NEO AFSC May 15, 2015 Podcast

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Listen to podcast here

We summarize last week’s activities; announce upcoming events for next week; and comment on the Senate vote against Fast Track, the political finance connections of the massive financial subsidy from the State of Ohio to Marathon corporation,  tax breaks to the richest Ohioans in the passed House budget, a proposed Ohio “poll tax” that would disproportionally affect youth, low income and people of color,  and how democratizing money creation could prevent more Amtrak derailments and infrastructure deterioration disasters.

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Trans-Pacific Partnership is not good for workers and democracy: Letter to the Editor

TPP-dismantles-democracy-light-brigade-2-24-15-with-Washington-Monument-behind1-e1429808577890

May 11, 2015
http://blog.cleveland.com/letters/2015/05/five_questions_on_the_tpp_lett.html

If the Trans Pacific Partnership trade agreement is so glorious for workers, communities and democracy, then:

Why have the negotiations been kept secret since their beginning from the public, our elected officials and the media?

Why have representatives from several hundred corporations, however, been “advisors” to the negotiations from the beginning?

Why is it peddled as a “trade” agreement when only five of the 29 chapters or sections actually deal with trade, with the rest addressing government regulations concerning health care, off-shoring jobs, food safety, the environment, the internet, banking/finance and more?

Why are multinational corporations given the right to directly sue a country over democratically-enacted worker, consumer and environmental laws that corporate leaders believe would result in alleged lost profits and “expected future profits?”

And how does the “investor-state dispute settlement” (ISDS) process that establishes unaccountable tribunals composed of international trade attorneys, which would rule on suits brought by multinational corporations, protect and promote democratic self-governance?

These are questions citizens need to ask their Senators and Congresspersons and our elected representatives need to ask themselves.

Greg Coleridge,
Cuyahoga Falls
Coleridge is director of the Northeast Ohio American Friends Service Committee.

MONETARY HISTORY CALENDAR May 11 – 17

lincolngback

MAY 11

2007 – PUBLISHED ARTICLE, “MONETARY REFORM AND HOW A NATIONAL MONEY SYSTEM SHOULD WORK” BY RICARD COOK
“[T]he solution lies with the federal government taking back its constitutionally-authorized control of the credit of the nation from the financiers and managing it as previously stated—as a public utility.
It is essential to realize that the central government of a sovereign nation has the right, the ability, and the responsibility to introduce ALL new credit into existence. This is totally different from having the central bank “print money” by relaxing lending policies, resulting in an infusion of cheap loans, which must still be repaid.
Sovereign creation of credit is not based on debt. It is and should be based on direct spending of money into circulation by the government itself. Obviously the government should do this in a way that promotes the best interests of the members of society while respecting the varying degrees of contribution by those of different levels of skill and achievement. It is quite possible to enact such a program with due regard to all established conventions of private property and the private ownership and control of existing wealth.”

MAY 12

1948 – FORMATION OF THE STATE OF ISRAEL IS PROCLAIMED
Solomon, the son of David, was an early King of Israel from 970-931 BC. He was also the author of the Book of Proverbs in the Bible. From Proverbs 22:74: “The borrower is servant to the lender.”
What was true nearly 3000 years ago is still true today. If we borrow from a lender (i.e. a bank), we are servants to that bank – be it an individual, state or nation. Nations that receive IMF or World Bank know this. “First World” nations are beholden to their private central banks.

2009 – BLOOMBERG ARTICLE “NY FEDERAL RESERVE BANK CLAIMS IT IS A PRIVATE INSTITUTION”
“The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7 trillion of emergency lending programs. While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.”

MAY 14

2013 – ARTICLE, “MONEY HAS BEEN PRIVATIZED BY STEALTH” BY BEN DYSON
“It’s common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty’s police. Yet there’s a small collection of companies that are authorized to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called “monetary and financial institutions”, but you probably know them by their street name: “banks”.
The money that they create, effectively out of nothing, isn’t the paper money that bears the logo of the government-owned Bank of England. It’s the electronic money that flashes up on the screen when you check your balance at an ATM. This electronic money currently represents over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched.”

MAY 15

1915 – BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR ECONOMICS)
“Few understand that all our money arises out of debt and IOU operations. The banking system as a whole can do what each small bank cannot do: it can expand its loans and investments many times the new reserves of cash created for it, even though each small bank is lending out only a fraction of its deposits.” Economics, An Introductory Analysis by Professor Paul A. Samuelson. (Best selling college economics textbook of all time, c1948.)

1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY POPE PIUS XI
The Pope discusses the ethical implications of economic and social order in this letter, warning of the dangers of unrestrained capitalism.
“Economic dictatorship is being most forcibly exercised by the few who hold the money and completely control it, control credit and the lending of money.  Hence they regulate the flow of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul of economics that no one can breathe against their will.”

MAY 16

1876 – SECOND GREENBACK NATIONAL CONVENTION OPENS IN INDIANAPOLIS
May 16–18, 1876 — Academy of Music, Indianapolis, Indiana. There were 239 delegates present from 17 states. Peter Cooper was nominated for President of the Greenback Party (calling for the creation of debt-free national money) with 352 votes to 119 for three other contenders.

1912 – PUJO COMMITTEE HEARINGS BEGIN
A special subcommittee of the House Banking and Currency Committee began hearings under its Chairman, Arsene P. Pujo. Its purpose was to investigate the powers of the nation’s “money trust.” Its final report, issued in 1913, concluded that the power over the nation’s money and credit was concentrated in a small group of Wall Street bankers. The report created a climate for reform. Unfortunately one of the reforms advocated for was the misnamed Federal Reserve Act, which provided the appearance that finances would become a public function.

MAY 17

1901 – FINANCIAL PANIC
The Financial Panic of 1901 was the first stock market crash.  This was caused in part by several powerful investors trying to gain control of the Northern Pacific Railway.  During the afternoon of May 17, 1901 the market started to decline sharply.  Investors on the floor of the New York stock Exchange began to panic.  An overwhelming yell of “Sell, sell, sell” could be heard; only fueling the panic. This cornering of stock caused a panic among many small investors resulting in the ruin of thousands of small investors.

1930 – BANK OF INTERNATIONAL SETTLEMENTS ESTABLISHED
This is the central bank of all central banks, established as an international financial institution to “foster international monetary and financial cooperation.” Its headquarters are in Basel, Switzerland. The BIS serves to strengthen the international private banking system, not national economies. The BIS advocates the establishment of a global currency, building on the International Monetary Fund “Special Drawing Rights” – a quasi currency, which has a value, based on a basket of 4 major currencies (the dollar, euro, pound and yen).

2002 – TALK BY WILLIAM HUMMEL, AUTHOR, MONETARY RESEARCHER
“Banks are not ordinary intermediaries, like non-banks, they also borrow, but they do not lend the deposits they acquire. They lend by crediting the borrowers account with a new deposit… The accounts of other depositors remain intact and their deposits fully available for withdrawal.  Thus a bank loan increases the total of bank deposits, which means an increase in the money supply.”

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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, 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

NEO AFSC May 8, 2015 Podcast

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Listen to podcast here

We summarize last week’s activities; announce upcoming events for next week; and comment on the political pressure on Congress to support Fast Track and the TPP, the just passed Senate-House federal budget, and the latest figures on the income of the wealthiest 400 Americans. We conclude with an nterview of Anita T., National Committee Coordinator of Hip Hop Congress, on the commercialization/corporatization of Hip Hop culture, Hip Hop and rap music, community efforts to recapture Hip Hop, and the joint Hip Hop Congress-Move to Amend traveling “What the BLEEP Happened to Hip Hop” conferences, including one planned for July in Cleveland, her home town.

MONETARY HISTORY CALENDAR May 4 – 10

lincolngback

MAY 4

1821 – DEATH OF NAPOLEAN BONAPARTE
“Money has no motherland, financiers are without patriotism or decency; their sole object is gain.”

MAY 5

2005 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
“The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions. Derivatives have permitted the unbundling of financial risks.”
[NOTE: Three years later, the U.S. financial system imploded, causing what was called the “Great Recession,” but for many was a Great Depression as they lost homes, jobs and opportunities.]

MAY 6

2012 – GREEK PARLIAMENTARY ELECTION RESULTS IN 60% SUPPORT FOR PARTIES OPPOSED TO AUSTERITY MEASURES
The elections resulted in a coalition government led by the New Democracy Party. The Coalition of the Radical Left (SYRIZA) came in second. They and other parties, agreed, however, that the austerity terms of the bailout agreement with the European Union (EU), European Central Bank and the International Monetary Fund must be renegotiated. When Greece joined the European Union (like other nations), it gave up completely its monetary sovereignty. It no longer had the ability to create and distribute its own money as a means of economic health – including using democratic money creation to help its own people. It transferred that authority to the EU when it began accepting the euro.  The U.S. still technically possesses monetary sovereignty since it possesses its own currency – the dollar. The problem is that is still lost its sovereignty when it transferred to corporate interests, namely the Federal Reserve and banking corporations, the ability to create and circulate money – as debt via loans.

MAY 7

1873 – DEATH OF SALMON P. CHASE, US TREASURY SECRETARY/US SENATOR FROM OHIO
“My agency, in procuring the passage, of the National Bank Act, was the greatest financial mistake of my life.  It has built up a monopoly that affects every interest in the country. It should be repealed.  But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country.”
[NOTE: The National Bank Acts of 1863 was known originally as the National Currency Act and was updated the following year. The Act established chartered national banks that could issue bank notes, which were backed by the United States Treasury. These notes existed side by side to public “Greenbacks” (directly issued by the government). Bankers supported the Bank Acts as a means to eventually supplant Greenbacks and once more gain full control of the US money system.]

MAY 8

1884 – BIRTH OF HARRY TRUMAN, 33RD PRESIDENT OF THE U.S.
‘”There is nothing new in the world except the history you do not know.”
[NOTE: Why the monetary arena (problems and possible democratic reforms) seems new is because we never learned its history – in school, through the media, even in our activist organizations. Many activists still don’t – believing it too complicated, unrelated to other economic concerns or associated with political ideologies unlike their own. Social change activists, thus, ignore this arena at their peril.]

MAY 9

2014 – “WHO SHOULD HAVE THE POWER TO CREATE MONEY?” ARTICLE BY ANDREW JACKSON OF POSITIVE MONEY
“Who should have the power to create money? In Modernising Money we argue that the power to create money should be removed from the banks and transferred to a democratic, transparent, and accountable body. Martin Wolf recently backed these proposals, but Ann Pettifor describes them as ‘deeply flawed’ and ‘outlandish’.
One of Ann’s main concerns is whether a committee can correctly make decisions over how much money should be added to (or removed from) the economy.
Let’s approach this by considering the different options for who could be given the power and authority to create money:
• Banks – as per the status-quo
• Banks – heavily reformed (as Ann would suggest)
• Elected politicians
• The Monetary Policy Committee at the Bank of England (as proposed in Modernising Money)”
Full article at http://www.positivemoney.org/2014/05/power-create-money

MAY 10

1729 – PENNSYLVANIA PASSES A PAPER CURRENCY ACT
Pennsylvania was one of the first colonies to issue their own paper money to facilitate exchange to offset the lack of British pounds in circulation. By 1755, all 13 colonies had issued some form of colonial currency.
On colonial issued currency, Benjamin Franklin said,
“This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it.  This currency…is a wonderful machine.  It performs its office when we issue it and when we are obliged to issue a quantity excessive, it pays itself off by depreciation.”

1775 – CONTINENTAL CONGRESS ISSUES “CONTINENTALS”
The Continental Congress voted to issue $200 million in paper money, “continental currency” or “continentals”, to finance the American Revolution. The money was essential since British pounds were in short supply. The currency lost much of their value during the war due to the flooding of British counterfeit “continentals” as a means to destroy the colonial economy. Inflation was also due to continentals being used to fund war purchases rather than socially and economically useful goods and services. Nevertheless, the colonial currency served its purpose in allowing the colonies to economically and militarily resist and defeat the most powerful nation on earth.

1837 – US FINANCIAL PANIC
Banks limited credit and starting calling on debtors to repay. This ignited the Financial Panic of 1837.  Urban worker faced rising unemployment and food prices. A prolonged economic depression followed, including hundreds of bank failures. The economic depression that followed lasted nearly five years. This is the inevitable result of a debt-based money system – the lessons of which we never seem to learn.

1915 – BIRTH OF ROBERT HEMPHILL, CREDIT MANAGER, FEDERAL RESERVE BANK OF ATLANTA
If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.

———————–

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

NEO AFSC May 1, 2015 Podcast

podcasticon

Click here to listen to podcast

We summarize last week’s activities; announce upcoming events for next week; and comment on over 2000 groups who now oppose and are working against Fast Track and the Trans Pacific Partnership, a judge who ruled that Vermont law protecting human  rights over corporate rights is legitimate, more evidence of how money pollutes politics and elections, the just introduced We the People bill in Congress that would end corporate personhood and money as speech, and a Baltimore corporate executive who accurately reflects on the economic and political roots of the tragedies there…and what may come if we don’t readdress fundamental injustices now.