1914 – US FEDERAL RESERVE OPENS FOR BUSINESS
“Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower’s IOU.” From I Bet You Thought, Federal Reserve Bank of New York
2006 – DEATH OF MILTON FRIEDMAN, US ECONOMIST
“The Federal Reserve definitely caused the Great Depression by contracting the amount of currency in circulation by one-third from 1929 to 1933.”
2008 – FEDERAL RESERVE BAILS OUT BANKS
The US Treasury gives out $33.6 billion to 21 banks in the second round of disbursements from the $700 billion bailout fund. This payout brings the total to $158.56 billion to date.
2014 – “HOW THE CURRENT PROCESS OF MONEY CREATION IS CAUSING A RISE IN POVERTY, INSTABILITY AND INEQUALITY” TALK BY BEN DYSON, FOUNDER OF POSITIVE MONEY (VIDEO)
Ben Dyson, founder of Positive Money presenting at Meaning Conference 2014 on 18th November in Brighton, UK. He got into the nitty gritty of how the current process for money creation is causing a rise in poverty, instability and inequality. And challenged the audience to imagine what a modern and sustainable system could look like.
1831 – BIRTH OF JAMES GARFIELD, PRESIDENT OF THE UNITED STATES
“Whosoever controls the volume of money in any country is absolute master of all industry and commerce, and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
2013 – JP MORGAN CHASE PAYS $9 BILLION TO U.S. JUSTICE DEPARTMENT TO SETTLE MASSIVE SECURITIES FRAUD CASE
The settlement was to avoid further investigation into what former JP Morgan Chase bank corporation employee and whistleblower Alayne Fleishman called “massive criminal securities fraud.” The Justice Department clearly didn’t want to pursue the investigation. US Justice Department Secretary Eric Holder said, “Federal prosecutors conducting these investigations must go the extra mile to coordinate closely with the regulators who oversee these institutions’ day-to-day operations.” Translation: You have to keep these institutions in business. They are too big to fail. In defending the lack of action against the bank’s top officials, Holder said: “Responsibility remains so diffuse, and top executives so insulated that any misconduct could again be considered more a symptom of the institution’s culture than a result of the willful actions of any single individual.”
2015 – WORLD PHILOSOPHY DAY [3rd Thursday in November every year]
“Are you not ashamed of heaping up the greatest amount of money and honour and reputation, and caring so little about wisdom and truth and the greatest improvement of the soul?” – Socrates (469-399 B.C.) Greek philosopher
“The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.” — Aristotle (384-322 BC) Greek philosopher
1910 — DEATH OF LEO TOLSTOY, RUSSIAN WRITER AND SOCIAL REFORMER
“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, there is no human relation between master and slave. ”
2014 – UK PARLIAMENT DEBATES MONEY CREATION FOR FIRST TIME IN 170 YEARS
From a press release from the UL group, Positive Money
“Parliament places huge scrutiny on how taxpayers’ money is spent. But for the last 170 years, parliament has ignored the question of how money is created in the first place. This will change on Thursday 20th November when MPs will attend a debate on money creation and society.
Money creation affects almost every aspect of our lives and is directly connected to almost all public policy, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood. A recent poll found that 7 out of 10 MPs believed that only the government can create money, when in fact banks create 97% of money when they make loans, as recently confirmed by the Bank of England.
There is cross party support calling for a debate on money creation. The problems resulting from private money creation have not been debated in Parliament since 1844, when Sir Robert Peel brought in the Bank Charter Act, forbidding the private banks from printing paper money. In light of the financial crisis, we welcome this debate to discuss the foundations of the economy: the monetary system.”
[NOTE: Lack of basic understanding of money creation is no doubt as much a reality of U.S. Senators and Representatives as English MP’s. Needed is a similar debate in the U.S. Congress to increase their monetary literacy and raise the issue for public discussion.]
1933 – PRESIDENT FRANKLIN D. ROOSEVELT — FINANCIAL ELEMENTS OWN THE GOVERNMENT
“The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson — and I am not wholly excepting the Administration of W.W. (Woodrow Wilson). The country is going through a repetition of Jackson’s fight with the Bank of the United States — only on a far bigger and broader basis.” – Franklin Roosevelt, letter to Presidential advisor Col. Edward Mandell House
1939 – BIRTH OF MARGRIT KENNEDY, AUTHOR OF “OCCUPY MONEY”
“But we humans, not God, created our monetary system. And we are the ones who can change it. We must go beyond blaming the greedy bankers and investors whom we hold responsible for the ongoing financial disaster. Our own ignorance, comfort, and insecurity are part of the problem. To awaken from our slumber, we must expand our knowledge and shake off our fears.”
1944 – BIRTH OF DICK DURBIN, US SENATOR, ILLINOIS
“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Interview on WJJG 1530 AM’s “Mornings with Ray Hanania,” April 2009
[NOTE: The FIRE sector — Finance, Insurance, and Real Estate — is the #1 sector of political campaign investments (mistakenly called “contributions” or “donations”) to federal political candidates. They also employ hundreds of lobbyists who often write the laws and regulations on financial issues.]
1879 – BIRTH OF RALPH HAWTREY, FORMER SECRETARY OF TREASURY, ENGLAND.
“Banks lend by creating credit. They create the means of payment out of nothing.”
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 firstname.lastname@example.org