MONETARY HISTORY CALENDAR February 14 – 20

Greenbackk

FEBRUARY 14

2016 – VALENTINE’S DAY – A DAY OF LOVE
In trying to find a link between love and something related to money and debt, came up with this…
Bible, Romans 13:8 “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”

FEBRUARY 15

2007 – QUOTE BY BEN BERNANKE, CHAIR OF THE US FEDERAL RESERVE (THE PRIVATE CENTRAL BANK OF THE US), ON THE US ECONOMY
“Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low.”
Less than a year later, the economy collapses due to the reckless housing loans and speculation by the financial industry. Congress passes a $700 billion bailout bill. The nation is mired in a ‘Great Recession;’ for many an outright Depression. The economy today remains has still not recovered.”

2016 – PRESIDENT’S DAY NATIONAL HOLIDAY IN THE US
In honor of today, here’s what a few Oval Office occupants said about money and banking:
–    John Adams: “All of the perplexities, confusion, and distress in America arises, not from the deflects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”
–    Thomas Jefferson: “The bank mania is one of the most threatening of these imitations. It is raising up moneyed aristrocracy in our country which has already set the government at definace, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. They have taken deep root in the hearts of that class from which our legislators are drawn…”
–    Andrew Jackson: “If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.”
–    Abraham Lincoln: “The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of  consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.”
–    James Garfield: “He who controls the money supply of a nation controls the nation.”

FEBRUARY 16

1922 – BIRTH OF MARGARET DEVRIES, IMF HISTORIAN
“The extreme volatility of capital flows in response to interest rate difference or anticipation of exchange rate changes was in large part responsible for undermining the international monetary order that existed until the late 1960’s.”

FEBRUARY 17

1950 – TESTIMONY OF JAMES PAUL WARBURG BEFORE US SENATE
Warburg, son of Paul Warburg, the “father of the Federal Reserve,” was a banker, advisor to FDR and member of the Council of Foreign Relations. Speaking before the Senate Committee on Foreign Relations, he stated: “We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest.”

FEBRUARY 18

1546 – DEATH OF MARTIN LUTHER, MONK, PRIEST, KEY FIGURE IN PROTESTANT REFORMATION
Luther condemned anyone who charged usury (interest): “A thief, robber and murderer. Money is an unfruitful commodity which I cannot sell in such a way as to entitle me to a profit.”

FEBRUARY 19

1473 – BIRTH OF NICOLAUS COPERNICUS, MATHEMATICIAN AND ASTRONOMER
“Among the countless evils that bring about the demise of whole states, these fours are surely the most critical: internal discord, high mortality, infertility of the soil, and deterioration of money.
The first three are so apparent that hardly anyone would contest them. The fourth evil, however, stemming from the nature of money, is noticed only by those few who think deeply, for it causes the states to crumble not at one fell swoop, but gradually, near invisibly.”

1869 — CONGRESS PASSES BILL PROHIBITING USING UNITED STATES NOTES AS SECURITY OR COLLATERAL IN ANY LOAN MADE THROUGH A NATIONAL BANKING ASSOCIATION
“That no national banking association shall hereafter offer or receive United States notes or national bank notes as security or as collateral security for any loan of money…and any national banking association offending against the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof in any United States court having jurisdiction shall be punished by a fine…” Approved February 19 1869
This was one of many attacks by bankers on the Greenbacks — public money issued by the Lincoln Administration. Public control of the money system meant banks couldn’t control it. Banking corporations wanted, as they had done prior to and after Greenbacks, to print money out of thin air and then charge interest on top of it (otherwise known as “debt money”). Banks pressured Congress in a variety of ways to delegitimize Greenbacks. This law was one such way.

FEBRUARY 20

1862 – US REPRESENTATIVE THADDEUS STEVENS SPEAKS ON HOUSE FLOOR AGAINST “EXCEPTION CLAUSE” OF GREENBACK ACT
“I have a melancholy foreboding that we are about to consummate a cunningly devised scheme, which will carry great injury to all classes of people throughout the Union.”

1878 – REIGN OF POPE LEO XIII BEGINS
“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.” — Pope Leo XIII statement on usury,

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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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