MONETARY HISTORY CALENDAR November 23 – 29

lincolngback

NOVEMBER 23

1910 – JEKYLL ISLAND MEETING TO PLAN FOR US PRIVATE CENTRAL BANK
Attending this secret meeting were US Senator Nelson Aldrich; A. Piatt Andrew, Assistant Secretary of the Treasury; Frank Vanderlip, president of the National City Bank of New York; Henry P. Davison, senior partner of J.P. Morgan Company; D. Norton, president of the Morgan-dominated First National Bank of New York; Benjamin Strong (a lieutenant of J.P. Morgan); and Paul Warburg, connected to the banking house of Kuhn, Loeb. The meeting would lead to the Aldrich bill, which eventually led to the Federal Reserve Act, passed in 1913.

2000 – WRITTEN ANSWER TO LORD BEAUMONT OF WHITLEY, HOUSE OF LORDS, BY JAMES ROBERTSON, CO-AUTHOR OF “MONETARY REFORM – MAKING IT HAPPEN”
“Many people, even in government and parliament, don’t know how new money is now created, and what the consequences are. Most people find it hard to believe, if they think about it at all, that almost all the money in circulation has been created by commercial banks at profit to themselves. In reply to questions, a government spokesman may say that the funds which banks lend to customers ‘must either be obtained from depositors or the sterling money market, both of which usually require the payment of interest’ – thus appearing to deny that banks are allowed to create new money and to profit from doing so.”

NOVEMBER 24

1911 – AMERICAN BANKERS’ ASSOCIATION ENDORSES SO-CALLED “MONETARY REFORM” PLAN
The ABA at their annual conference in N. Orleans endorsed a “monetary reform” plan by U.S. Senator Nelson Aldrich. The plan was actually to deform the ability of citizens to create and distribute their/own own money (see November 23, 1910 posting above).

NOVEMBER 25

1874 – GREENBACK PARTY FOUNDED
The Greenback Party was founded on this day at a convention in Indianapolis. Many of its members were farmers hurt by the financial Panic of 1873 (also known as the “Crime of ‘73”). The party supported “Greenback” paper money (U.S. Notes) issued and spent into circulation by the Lincoln administration. They opposed all money systems backed by any precious metal, believing that those who owned gold or silver (banks and corporations) would possess the power to define the value of products and labor. Government control of the US money system would also ensure sufficient quantity of money was in circulation to help small businesses and farmers. Twenty-one independent congressmen, mostly Greenbackers, were elected in 1878.

2008 –    QUANTITATIVE EASING (QE) PROGRAM ANNOUNCED BY THE FEDERAL RESERVE
The Fed announced that on December 1 it would create money and use it to purchase $500 billion in toxic mortgage backed securities from Fannie Mae and Freddie Mac and an additional $100 billion of debt from both entities. This phase of QE (called QE1) extended until March 2010. Two additional rounds, QE2 and QE3, followed it. A total of $4.4 trillion from the Fed was issued. It went disproportionately to financial corporations (Wall Street), not “Main Street” (for small businesses) or to “Side Streets” (to bail out homeowners facing foreclosures). QE money was also spent to purchase US Treasury bonds (debt) following the decline of purchases by other nations as a means to stimulate the economy. At its peak, $85 billion per month in Treasury debt and mortgage backed securities was purchased. Many within the financial industry have since admitted that QE contributed to the rising gap between rich and poor and the rise and size of too-big-to-fail banking corporations.

NOVEMBER 26

1865 –  “ALICE IN WONDERLAND” BY LEWIS CARROLL PUBLISHED IN THE US
The establishment of a European Monetary Union in 1993 was a bold experiment. It created a single monetary system overlaying individual nation states with their own political systems. William Buiter, member of the Bank of England’s Monetary Policy Committee, said ‘It’s a bold step into the unknown. Not unlike Alice [in Wonderland]’s leap down the rabbit hole.”

NOVEMBER 27

2013 – RELEASE ON THE COMMUNITY CURRENCY KNOWLEDGE GATEWAY WEBSITE THE FIRST OF 10 PART  “OPEN MONEY” SHORT VIDEO SERIES
The short videos feature Michael Linton, developer of the Local Exchange Trading System (LETS), a form of community currency. The videos describe multiple aspects of money. Each video is only 2-4 minutes in length. Part 1 is at http://community-currency.info/en/featured/open-money-part-1/ The entire series is at http://community-currency.info/en/videos/introduction-to-ccs/open-money-series-michael-linton/

NOVEMBER 28

2014 – “DEBATE OVER MONETARY SYSTEM GROWS” ARTICLE PUBLISHED ON DEUTSCHE WELLE (GERMANY’S INTERNATIONAL BROADCAST WEBSITE)
“Nearly all money is created by commercial banks in the act of lending. They also decide whom to lend it to, and for what purposes. Is this good for the economy? A growing movement is arguing for an alternative.” http://www.dw.com/en/debate-over-monetary-system-grows/a-18100679

NOVEMBER 29

1820 – DEATH OF WILLIAM RICHARDSON DAVIS, GOVERNOR OF N. CAROLINA AND DELEGATE TO THE 1787 US CONSTITUTIONAL CONVENTION
“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: Yet it is the inevitable and certain consequence of such a system as the existing Confederation.”

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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

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