1910 – BIRTH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER
“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.”
2015 — NATIONAL HOLIDAY HONORING LIFE OF MARTIN LUTHER KING, JR.
King was born on January 15, 1929 but his birthday is celebrated as a national holiday on the third Monday of the month. A few King quotes:
“Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.”
“The ultimate tragedy is not the oppression and cruelty by the bad people but the silence over that by the good people.”
“The time is always right to do what is right.”
Ignorance and stupidity of how money is created by banking corporations and private central banks must end. Now is not the time to be silent, but to educate and advocate for a democratic monetary system, or what others call “sovereign money.”
1859 – BIRTH OF CHARLES LINDBURGH, SR., REPUBLICAN US REPRESENTATIVE AND FATHER OF THE FAMOUS AVIATOR
“Ever since the Civil War Congress has allowed the bankers to control financial legislation. The membership of the Finance Committee in the Senate (now the Banking and Currency Committee) and the Committee on Banking and Currency in the House have been made up chiefly of bankers, their agents and their attorneys. These committees have controlled the nature of bills to be reported, the extent of them, and debates that were to be held on them when they were being considered in the Senate and the House.”
“This [Federal Reserve] Act establishes the most gigantic trust on earth. When the president signs this bill, the invisible government by the monetary power will be legalized. The people may not know it immediately but the day of reckoning is only a few years removed, the worst legislative crime of the ages perpetrated by this bank bill.”
2013 – POLAND RECEIVES $33.8 BILLION IN LOANS FROM INTERNATIONAL MONETARY FUND (IMF)
“Poland has shown that very strong fundamentals and sound policies help strengthen a country’s resilience to crises. I think this is a key lesson that other countries can draw from Poland’s experience,” Julie Kozack, IMF mission chief for Poland said after the IMF’s Board decision, as quoted on IMF website. Less than 2 years later, on December 1, 2014, investor and economist Matthew Tymand in Forbes magazine comments on Poland’s recession: “Hopefully this coming recession lasts two to three years at most and is accompanied by a changing of the political guard. But, if Polish politics follow the trend of most of Europe…then it will look more like a lost generation (like Japan) and the likes of which the U.S. and parts of the E.U. are embarking upon. In this case the coming recession will last closer to ten years than two or three. Politics matter.”
1561 – BIRTH OF SIR FRANCIS BACON, PHILOSOPHER, BRITISH LORD CHANCELLOR
“If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him.”
1719 – DEATH OF WILLIAM PATTERSON, CO-FOUNDER OF THE BANK OF ENGLAND
Patterson was an early Director of the bank, which was created in 1694. “The bank hath benefit of interest on all moneys which it creates out of nothing.”
2013 – PUBLISHED ARTICLE, “WHAT WOULD A TRILLION-DOLLAR COIN MEAN?” BY STEPHEN ZARLENGA, DIRECTOR OF AMERICAN MONETARY INSTITUTE ON HUFFINGTON POST
“The emergence of the trillion-dollar coin idea is encouraging in that it recognizes that the federal government has the sovereign power to create its own money…U.S. Constitution Art. I, Sec. 8, Clause 5, “The Congress shall have Power… To coin Money and regulate the Value thereof,…”
“The advantages of this sovereign power are several. The federal government could go far beyond merely avoiding a debt limit and could operate without deficit. It could pay off all existing debt, thus eliminating hundreds of billions of dollars of interest payments each year. This would free up revenue to provide desired and necessary services, creating millions of useful economy stimulating jobs — all debt free. This would include repair of degraded infrastructure, universal medical care, and universal education. The federal government could bail out states, many of which are deeply in trouble; and help resolve their pension problems. Again, all of this could be accomplished debt free…
“A trillion-dollar coin could avoid raising the debt limit, but it does not solve most of the problems facing our monetary and banking system. It leaves the same corrupt financial power structure in place. Bank issued debt used for money in our system remains in place — that is the source of current economic stress. It does nothing to reduce the interest burden of the existing federal and state debt. It does nothing about private debt such as housing, consumer, and student debt. It does nothing to get 47 million people off food stamps. It would not repair infrastructure or provide employment.
“The real solution to those problems was introduced into the 112th Congress by Congressman Dennis Kucinich, HR 2990. This bill puts the private Federal Reserve System under the U.S. Treasury, so that money creation in the U.S. becomes a function of government. The accounting privilege banks presently have to create money in the form of debt is ended by ending what is known as the fractional reserve system. New money is introduced into the economy by approved congressional government spending for infrastructure, health care and education.”
1811 – CHARTER OF FIRST BANK OF UNITED STATES NOT RENEWED
The federal government issued a 20-year charter in 1791 to create the first national private bank. This was unusual since at the time most corporate charters, or licenses, were issued by states. The Bank was the first private institution empowered by the U.S. federal government to create paper money — with all the power and profit that goes along with it. The bank’s paper money was accepted for taxes. Eighty percent of its shares were privately owned, among these 75% were foreign owned (mostly by the English and Dutch). The bank was modeled on the Bank of England. Within 2 months of its creation, it flooded the market with loans and banknotes and then sharply shifted course and called in many of its loans. The result was the first US securities market crash — what became known as the “Panic of 1792” – the first of many panics, recessions and depressions due to the private/corporate control of our money system. On January 24, 1811, the result was Congress voting to not renew the bank’s charter, thus dissolving the bank. During the first 50 years of the US, legislatures and courts routinely chose not to renew or revoke corporate charters, which were considered democratic instruments and used to control the actions of corporations.
1932 – DEATH OF PAUL WARBURG, US BANKER
Warburg guided the operations of the National Citizens League, an organization formed in 1911 with $5 million in contributions from the big New York banks (including those owned by Rockefeller and J.P Morgan) to establish an “educational fund.” The fund financed respected university professors to endorse the concept of creating a private central bank, what became the Federal Reserve Bank, created by the 1913 Federal Reserve Act.
1939 – STATEMENT MADE BY ROBERT H. HEMPHILL, CREDIT MANAGER OF THE FEDERAL RESERVE BANK OF ATLANTA
“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…”
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