1856 – BIRTH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNTIED STATES
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all, and to this statesmen must address themselves with an earnest determination to serve the long future and the true liberties of men.”
These misgivings, however, were expressed after he signed the Federal Reserve Act, creating the largely private U.S. Federal Reserve System.
1947 – BIRTH OF SPENCER BACHUS, CONGRESSPERSON, ALABAMA, REPUBLICAN CHAIR OF THE HOUSE FINANCIAL SERVICES COMMITTEE
“In Washington, the view is that the banks are to be regulated and my view is that Washington and the regulators are there to serve the banks.”
2013 — DEATH OF MARGRIT KENNEDY, AUTHOR OF OCCUPY MONEY
“At present, we’re stuck in the near vertical part of the exponential growth curve of money assets and debt. In nature the organism harboring this diseased growth would be on the verge of death. Can we even grasp that we’ve lost control — that we don’t rule this system, but it rules us? We need a transition process in which the creative power of money issuance is transferred to new institution that will use this power to benefit society, thereby ending the continuation of our compulsive, boundless expansion of money and debt. Only via a transition of this sort can we initiate a peaceful, evolutionary process that will lead us out of the crisis.”
1809 – BIRTH OF WILLIAM GLADSTONE, CHIEF BRITISH FINANCE MINISTER AND FOUR-TIME BRITISH PRIME MINISTER
“From the time I took office as Chancellor of the Exchequer, I began to learn that the State held, in the face of the Bank and the City, an essentially false position as to finance. The Government itself was not to be a substantive power, but was to leave the Money Power supreme and unquestioned.”
[Note: the Chancellor of the Exchequer is the equivalent to the role of Minister of Finance or Secretary of the Treasury in other nations.]
2008 – FEDERAL RESERVE ANNOUNCES BAIL OUT PLAN
The Federal Reserve Board announces that it expects to begin to purchase up to $500 billion of mortgage-backed securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. Fannie Mae received $116 billion, Freddie Mac $71 billion
1781 – BANK OF NORTH AMERICA CHARTERED BY US GOVERNMENT
This was the nation’s first private commercial bank. The Articles of Confederation was the nation’s constitution at that time. Article 9 of the Articles gave Congress the power to “emit bills of credit” — to create money. By a single vote, Congress voted to willingly transfer their authority to issue money to The Bank of North America when it chartered the bank on December 31. Thus, the Bank served as a quasi-national central bank. Why did Congress willingly give up their money power? The public argument was that the business of finance could not be ably conduced by a public body (Congress) — only by a small number of private financiers. The first head of the Bank was Robert Morris, the richest merchant in America. This same argument against public issuance of money is made today – a public body can’t be trusted to create and distribute our nation’s money supply. The result is the creation and distribution of our nation’s money supply by banking corporations.
1935 – “MONOPOLY” BOARD GAME PATENTED BY U.S. GOVERNMENT
“The Bank never ‘goes broke.’ If the Bank runs out of money, the Banker may issue as much more as needed by writing on any ordinary paper.” – Monopoly board game rule book
This is how it works in real life too, thanks to the US government giving banking corporations the largely monopoly power to issue money when they make loans. This creates money as debt, which must be repaid with interest.
1980 – DEATH OF MARSHALL MCLUHAN, CANDADIAN PHILOSOPHER OF COMMUNICATION THEORY
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
This certainly applies to money creation. Most people are unwilling to believe that the vast majority of money created and circulated in our society is done privately by financial interests.
We hope you have enjoyed this calendar in 2015!
Thanks to everyone who provided suggestions, critiques and support throughout the year.
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