As we are off next week, below are listings for the next 2 weeks.
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AUGUST 14
1989 – DEATH OF ROBERT B. ANDERSON, SECRETARY OF TREASURY UNDER PRESIDENT EISENHOWER
“When a bank makes a loan it simply adds to the borrowers’ deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposit; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.”
AUGUST 15
1769 – BIRTH OF NAPOLEON BONAPARTE
“When a government is dependent upon banks for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”
1971 – PRESIDENT NIXON CLOSES “GOLD WINDOW”
Richard Nixon issues Executive Order 11615 freezing wages and prices. Foreign-held paper dollars are no longer converted for gold, thereby nullifying in an important aspect the Bretton Woods Agreement.
AUGUST 16
2009 – PUBLICATION OF “WHY STATES GOING INTO THE BANKING BUSINESS WOULD BE A DISTRACTION, NOT A SOLUTION TO THEIR FISCAL PROBLEMS”, BY JAMIE WALTON
“You don’t solve a problem with more of the problem.
This scheme for states to go into the banking business would only ‘serve to protect’ the status quo. The ‘proposal’ completely fails to confront the main problem identified by all serious monetary reforms: ‘fractional reserve’ banking. Instead, it actually endorses and sanctions this vicious and destructive process, by suggesting that State governments engage in it…”
http://www.monetary.org/american-money-scene-5-august-16-2009/2009/08
AUGUST 17
1932 – BIRTH OF GABRIEL KOLKO, HISTORIAN, AUTHOR OF THE “TRIUMPH OF CONSERVATISM: A REINTERPRETATION OF AMERICAN HISTORY”
“To precisely what was [Woodrow] Wilson committed? I am for big business and against the trusts,’ but he could not define the major difference between the two, and he never gave the matter serious thought.”
NOTE: Wilson signed the Federal Reserve Act of 1913, establishing the Federal Reserve System, the largely private/corporate central banking system in the US.
AUGUST 18
1850 – DEATH OF HONORE DE BALZAC, FRENCH NOVELIST AND PLAYWRIGHT
“The final battle for Christianity will be over the money problem, and until that is solved there can be no universal application of Christianity.”
AUGUST 19
2003 – DEATH OF DONALD WINN, ASSISTANT TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
“The Federal Reserve system pays the U.S. Treasury 020.60 per thousand notes –a little over 2 cents each– without regard to the face value of the note. Federal Reserve Notes, incidentally, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury’s Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau’s full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945.”
AUGUST 20
1935 – BIRTH OF RON PAUL, US CONGRESSMAN
Referring to the Federal Reserve, he stated, “maybe there’s too much power in the hands of those who control monetary policy? The power to create the financial bubbles. The power to maybe bring the bubble about. The power to change the value of the stock market within minutes. That to me is just an ominous power and challenges the whole concept of freedom and liberty and sound money.”
AUGUST 21
1824 – DEATH OF JOHN TAYLOR OF CAROLINE, US SENATOR OF VIRGINIA IN THE 19TH CENTURY
“As we all know that a regular influx of wealth, from a majority to a minority, is a regular influx of power, the United States ought to estimate the quantity of each, they are pouring into a banking interest. If no new banks should be created after 1808, nor the acquisition of the old increased, the five millions annually collected by the existing banks, at compound interest carry from the public to the corporations, in twenty years, above one hundred and eighty-four millions of dollars. Here is already a vast current of money and power running one way…”
2014 – PUBLICATION OF “PRINT LESS BUT TRANSFER MORE: WHY CENTRAL BANKS SHOULD GIVE MONEY DIRECTLY TO THE PEOPLE” BY MARK BLYTH AND ERIC LONGERGAN IN FOREIGN AFFAIRS
The article is at
http://www.foreignaffairs.com/articles/141847/mark-blyth-and-eric-lonergan/print-less-but-transfer-more#comment-1560497380
NOTE: Foreign Affairs are a publication of the power elite. Why would an article promoting giving money away to people be published in such a publication? Because the power elite knows that their financial system is in deep trouble. They’ve tried a zero interest rate policy (ZIRP) and Quantitative Easing (QE — which is printing money by the Federal Reserve and giving it to the banks and corporations), but the economy still hasn’t recovered. In fact, almost all economic fundamentals point to a severe downturn. The power elite, therefore, may be trying to get ahead of the economic populist curve by promoting what many at the grassroots say is a way to stimulate the economy — by giving money to people to spend into the economy and, thereby, increasing demand. This, in fact, is a provision of the National Emergency Employment Defense (NEED Act). Missing from the author’s analysis, however, is an examination of the “need” to end the ability of banking corporations to create money out of thin air as debt — which represents the vast majority of the money created in our society. The quantity and use of money in our society should by public decisions, not corporate banking decisions.
AUGUST 22
2009 – PUBLICATION OF “TWENTY QUESTIONS FREQUENTLY ASKED ABOUT THE AMERICAN MONETARY ACT”
The questions begin on p. 23 at http://www.monetary.org/wp-content/uploads/2011/09/32-page-brochure.pdf
Below is the 1st question asked and answered…
1) Won’t the government creating new money for infrastructure and other expenses cause inflation?
No. While this is an important concern, some of it is anti-governmental propaganda and it need not cause inflation, depending on where the new money goes, for example:
When new money is used to create real wealth, such as goods and services and the $2.2 trillion worth of public infrastructure building and repair the engineers tell us is needed over the next 5 years, there need not be inflation because real things of real value are being created at the same time as the money, and the existence of those real values for living, keeps prices down.
If it goes into warfare or bubbles (real estate/Wall Street/etc.) it would create inflationary bubbles with no real production of goods and services. That is the history of private control over money creation. It must end now. Government tends to direct resources more into areas of concern for the whole nation, such as infrastructure, health care, education, etc. The AMA Title 5 specifies infrastructure items including human infrastructure of health care and education to focus on.
Also remember, the American Monetary Act eliminates ‘fractional reserve banking’ which has been one of the main causes of inflation. And remember new money must be introduced into circulation as the population and economy grow or is improved, or we’d have deflation.
AUGUST 23
1935 – PASSAGE OF BANKING ACT
The law made the FDIC a permanent agency and raised the deposit insurance level to $5,000.
The Federal Reserve System was reformed with the transformation of the Federal Reserve Board of Directors to the Board of Governors. All board members were appointed by the President with the advice and consent of the Senate and the term of service were expanded to 14 years. Open-market operations were formalized in the Federal Open Market Committee and the Governors were allowed to determine interest rates and bank reserve requirements. These “reforms,” however, were window dressing. The power and authority to issue money as debt was retained in the hands of the private Federal Reserve and private banking corporations. Keeping reserve requirement decisions in the hands of the Fed only invited speculation and risk (reserve requirements are the ratio of money banks lend in excess of money they actually possess “in reserve” to cover loans. Banks loan many times the amount of funds in their reserve).
AUGUST 24
1916 – BIRTH OF ROBERT DE FREMERY, AUTHOR, RIGHTS VS PRIVILEGES
“It is not obvious that there are serious defects in our banking system and our tax system that deprive most of us of fundamental rights and bestow enormous privileges on others? How many riots must we endure? How many prisons must we build? How many of our rights must we lose? How many of our young people must be sent away to fight in foreign wars before we decide that enough is enough?”
1922 – BIRTH OF HOWARD ZINN, AUTHOR, PEOPLE’S HISTORY OF THE UNITED STATES
In response to the announcement that the Obama administration was going to give billions of tax dollars to the financial industry, he said:
“They’re really dedicated to keeping the financial system, which doesn’t mean us, doesn’t mean the people; it means the bankers, the banking industry, the lenders, the insurance companieskeeping them afloat by giving them hundreds and hundreds of billions of dollars. Now, it’s amusing to me to see that suddenly, in this past week or so, there’s been this flurry of anger about the fact that some of these companies that have been given hundreds of billions of dollars are giving out several hundred millions in bonuses. And Obama has I think very cleverly joined the indignation against the bonuses. But, after all, these hundreds of millions of dollars in bonuses come out of the hundreds of billions that have been given to these financial institutions. So instead of pointing to that, to this huge bailout, Obama and other people and this goes for the press too, the media — the media have seized upon it, television, newspapers all indignant and congressmen all indignant about the hundreds of millions of bonuses. Well, what about the hundreds of billions, leading up to trillions, really, given to the banks?”
AUGUST 25
2011 – OPENING OF “ECONOMIC SYMPOSIUM” SPONSORED BY FEDERAL RESERVE
“Each year since 1978, the Federal Reserve Bank of Kansas City has sponsored a symposium on an important economic issue facing the U.S. and world economies. Symposium participants include prominent central bankers, finance ministers, academics, and financial market participants from around the world. The participants convene to discuss the economic issues, implications, and policy options pertaining to the symposium topic. The symposium proceedings include papers, commentary, and discussion.”
The theme of 2011 event was “Achieving Maximum Long-Run Growth.” And how is “maximum long-run growth” possible when the current monetary/economic system is based on creating money by banking corporations out of thin air as debt and the only way to repay the debt (plus the interest which wasn’t created — only the principle) is to maximize the plundering of finite resources to produce ever more products?
AUGUST 26
2014 – ARTICLE, “OBAMA AND HOLDER’S WEAK CALL FOR JUSTICE” BY STEPHEN ZARLENGA AND NICK EGNATZ
“The claims of President Obama and Attorney General Holder that they seek justice in the death of unarmed teenager Michael Brown by a police officer in Ferguson, Missouri, have a hollow ring. They would be almost laughable, if the consequences, of who they, while in office, have actually chosen to prosecute and who they have not prosecuted, were not so destructive to true justice…
“Continuing their disregard for justice, President Obama and Attorney General Eric Holder have refused to prosecute the thousands of Wall Street bankers whose financial crimes were directly responsible for working class Americans losing trillions of dollars and over 9,000,000 homes foreclosed or in foreclosure!
http://www.huffingtonpost.com/stephen-zarlenga/obama-and-holders-weak-ca_b_5702895.html
AUGUST 27
2014 – “DETHRONE ‘KING DOLLAR’ OPED, NEW YORK TIMES BY JARED BERNSTEIN
“There are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?
But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.”
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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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