MONETARY HISTORY CALENDAR: March 19-25

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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.

MARCH 20

2014 – BANK OF ENGLAND ADMITS LOANS COME FIRST AND DEPOSITS FOLLOW
The Bank of England released two articles explaining the money creation process – “Money in the modern economy: An Introduction” and “Money creation in the Modern Economy” – in their flagship Quarterly Bulletin of March 2014.
‘In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood. The principal way in which they are created is through commercial banks making loans: whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money….”

MARCH 21

1821 – GREEK INDEPENDENCE DAY
There is an ever-declining degree of political and economic independence in Greece today. External economic institutions (i.e. International Monetary Fund, European Central Bank and European Union) have forced the nation to reduce public services and privatize/corporatize public assets – selling them off to transnational corporations to reduce costs and raise funds to pay off many loans that were known from the beginning would be unpayable. The Greek people and their Parliament are losing more of their national sovereignty as more decisions are made by undemocratic entities outside their borders.
Debt has become the more preferred weapon (rather than tanks, planes and armies) to colonize other peoples and plunder national assets and treasures – all of which profits foreign corporations, including banks.  Economic austerity, social disintegration and loss of political power results.  It’s a growing phenomenon among many emerging market nations – and has its domestic equivalent in the U.S. Rising and unpayable debts are increasingly used to justify severe budget cuts, privatization/corporations of municipal or state assets and reduce the power and authority of democratically elected councils, mayors, legislatures and governors – and by extension by We the People.

1923 – BIRTH OF ALBERT BARTLETT, PROFESSOR OF PHYSICS AT THE UNIVERSITY OF COLORADO AT BOULDER
“The greatest shortcoming of the human race is our inability to understand the exponential function.” Bartlett was a leader on sustainability and this quote is from his lecture, ” Arithmetic, Population, and Energy” he first delivered on September 19, 1969.
“Exponential growth requires exponential resources – which are finite. If we have no energy, we have no economy. The economy must grow but nonrenewal energy can’t grow since the environment is fixed.”

1975 – DEATH OF RALPH HAWTREY, BRITISH ECONOMIST, FRIEND OF JOHN MAYNARD KEYNES
“Banks lend by creating credit. They create the means of payment out of nothing.”

MARCH 22

1832 – DEATH OF JOHANN WOLFGANG VON GOETHE, GERMAN WRITER
“None are more enslaved than those who falsely believe they are free.”

MARCH 23

2009 – PUBLICATION OF PEOPLE’S BANK OF CHINA GOVERNOR ZHOU XIAOCHUAN’S PROPOSAL FOR REFORMING THE INTERNATIONAL MONETARY SYSTEM
“’In the interest of international financial stability,’ Zhou proposed the creation of a new international reserve currency that is disconnected from individual nations, issued in accordance with agreed rules and stable in value. For this purpose he proposed to modify the IMF’s Special Drawing Right (SDR), a synthetic reserve asset and unit of account created by international agreement in 1969 to supplement official reserves of member countries and to support the Bretton Woods fixed exchange rate system.”

MARCH 24

2008 – NEW YORK FEDERAL RESERVE BANK ANNOUNCEMENT IT WILL GIVE CASH TO J.P. MORGAN TO ACQUIRE BEAR STEARNS
The Federal Reserve Bank of New York announced that it would provide financing to facilitate JPMorgan Chase & Co.’s acquisition of The Bear Stearns Corporation. J.P Morgan Corporation received $29 billion from the Fed. However, the Fed never provided financing of this amount during this time to help small businesses or homeowners who were victimized by the speculative financial ventures of Bear Stearns Corporation, which led to its implosion, triggering the Great Recession.

2014 – QUOTE BY RICHARD FISHER, PRESIDENT OF THE DALLAS FEDERAL RESERVE BANK
“I don’t think there is any doubt that quantitative easing enabled the rich and the quick. It was a massive gift.”
[Note: Quantitative Easing was the Fed’s program on injecting several trillion dollars into the economy – most of which ending up going to banks and to corporations to buy back stock.]

MARCH 25

1894 – COXEY’S ARMY BEGINS MARCH
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march from Massillon (beginning on March 25, 1894) to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this “petition in boots” was unique — the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey’s Army proposed two bills. The first, a “Good Roads Bill”, would help farmers through $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created — debt-free.

———————–

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
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

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