2 a share by JPMorgan Chase corporation in a fire sale avoiding bankruptcy. The deal is backed by the Federal Reserve, which provided up to $30 billion to cover possible bank losses. Bear Stearns was a global institution that invested heavily in subprime loans. Its failure was one piece of the financial crisis and recession.

MARCH 17

1947 – JOHN MCCLOY BECOMES PRESIDENT OF THE WORLD BANK
The World Bank would do more to expand US banking globally than any other treaty, agreement, or entity that came before it. McCloy was the World Bank’s second President. He had previously been Assistant Secretary of War during WWII.

2015 – ST. PATRICK’S DAY
“Nobody can borrow themselves out of debt no more than you can drink yourself sober.”
– Byron Dale, monetary reformer and rancher.

MARCH 18

1837 – BIRTH OF PRESIDENT GROVER CLEVELAND
The President reportedly stated, “the banks have got the country by the throat” in response to a raid on US gold reserves in 1893 caused when European banks sold millions of US Treasury securities and demanded payment in gold. To replenish the gold supplies, the government issued Treasury bonds exclusively to JP Morgan and August Belmont (two major bankers) in a sweetheart deal for gold. Two years later when the US gold supply had been raided again, Morgan, Belmont and others sold gold to the government, pocketing a large profit.

1869 – PASSAGE OF US LAW THAT ALL US MONETARY NOTES WOULD BE EVENTUALLY CONVERTED TO SPECIE
Specie means money in the form of coins rather than paper notes. Bankers hated Lincoln’s Greenbacks, which were debt-free and inflation-free US money created to avert financial crisis during the Civil War. Following Lincoln’s death, bankers pressured Congress to eliminate Greenbacks, base money creation on precious metals (preferably gold) and, if additional funds were needed by the government to borrow it from banks at interest. Basing the money supply on gold or silver meant that the money supply could only increase when the supply of gold or silver increased – regardless of the growing population or an expanding economy. A pure metal-based money system has historically resulted in depressions – not enough money to meet the economic needs.

1993 – DEATH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER
“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist. [Note: the same goes for debt.]

MARCH 19

1860 – BIRTH OF WILLIAM JENNINGS BRYAN, SENATOR, SECRETARY OF STATE, PRESIDENTIAL CANDIDATE (DEMOCRAT/POPULIST)
Bryan had originally supported the 1913 Federal Reserve Act as Secretary of State under the Wilson administration. His position was crucial in gaining the support of many Congressional Democrats and Progressives. He later regretted his decision. “In my long career, the only thing I genuinely regret is my part in getting the banking and currency legislation enacted into law.”

2011– LIBYAN REBELS FORM CENTRAL BANK
In what may have been a first in history, the Libyan revolutionary rebels created a central bank while still fighting an established state power. The rebels designated the Central Bank of Benghazi as the new monetary authority. It would indicate how influential central bankers were over the rebels. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” said Robert Wenzel of the Economic Policy Journal.

MARCH 20

2014 –  BANK OF ENGLAND ADMITS LOANS COME FIRST AND DEPOSITS FOLLOW
The Bank of England released two articles explaining the money creation process – “Money in the modern economy: An Introduction” and “Money creation in the Modern Economy” – in their flagship Quarterly Bulletin of March 2014.
‘In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood. The principal way in which they are created is through commercial banks making loans: whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money….”

MARCH 21

1821 – GREEK INDEPENDENCE DAY
Solon was an Athenian statesman and lawmaker (presumably, the city in Cuyahoga County is named after him). He became the first effective advocate for democracy in roughly 594 BC when he decentralized power politically in the judiciary and, most importantly, in the Athenian money system. Many in Greece today are advocating exiting the Eurozone, claiming that returning to the Drachma (their original currency) and democratizing its issuance and circulation by the government as opposed to private Greek banks is the path to economic prosperity and political sovereignty. In the name of “austerity”, international bankers, among other things, are asking Greeks to privatize national assets. Massive popular resistance has followed, including the election of anti-austerity leaders with the Syriza party. This has inspired citizens and anti-austerity movements in Italy, Spain, France and elsewhere. Many in Europe are now calling for the creation of “sovereign money” systems at the nation state level, compared to the current top-down system where monetary matters are determined by the European Central Bank, which is controlled by the largest and wealthiest banks on the continent.

1923 – BIRTH OF ALBERT BARTLETT, PROFESSOR OF PHYSICS AT THE UNIVERSITY OF COLORADO AT BOULDER
“The greatest shortcoming of the human race is our inability to understand the exponential function.” Bartlett was a leader on sustainability and this quote is from his lecture, ” Arithmetic, Population, and Energy” he first delivered on September 19, 1969.
Exponential growth requires exponential resources – which are finite. If we have no energy, we have no economy. The economy must grow but nonrenewal energy can’t grow since the environment is fixed.

1975 – DEATH OF RALPH HAWTREY, BRITISH ECONOMIST, FRIEND OF JOHN MAYNARD KEYNES
“Banks lend by creating credit. They create the means of payment out of nothing.”

MARCH 22

1832 – DEATH OF JOHANN WOLFGANG VON GOETHE, GERMAN WRITER
“None are more enslaved than those who falsely believe they are free.”

———————–

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, email monetarycalendar@yahoo.com