MONETARY HISTORY CALENDAR March 13 – 19

Greenbackk

MARCH 13

1943 – DEATH OF J.P MORGAN, JR, BANKER
JP (Jack) Morgan was the son and grandson of bankers who headed J.P. Morgan & Co., one of the most powerful banks in the nation. He struck a deal with the British and French governments to be the sole munitions and supplies purchaser during World War I, which earned the bank $30 million. The bank was so heavily tied to the British and French governments that it was charged Morgan politically pressured the US government to enter the war against Germany in order to rescue its loans.

MARCH 14

1782 – BIRTH OF THOMAS BENTON, US SENATOR, MISSOURI
“I object to the renewal of the charter of the Bank of the United States because I look upon the bank as an institution too great and powerful to be tolerated in a government of free and equal laws.  Its power is that of the purse, a power more potent than that of the sword, and this power it possesses to a degree and extent that will enable this bank to draw to it too much of the political power of this Union, and too much of the individual property of the citizens of these States.  The money power of the bank is both direct and indirect.”

1881 – INAUGURAL ADDRESS OF PRESIDENT JAMES GARFIELD
“The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value.”

MARCH 15

1767 – BIRTH OF ANDREW JACKSON, SEVENTH PRESIDENT OF THE UNITED STATES
“I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter. I shall ruin ten thousand families. That may be a true, gentleman, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have
Determined to rout you out and, by the Eternal, I will rout you out.” 1834Jackson successfully opposed re-chartering the private “Second Bank of the United States.” He vetoed a bill in 1832 renewing the bank’s charter (license).

2003 – QUOTE BY CHRISTOPHER MARK, AUTHOR OF THE GRAND DECEPTION: THE THEFT OF AMERICA AND THE WORLD, PART III
“Welcome to the world of the International Banker, who like the famous film, The Wizard of Oz, stands behind the curtain of orchestrated national and international policymakers and so-called elected leaders.”

MARCH 16

1938 – HOUSE RESOLUTION (HR) 7230 INTRODUCED
John William Wright Patman, Democratic Congressman 1938-1978 and Chairman, Committee on Banking & Currency, introduces a bill to nationalize the Federal Reserve System.
“The Federal Reserve is a total moneymaking machine.  It can issue money or checks, and it never has a problem of making its checks good, because it can obtain the $5 or $10 bills necessary to cover its check simply by asking the Treasury Department’s Bureau of Engraving to print them.” 1964

2008 – BEAR STEARNS FINANCIAL CORPORATION ACQUIRED BY JP MORGAN FINANCIAL CORPORATION
Bear Stearns financial corporation is acquired for $2 a share by JPMorgan Chase Corporation in a fire sale avoiding bankruptcy. The deal is backed by the Federal Reserve, which provided up to $30 billion to cover possible bank losses. Bear Stearns was a global institution that invested heavily in subprime loans. Its failure was one piece of the financial crisis and recession.

MARCH 17

1947 – JOHN MCCLOY BECOMES PRESIDENT OF THE WORLD BANK
The World Bank would do more to expand US banking globally than any other treaty, agreement, or entity that came before it. McCloy was the World Bank’s second President. He had previously been Assistant Secretary of War during WWII.

2015 – ST. PATRICK’S DAY
“Nobody can borrow themselves out of debt no more than you can drink yourself sober.”
– Byron Dale, monetary reformer and rancher.

MARCH 18

1869 – PASSAGE OF US LAW THAT ALL US MONETARY NOTES WOULD BE EVENTUALLY CONVERTED TO SPECIE
Specie means money in the form of coins rather than paper notes. Bankers hated Lincoln’s Greenbacks, which were debt-free and inflation-free US money created to avert financial crisis during the Civil War. Following Lincoln’s death, bankers pressured Congress to eliminate Greenbacks, base money creation on precious metals (preferably gold) and, if additional funds were needed by the government to borrow it from banks at interest. Basing the money supply on gold or silver meant that the money supply could only increase when the supply of gold or silver increased – regardless of the growing population or an expanding economy. A pure metal-based money system has historically resulted in depressions – not enough money to meet the economic needs.

1993 – DEATH 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. [Note: the same goes for debt.]

MARCH 19

1860 – BIRTH OF WILLIAM JENNINGS BRYAN, SENATOR, SECRETARY OF STATE, PRESIDENTIAL CANDIDATE (DEMOCRAT/POPULIST)
Bryan had originally supported the 1913 Federal Reserve Act as Secretary of State under the Wilson administration. His position was crucial in gaining the support of many Congressional Democrats and Progressives. He later regretted his decision. “In my long career, the only thing I genuinely regret is my part in getting the banking and currency legislation enacted into law.”

2011– LIBYAN REBELS FORM CENTRAL BANK
In what may have been a first in history, the Libyan revolutionary rebels created a central bank while still fighting an established state power. The rebels designated the Central Bank of Benghazi as the new monetary authority. It would indicate how influential central bankers were over the rebels. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” said Robert Wenzel of the Economic Policy Journal.

———————–

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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s