MONETARY HISTORY CALENDAR July 27 – August 2

lincolngback

JULY 27

1694 – ROYAL CHARTER GRANTED TO THE BANK OF ENGLAND
King William II (William of Orange) created the privately owned central bank via a charter (a license to exist) out of urgency. England needed to rebuild its navy to counter the French, but the sovereign King William II lacked the money or credit. He traded his exclusive right to create money to the private bank. The bank raised money from shareholders, which was loaned to the King at interest. The bank also created money out of nothing. As William Patterson, the bank’s co-founder and early Director, said, “The bank hath benefit of interest on all moneys which it creates out of nothing.” The bank is located in the 1 square mile City of London, a separate city within the larger London municipality.

2012 – NATIONAL ASSOCIATION OF LETTER CARRIERS ADOPS A RESOLUTION AT THEIR NATIONAL CONVENTION TO INVESTIGATE ESTABLISHING A POSTAL BANKING SYSTEM
The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.” At one time, the Postal Savings System offered savings accounts to depositors, but no loans. When banks failed after the Great Depression, many people shifted their remaining funds. The Postal Savings System held upwards of 20% of the nation’s savings in the mid 1940’s. Commercial/corporate banks opposed the efficient system (post offices served as bank branches) and lobbied for their limitation and finally elimination, which occurred in 1967. One wonders to what extent current efforts to eliminate the Post Office are based on eliminating this legitimate alternative to private banking corporations.

JULY 28

1919 – BANK OF NORTH DAKOTA FOUNDED
The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government. No tax dollars are used to pay interest to bond holders since the state has no debt.

2014 – PUBLISHED POLL OF UK PARLIAMENT MEMBERS SHOWING THEIR INGORANCE OF MONEY CREATION
100 MPs were polled through Dods Monitoring in July 2014. MPs were asked to read a number of statements and indicate whether they were true or false. They could also select “Don’t know”. In response to the statement “Only the government – via the Bank of England or Royal Mint – has the authority to create money, including coins, notes and the electronic money in your bank account.”, 71% said this was true, 20% said it was false (the correct answer) and 9% said they didn’t know. There was no significant difference between the parties. In response to the statement “New money is created when banks make loans, and existing money is destroyed when members of the public repay loans.”, only 12% of MPs gave the correct answer: true. 64% of MPs said this was false, while 24% said they didn’t know. The full results can be found at http://bit.ly/1qTZHHa

JULY 29

2011 – PUBLICATION OF ARTICLE “YOU CAN’T SOLVE THE DEBT CRISIS WITH MORE DEBT” BY BEN DYSON, DIRECTOR, POSITIVE MONEY

“We cannot solve a debt crisis by adding more debt.

It`s a fact that seems to have been completely missed by the IMF, European Union and our own government.

The solution to Greece? More debt. The solution to the US government`s inability to fund two simultaneous wars from tax revenue: more debt. The solution to the high indebtness of ordinary people in the UK? Get banks lending again: let`s have more debt.

What we need now is not more debt, but less of it.

But for the economic mainstream and those young and inexperienced civil servants who are deciding how to fix one of the largest banking systems in the world, it seems perfectly normal to let banks create money out of nothing to lend to people who already have too much debt. The idea of taking that power away from the banks, and using newly-created money to actually reduce the indebtedness of ordinary people seems radical and somewhat dangerous to them.”

JULY 30

1718 – DEATH OF WILLIAM PENN, QUAKER WHO ESTABLISHED THE PROVINCE OF PENNSYLVANIA, THE FUTURE COMMONWEALTH OF PENNSYLVANIA
The wide-spread reputation for freedom and religious tolerance of the Pennsylvania British colony under Penn extended beyond Penn’s life to include monetary freedom. The legislature in 1723 passed an act authorizing the issuance of “bills of credit,” documents similar to banknotes issued by the government which was circulated as money. They were issued in response to the fiscal crises of Pennsylvania – crises endemic throughout the colonies due to a shortage of British pounds. Colonial currencies helped facilitate economic exchanges.

1863 – BIRTH OF HENRY FORD, INVENTOR AND INDUSTRIALIST
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

JULY 31

1881 – BIRTH OF SMEDLEY BUTLER, US MARINE MAJOR GENERAL (TWICE DECORATED)
“I helped make Mexico, especially Tampico, safe for American oil interests in 1914. 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 (where have I heard that name before?). I brought light to the Dominican Republic for American sugar interests in 1916. In China I helped to see to it that Standard Oil went its way unmolested…

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.”

1912 – BIRTH OF MILTON FRIEDMAN, ECONOMIST
“If you kill the Fed [Federal Reserve] and don’t kill fractional reserve lending, you’ve done nothing.” Fractional reserve lending is the bank practice of holding a fraction of money in reserves compared to the amount loaned.

JULY [Not certain of date]

1939 – A PROGRAM FOR MONETARY REFORM RELEASED

A group of prominent economists issue a plan for US monetary reform. One of the co-authors of the plan, “A Program for Monetary Reform,” was University of Chicago professor and Quaker Paul H. Douglas (later to become U.S. Senator). 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 a monetary system 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 our many more times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 10:1. 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.

AUGUST 1

2012 – INTERVIEW OF ICELANDIC ACTIVIST HOROUR TORFASON ON PEACEFUL REVOLUTION IN ICELAND
The revolution resulted in the resignation of the government, the prosecution and jailing of bankers, and a brand new constitution!

The democracy movement continues. A recent study commissioned by the prime minister, Sigmundur Gunnlaugsson, calls for banning private banking corporations from creating money out of thin air.

AUGUST 2

1100 – BEGINNING OF THE REIGN OF KING HENRY I OF ENGLAND
About 1100 AD, the King ordered the creation of a unique form of money. Made of wood, the currency was called “Tally Sticks.” They were polished sticks of wood declared by the Sovereign King to be good for the payment of taxes. The sticks were used as money by England for 726 years – included the period of the British Empire. It may be no coincidence that shortly after the Bank of England (a private entity) was established in 1694, it attacked the Tally Stick system. Nevertheless, the Sticks were accepted as money for another 100+ years, until 1826.

———————–

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

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MONETARY HISTORY CALENDAR July 20 – 26

lincolngback

JULY 20

1903 – DEATH OF POPE LEO XIII
“On the one hand there is the party which holds the power because it holds the wealth, which has in its grasp all labor and all trade, which manipulates for its own benefit and its own purposes all the sources of supply, and which is powerfully represented in the councils of State itself.  On the other side there is the needy and powerless multitude, sore and suffering. Rapacious usury, which, although more than once condemned by the Church, is nevertheless under a different form but with the same guilt, still practiced by avaricious and grasping men…so that a small number of very rich men have been able to lay upon the masses of the poor a yoke little better than slavery itself.”
– Statement on usury, 1898

JULY 21

1788 – SPEECH AT THE PROCEEDINGS AND DEBATES OF THE CONVENTION OF NORTH CAROLINA (ON WHETHER TO RATIFY THE PROPOSED CONSTITUTION OF THE UNITED STATES)
“So low and hopeless are the finances of the United States, that, the year before last Congress was obliged to borrow money even, to pay the interest of the principal which we had borrowed before. This wretched resource of turning interest into principal, is the most humiliating and disgraceful measure that a nation could take, and approximates with rapidity to absolute ruin.”

1899 – BIRTH OF ERNEST HEMINGWAY, AUTHOR
“How did you go bankrupt?”
“Two ways. Gradually, then suddenly.”
From The Sun Also Rises
[The same may be true of our nation today.]

2011 – REPORT BY US SENATOR BERNIE SANDERS ON AUDIT OF THE US FEDERAL RESERVE
“The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. ‘This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.’ “

JULY 22

1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48.
“Once a nation parts with the control of its currency and credit, it matters not who makes the nations’ laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile…. The Liberal Party believes that credit is a public matter, not of interest to bankers only, but of direct concern to every citizen. The Liberal Party declares itself in favour of the immediate establishment of a duly constituted national bank for the control of the issue of money in terms of public needs. The flow of money must be in relation with the domestic, social, and industrial needs of the Canadian people…If my party is returned to power, we shall make good our monetary policy in the greatest battle between the money power and the people Canada has ever seen.” Mackenzie King won re-election. The private Bank of Canada, which had been a private corporation, was converted to a “Crown Corporation,” belonging to the people of Canada.

2012  – PUBLISHED ARTICLE IN BLOOMBERGVIEW BY NEIL BAROVSKY, FORMER TROUBLED ASSETS RELIEF PROGRAM (TARP) INSPECTOR GENERAL
“Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.”
[The same captured politicians by the banking corporations prevents any serious monetary reform – and will no doubt continue until banking corporations and, in fact, all corporations no longer possess the inalienable first amendment constitutional “right to free speech” to lobby and donate/invest in elections]

JULY 23

2012 – PUBLISHED ARTICLE, “SEVEN LARGEST U.S. BANKS HAVE CREATED THOUSANDS OF SUBSIDIARIES TO AVOID TAXES: FED REPORT”
“America’s seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.”

JULY 24

1862 – DEATH OF MARTIN VAN BUREN, 8TH PRESIDENT OF THE UNITED STATES
“It can only be when the agriculturalists abandon the implements and the field of their labor and become, with those who now assist them, shopkeepers, manufacturers, carriers, and traders, that the Republic will be brought in danger of the influences of the MONEY POWER”

2012 – COMMENTS BY NEIL BAROFKSY, FORMER INSPECTOR GENERAL OF THE TROUBLED ASSETS RELIEF PROGRAM (TARP)
Neil Barofksy says on “Morning Joe” on MSNBC that Treasury Secretary Timothy Geithner said that the Treasury Department’s housing policies were “Foaming The Runway For The Banks.” More TARP money went to help American Express than all the struggling homeowners.

JULY 25

1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known.  I refer to the Federal Reserve Board and the Federal Reserve Banks.  Some people think the Federal Reserve Banks are U.S. government institutions.  They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people of the United States for the benefit of themselves and their foreign customers…The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board.”

JULY 26

1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE
“We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business.  I stand with Jefferson…and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business…When we have restored the money of the Constitution, all other necessary reforms will be possible, and … until that is done, there is no reform that can be accomplished.”

———————–

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

Governing Under the Influence – Increasing Jobs & Ending Debt

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http://ec4.cc/ge4299f2

Presented by the American Friends Service Committee, East Central Iowa Move To Amend, and Iowa City Climate Advocates

This May 23rd presentation features Greg Coleridge, a principal of the national Program on Corporations, Law & Democracy (POCLAD), recipient of the national Common Cause Public Service Achievement Award, member of the American Monetary Institute, coordinator of the Move to Amend Ohio Network, and Director of the Northeast Ohio American Friends Service Committee (AFSC).

MONETARY HISTORY CALENDAR July 13 – 19

lincolngback
JULY 13

1832 – CONGRESS FAILS TO OVERRIDE PRESIDENT JACKSON’S VETO TO RENEW THE CHARTER OF THE SECOND NATIONAL BANK OF THE UNITED STATES
In his veto message to renew the misnamed “national bank” (it was actually a private bank controlled/owned by stockholders, a majority of whom were foreigners), Jackson stated: “Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence…would be more formidable and dangerous than a naval and military power of the enemy.”

1956 – QUOTE OF J.R.R TOLKIEN, AUTHOR (THE HOBBIT AND LORD OF THE RINGS) AND UNIVERSITY OF OXFORD PROFESSOR, IN CONTOUR MAGAZINE
“The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or what is most important of all, the banker of the backer. Enthroned above all, in a manner without parallel in all past, is the veiled prophet of finance, swaying all men living by a sort of magic, and delivering oracles in a language not understood of the people.”

2013 – PUBLICATION OF ARTICLE, “EVERYONE KNOWS THAT THE FEDERAL RESERVE BANKS ARE PRIVATE…EXCEPT THE AMERICAN PEOPLE”
Most Americans Still Don’t Know that Federal Reserve Banks Are Private Corporations
http://www.washingtonsblog.com/2013/07/everyone-knows-that-the-federal-reserve-banks-are-private-except-the-american-people.html

JULY 14

1833 – DEATH OF WILLIAM M. GOUGE, ADVISOR TO PRESIDENT ANDREW JACKSON, EDITOR OF THE PHILADELPHIA GAZETTE, PUBLISHER OF THE “HISTORY OF THE AMERICAN BANKING SYSTEM” AND A “FISCAL HISTORY OF TEXAS”
“The large extent of bank influence is not easily seen.  We seldom see an identified bank or a money corporation candidate running for office; but when questions arise which affect them, the banks have agents at work, whose operations are the more effective because they are unseen.”

JULY 15

2012 – PUBLICATION OF ARTILE, “ASSET HOLES: US ‘LEADERSHIP IN MONEY, CREDIT, CAFR SURPLUS TRILLIONS” BY CARL HERMAN
“The great news is that economic solutions are obvious:
Monetary reform: the US doesn’t have a money supply, but its Orwellian opposite of a “debt supply.” Banks and the Fed create what we use for money as debts, then charge the 99% interest for its use. Monetary reform has government transparency (yes, unimaginable without total Occupy victory) to create debt-free money for direct payment of public goods and services. This has game-changing triple benefits of full-employment as government becomes the employer of last resort, optimal infrastructure, and falling prices because infrastructure contribute more to productivity than cost.”

JULY 16

1979 – FEDERAL RESERVE BANK OF SAN FRANCISCO AD FOR COMPUTER PROGRAMMERS IN “COMPUTERWORLD MAGAZINE”
“Some people still think we’re a branch of the Government. We’re not.”
[Note: You can’t get any clearer or more succinct than this!]

JULY 17

1780 – BANK OF PENNSYLVANIA ESTABLISHED
Pennsylvania first introduces public banking in the colonies. The state owned the bank and issued its own paper scrip, which it lent to farmers.

1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50-cent notes – which were needed to substitute for gold, silver and copper coins, which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.

JULY 18

BIRTH OF STEPHEN ZARLENGA, DIRECTOR, AMERICAN MONETARY INSTITUTE, AUTHOR OF “THE LOST SCIENCE OF MONEY”
“We propose that ultimately the monetary power should be constituted as a fourth branch of government, like the executive, judicial and legislative branches.  We have concluded that the nature of man and society requires four, not three, branches of government.” “True monetary reform must take a better path. AMI’s research indicates that money, properly defined, is a legal institution of society and government; not a commodity or economic good of the markets; that if money is a legal institution, then the control of monetary systems can be rightfully viewed as a proper function of government; much as the law courts are.”  “When society loses control over its money system, it loses any control it might have had over its destiny.”

JULY 19

2013 – PUBLISHED ARTICLE, THE PUBLIC VS. PRIVATE DIALECTIC, OR: MONEY AS PART OF THE COMMONS” BY ANTHONY MIGCHELS
“Surely it’s a no-brainer to say that the Government at this stage must urgently retake the monopoly on currency from the Money Power. The US Government pays 450 billion per year in interest payments to international banks and other Governments to service its National Debt. With the BIS now openly calling for higher interest rates it will quickly get much worse. Government money allows for a reasonable financing of the State and is the very least monetary reform should aim for.

But to say something is better is not to say something is ideal. And Government money can be designed in good and bad ways. The good ways decentralize power, the bad ways centralize power…”

———————–

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

“Democracy” vs Real Democracy

Unknown

Two versions of “democracy” were on full display last weekend.

One involved parades, picnics, fireworks and mass media attention of the number 62.

The other involved populism, a plebiscite, fireworks and mass media attention of the number 60.

Saturday’s coast-to-coast festivities in the U.S. were as much, if not more, a celebration of summer than marking the colonial Declaration of Independence from British rule. Even those aware of this reality, however, limit such “rule” to a tyrannical King and/or Redcoats that were the British Empire’s military muscle behind keeping the colonies dependent on the mother country. Absent from awareness was the historical reality that colonial taste for political freedom also included liberation from the King’s “Crown” corporations — the Massachusetts Bay Company, Carolina Company, Maryland Company and others — that received charters from the King to execute the monarch’s economic and political doings this side of the Atlantic. These charters were limited and subordinate “licenses,” not permission slips to do-as-you-please to the corporate owners. Sadly, also absent from public understanding was that the “freedom” triggered by the Declaration would end up being an exceedingly narrow one — limited to 5-6% of the population who were while, male, property owners.

“Independence Day” for too many today is equated solely with personal freedom disconnected to political or economic tyranny from big government or multinational corporations. It’s freedom to do as one pleases, irrespective of others.

Obliterated from the top-down dominant culture is the underlying premise of the Declaration that when government becomes oppressive, it is not only the right, but also the duty to alter or abolish it since governments derive “their just powers from the consent of the governed.”

July 4th is, thus, a relic of history rather than an annual opportunity to (re)assess our nation’s democratic state and inspiration to (re)commit to taking action to (re)create a culture and institutions that provide people not just information and voice, but power. Political power. Economic power. The right to decide.

We’re left with annual parades, picnics and fireworks largely devoid of meaning. Mass public attention is focused on the spectacle of how many hotdogs can be consumed in a 10-minute period, promoted by a huckster hotdog corporation. The celebrated winning number this year was 62.

This contrasts with the occurrences a day later in Greece. A national plebiscite (vote) took place on whether to accept the terms of a bailout package offered by the financial “troika” (led by the European Central Bank) to avoid national bankruptcy. Setting aside the democratic comparison between the Greek Constitution which allows a national referendum on important issues and the US Constitution which doesn’t (something that would be mighty handy, for example, on the question of whether the US should shed its national sovereignty by supporting the Trans Pacific Partnership and other antidemocratic mis-named “trade” deals), the national vote for a tremendous illustration of letting the people directly decide whether they wanted to accept the bankster-friendly financial terms and all the personal austerity that would go along with it.

The people voted “Oxi!” (No!) by 60% on July 5 — a different kind of fireworks felt throughout Europe and beyond.

Populist uprising in Greece is presently real. Massive organizing is what placed the anti-austerity Syriza party in power. Their mandate was to assert greater financial independence away from the European Central Bank, International Monetary Fund and other creditors who addicted previous Greek governments on debt. The Greek people have been in the streets for the last several years opposing various versions of austerity, which have been a part of previous financial oligarch-imposed bailout agreements. The Greeks followed the programs. They didn’t work. Growth didn’t increase, but debt did. The Greeks had had enough.

Despite massive fear injected through the corporate press of the consequences of rejecting the bailout terms, the Greeks imposed their own political independence by voting for less external economic dependence.

Time will tell whether the Greeks go all the way and dump the euro, replace it with their own currency and work to (re)gain their own economic sovereignty. It won’t be easy. But the Greeks have taken an important first step in asserting en mass a dose of real democracy.

MONETARY HISTORY CALENDAR July 6 – 12

lincolngback

JULY 6

1863 – BIRTH OF RICHARD MCKENNA, FORMER PRESIDENT OF THE MIDLANDS BANK OF ENGLAND
“I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money.  And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.”

JULY 7

1896 – REMARKS OF WILLIAM JENNINGS BRYAN BEFORE DEMOCRATIC NATIONAL CONVENTION, CHICAGO, IL (BRYAN WAS THE DEMOCRATIC PARTY CANDIDATE FOR PRESIDENT)
“We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business.  I stand with Jefferson…and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business…When we have restored the money of the Constitution, all other necessary reforms will be possible, and … until that is done, there is no reform that can be accomplished.”

1947 – DEATH OF HENRY FORD, INDUSTRIALIST, FOUNDER, FORD MOTOR COMPANY
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

JULY 8

1839 – BIRTH OF JOHN D. ROCKEFELLER, OIL AND FINANCIAL CAPITALIST
“God gave me my money!”

JULY 9

1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION
Eight states signed the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if nine states agreed.

2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES
Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,
“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”

JULY 10

1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR
“For we altogether condemn usuries, we shall impose severer restrictions upon the consciences that the Lord himself desired.”

1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES
“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?… Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.”

1983 – PUBLICATION OF “FISCAL POLICY AND RESOURCE ALLOCATION IN ISLAM” Edited by
ZIAUDDIN AHMED, MUNAWAR IQBAL AND M. FAHIM KHAN
“Money creation is a social prerogative and hence the benefits of the process of money creation should accrue to the whole society which can best be achieved through 100 per cent reserve system.”

JULY 11

1862 – LEGISLATIVE ACT AUTHORITIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks. This is authorized in the U.S. Constitution, Article 1, Section 8.

2011 – STATEMENT BY STEVEN KEEN, ECONOMIST, ON QUANTATIVE EASING
“This is the biggest transfer of wealth in history,” as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people.

JULY 12

1804 – DEATH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY
He was a major proponent of First Bank of the United States – a privately owned national bank. The name was to deceive people into thinking that money creation was done by the government instead of corporate banks. The nation’s money was created out of thin air and loaned to the government – at interest – and to private individuals. Eighty percent of the stock was privately held. Hamilton called the public debt “a public blessing” because of his belief that it would tie the wealthy (who would own the government bonds) of the country to the government, and they would, in turn, provide political support for higher taxes, to make sure that there was enough money in the treasury to pay off their principal and interest.

1895 – BIRTH OF BUCKMINSTER FULLER, AMERICAN ARCHITECT, SYSTEM THEORIST, AUTHOR, DESIGNER, INVENTOR, AND FUTURIST
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
That’s what the National Emergency Employment Defense (NEED) Act does.

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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

Declaration of Independence

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I know the Declaration of Independence (agreed to on July 2 and declared on July 4, 1776) was written by slave owners and the wording is sexist, but there are sections (below) that are as relevant today as then. If on any day, today they should be read. The best aspirations of the Declaration never made it into the Constitution, which was a document to protect property (i.e. only white, male, property owners had rights, only 5-6% at the time) rather than the inalienable rights of all people. The tyranny of government and corporations are more widespread today, but insufficiently resisted because of slick propaganda, mass distractions and the multiple myths that what’s happening is inevitable.

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“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.–Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.”