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1933 – BIRTH OF HAZEL HENDERSON, FUTURIST AND ECONOMIST
“All of the intellectual models of the new economy are about cooperation, sharing and abundance.”
2009 – BARACK OBAMA ASSURES BANKERS HE WILL PROTECT THEM
President Barack Obama’s as expressed privately to the CEOs of Wall Street assembled together in the White House: “”And I want to help. But you need to show that you get that this is a crisis and that everyone has to make some sacrifices…I’m not out there to go after you. I’m protecting you. But if I’m going to shield you from public and congressional anger, you have to give me something to work with on these issues of compensation.”
2007 – QUOTE BY BEN BERNANKE, CHAIR OF THE US FEDERAL RESERVE
“At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”
[Note: So much for believing that the head of the Fed should be thought of as some monetary guru.]
2010 – REUTERS ARTICLE, UK LAWMAKERS SEEK RADICAL, NOT RUSHED BANK REFORM
“Radical and carefully thought reform is needed to shield British taxpayers from having to bail out troubled banks again, a UK parliamentary report said on Monday.
If a bank is too complex to adopt practical and speedy wind-up plan or living will, regulators should be ready to break it up, the Treasury Committee report on banks said.”
1948 – BIRTH OF MERVYN KING, FORMER GOVERNOR OF THE BANK OF ENGLAND
“Of all the many ways of organizing banking, the worst is the one we have today.” Possible remedies included not just breaking up banks, but also “eliminating fractional reserve banking”—the centuries-old practice of banks taking in deposits and lending most of them out in riskier and longer-term loans.
1913 – DEATH OF J. PIERPONT MORGAN, BANKER
J.P Morgan founded one of the world’s most powerful banks and had extraordinary political influence in the U.S. The National Citizens League, funded by millions of dollars from Morgan and a few other major bankers, financed respected university professors to endorse the concept of creating a private/corporate central bank, which became the Federal Reserve Bank, created by the 1913 Federal Reserve Act. Morgan’s men were among the small number of architects of the private/corporate Federal Reserve.
1999 – “THE MATRIX” FILM RELEASE DATE
“Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world. You don’t know what it is, but it’s there, like a splinter in your mind driving you mad. It is this feeling that has brought you to me. Do you know what I’m talking about?” — Morpheus to Neo
2015 – PUBLISHED ARTICLE, “ICELAND LOOKS AT ENDING BOOM AND BUST WILL RADICATL MONEY PLAN”
“Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank.”
2011 – PUBLISHED ARTICLE IN BLOOMBERG: “FOREIGN BANKS TAPPED FED’S SECRET LIFELINE MOST AT CRISIS PEAK”
“Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request… The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record.”
[Note: The Fed worked very hard to keep this information secret. The amount in secret loans to US banks and corporations and foreign banks following a partial audit of the Fed in 2012 revealed a total of $16 trillion. The GDP of the United States is only $14 trillion by comparison.
1792 – COINAGE ACT PASSES CONGRESS
Congress used its power (as established under the U.S. Constitution) to establish a national Mint. The act authorized the creation of U.S. money — something that we have since forgotten and that Congress has willingly handed over the private banking corporations. Article I, Section 8 states that the government has the power to “coin” money. Coin is used as a verb, as in creating money.
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
Listen to podcast here
We summarize last week’s activities; share upcoming events for next week and interview Nathan Rutz, Organizer for the Communities United for Responsible Energy, a project of the Ohio Organizing Collaborative, on proposal of First Energy Corporation before the Public Utilities Commission of Ohio to increase fees to pay for their obsolute and polluting power plants (length: 38:43).
The City of Cleveland has received a $50 million grant from the federal government for “security” during the upcoming Republican National Convention (RNC). The money will be used to militarize the police force.
We the People are NOT the enemy.
There is a difference between a police force and a military force. Yes, it’s appropriate for the City of Cleveland to make sure it’s police force is prepared for all circumstances at the RNC – including worst case scenarios.
But what message is sent when a police force is transformed into a de facto military army? When does militarizing domestic police forces create or reinforce tensions rather than reduce them? And where’s the commitment (both human and financial) to work with the community to defend the First Amendment rights of people to speak out, assemble and protest without the fear of being brutalized?
There is no question there will be people coming to Cleveland to have their voices heard – to speak out – to vigil – to demonstrate. And why not.
Our current political system has increasingly drowned out the political voices of people without money by the super rich and mega corporations whose needs are met and interests served at our expense. The public airwaves have been sold off to mega media corporations. Public spaces have been increasingly enclosed via private commercial malls. And individuals at major public events have increasingly been cordoned off into fenced pens like cattle or sheep. With diminished legitimate access to backroom suites where political decisions are made, the only physical arenas left for people to voice our views for justice, peace, sustainability and democracy are on public streets.
Individuals with these views and commitments will represent the vast majority of those in Cleveland in July. Only a small minority of people may have other intentions. Shouldn’t the city’s priorities reflect these proportions? Shouldn’t the vast majority of the time, energy and resources of the city and federal government be devoted to working with us to maximize the rights of the vast majority wishing to exercise our First Amendment rights? And by doing so delegitimize and maybe even deter those intending to cause violence?
I think so. I suspect we here think so. And I think the City of Cleveland and the federal government should think so.