MONETARY HISTORY CALENDAR: April 30 – May 6

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APRIL 30

2014 – IMF APPROVES $17.01 BILLION LOAN TO UKRAINE IN EXCHANGE FOR “ECONOMIC REFORMS”
The IMF money comes with stringent terms, what used to be called “Structural Adjustment Programs,” which includes spending cuts, privatization/corporatization of public assets, laying off of public employees, increased prices and debt restructuring. IMF loans in essence transfer economic sovereignty domestically to international bankers.      In the case of Ukraine, the requirements include a 50 percent increase in the price of gas for households, as well as a quick pension reform and lower government spending.
The World Bank warned on April 10 that the loan terms set by the IMF would cut 2014 consumption in Ukraine by 8 percent, as well as erode capital investment.

MAY 1

1871 — KNOX V LEE US SUPREME COURT DECISION
This decision was one of several popularly known “Legal Tender Cases” during this period (the others were Hepburn v. Griswold and Julliard v Greenman). The Supreme Court reversed their earlier decision in Hepburn v. Griswold (1870). The decision upheld the Legal Tender Act declaring that making paper money legal tender did not conflict with US Constitution (Article 1). The decision allowed debtors to repay debts in Greenbacks rather than gold or silver.

MAY 2

2012— SPEECH BY FEDERAL RESERVE GOVERNOR DANIEL TARULLO AT THE COUNCIL OF FOREIGN RELATIONS
“It is sobering to recognize that, more than four years after the failure of Bear Stearns began the acute phase of the financial crisis, so much remains to be done–in implementing reforms that have already been developed, in modifying or supplementing these reforms as needed, and in fashioning a reform program to address shadow banking concerns. For some time my concern has been that the momentum generated during the crisis will wane or be redirected to other issues before reforms have been completed.” [Note: The political influence of financial corporations has prevented any serious banking and monetary reforms from being passed. Those that were passed have been watered-down during the implementation phase out of public spotlight thanks to intense lobbying from the same financial corporations]

MAY 3

1939 – TESTIMONY OF GRAHAM TOWERS, GOVERNOR OF THE BANK OF CANADA (1934-54) BEFORE CANADIAN SELECT STANDING COMMITTEE ON BANKING AND COMMERCE
Question: “But there is no question about it, that banks create that medium of exchange?” [i.e., bank deposits]
Towers: “That is right. That is what they are for.”
Question: “And they issue that medium of exchange when they purchase securities or make loans?”
Towers: “That is the banking business, just in the way that a steel plant makes steel.”  (p. 287)
Towers testified that just as steel corporations create steel, banking corporations create money. The difference is that steel corporations start with iron ore and apply labor and technology. Banks, by contrast, create money out of thin air…as debt.

2011— “REDUCING U.S DEBT AND CREATING JOBS THROUGH PUBLIC CONTROL OF OUR MONEY SYSTEM” BY STEPHEN ZARLENGA AND GREG COLERIDGE, HUFFINGTON POST
“Be it for ignorance or by intention, few federal elected officials have examined how a change in the way money in our nation is created and issued could reduce our nation’s deficit and debt and, in doing so, increase millions of vital jobs to transform our economy.
One of the few exceptions is Rep. Dennis Kucinich (D-OH), who during the last Congressional session introduced H.R. 6550, The National Emergency Employment Defense Act.
The three essential measures include:
1. Moving the mostly private Federal Reserve System under the US Treasury Department…
2. Making the power to issue money a public function — bypassing the current system, which invited the careless and risky lending that, led to the global economic crisis…
3. Enabling the U.S. government to use its money power — creating and spending money into circulation — to address pressing infrastructure needs such as repairing our crumbling roads, bridges, rails and highways…
The irony is that these three provisions would institutionalize what most Americans falsely believe already exists: That the Federal Reserve is public. That banks only loan money that they possess. That the government creates our money. Wrong on all counts.”

MAY 4

1821 – DEATH OF NAPOLEAN BONAPARTE
“Money has no motherland, financiers are without patriotism or decency; their sole object is gain.”

MAY 5

2005 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
“The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions. Derivatives have permitted the unbundling of financial risks.”
[NOTE: Three years later, the U.S. financial system imploded, causing what was called the “Great Recession,” but for many was a Great Depression as they lost homes, jobs and opportunities.]

MAY 6

2012 – GREEK PARLIAMENTARY ELECTION RESULTS IN 60% SUPPORT FOR PARTIES OPPOSED TO AUSTERITY MEASURES
The elections resulted in a coalition government led by the New Democracy Party. The Coalition of the Radical Left (SYRIZA) came in second. They and other parties, agreed, however, that the austerity terms of the bailout agreement with the European Union (EU), European Central Bank and the International Monetary Fund must be renegotiated. When Greece joined the European Union (like other nations), it gave up completely its monetary sovereignty. It no longer had the ability to create and distribute its own money as a means of economic health – including using democratic money creation to help its own people. It transferred that authority to the EU when it began accepting the euro.  The U.S. still technically possesses monetary sovereignty since it possesses its own currency – the dollar. The problem is that is still lost its sovereignty when it transferred to corporate interests, namely the Federal Reserve and banking corporations, the ability to create and circulate money – as debt via loans.

———————–

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/

REAL Democracy History Calendar: April 24 – 30

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https://realdemocracyhistorycalendar.wordpress.com/2017/04/24/real-democracy-history-calendar-april-24-30/

Subscribe to the REAL Democracy History Calendar, https://realdemocracyhistorycalendar.wordpress.com/about/

#TheDemocracyCalendar #EndCorporateRule #CorporateRule #GetMoneyOut #Democracy #WeThePeopleAmendment #MovetoAmend

MONETARY HISTORY CALENDAR April 23 – 29

Greenbackk
APRIL 23

384 BC – BIRTH OF ARISTOTLE
“The most hated sort of wealth getting is usury, which makes again out of money itself and not from the natural object of it.  For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money…of all modes of getting wealth this is the most unnatural.”
“Money exists not by nature but by law.” This is one of the most insightful comments on money of all time.

871 – REIGN OF KING ALFRED OF ENGLAND BEGINS
King Alfred (Alfred the Great) implemented a law that moneylenders who took usury would forfeit all their possessions to the King.

1616 – DEATH OF WILLIAM SHAKESPEARE. HE WAS BORN ON THE EXACT SAME DATE IN 1564
“Poor? Look upon his face. What call you rich?
Let them coin his nose, let them coin his cheeks.”
– From The First Part of King Henry the Fourth, act 3, sc 3
The word “coin” is a verb, a common usage of the period. The same is true in the phrase “To coin Money” in Article 1, Section 8 of the U.S. Constitution, which gives the legislative branch the authority to “create” or “coin” our nation’s money supply. Was true then. Is still true now. Yet, banking corporations have largely usurped this public authority – creating money as debt, loaned to the government, which must be paid back with interest. Insane.

APRIL 24

2014 – PUBLICATION OF ARTICLE IN FINANCIAL TIMES: “STRIP PRIVATE BANKS OF THEIR POWER TO CREATE MONEY” BY MARTIN WOLF, CHIEF FINANCIAL WRITER
Since banks create money out of thin air, they should be stripped of this power, and limited to normal depository functions. Wolf indicates the centrality and importance of the issue with his subtitle: “The giant hole at the heart of our market economies needs to be plugged.”

APRIL 25

2012 – PUBLISHED ARTICLE, “TARP OVERSEER DEBUNKS BAILOUT MYTHS: BIG COMPANIES HAVEN’T REPAID TARP FUNDS…AND FUNDS TO HELP HOMEOWNERS HAVEN’T BEEN PAID”
“Apologists for government bailouts push two main myths:
-That all of the bailout funds have been repaid
-That the bailouts helped the average American
But the official government overseer of the Tarp bailout program – the special inspector general for TARP, Christy L. Romero – has debunked both myths.
Today, Romero wrote the following to Congress:
After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).”

APRIL 26

1914 – DEATH OF GEORGE ‘DIVING RIGHT’ BAER, PRESIDENT OF THE PHILADELPHIA & READING RAILROAD CORPORATION, WHICH WAS OWNED BY BANKER J.P. MORGAN
“The rights and interests of the laboring man will be protected and cared for, not by the labor agitators, but by the Christian men to whom God in His infinite wisdom has given the control of the property interests of the country, and upon the successful management of which so much depends”

APRIL 27

1637 – HOLLAND SUSPENDS ALL CONTRACTS DURING TULIPMANIA BUBBLE
Tulip mania or tulipomania (1636-37) was a period during which contract prices for new tulip bulbs in Holland exceeded more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble). People from all walks of life sold homes and land at low prices just to speculate on the rising tulip prices. Prices suddenly collapsed in February 1637. By March, tulip prices had crashed by 90 percent or more. There were widespread defaults on purchased contracts. Long-term economic decline followed. The suspension of contracts gave the seller the right to sell contracted bulbs at market prices.

2009 – COMMENT BY DICK DURBIN, US SENATOR, ILLINOIS
“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
What was a refreshing bit of true reality in 2009 is even truer today. The finance, insurance and real estate (FIRE) sector tops all sectors in political campaign contributions (or are they investments?) to Washington politicians. The return on their investments are substantial – no indictments of top bankers responsible for the 2008 sub-prime crisis and financial implosion, bailouts galore…and, of course the continuation of the license to print debt money that is loaned to the US – at interest.

APRIL 28

1937 – BIRTH OF SADDAM HUSSEIN, IRAQI PRESIDENT/DICTATOR
Hussein announced in November 2000 that Iraq would no longer accept dollars, only euros, as payment for Iraqi oil. The inherent strength of the US dollar for decades has been passed on the “petrodollar” – the policy that only dollars could be used to purchase oil from any nation. An end or even serious threat to the petrodollar system would reduce the dollar’s value – causing severe economic decline in the US. Many believe this announcement was the major reason, not anything to do directly with the 9/11 attacks in the US, for the US invasion of Iraq.

APRIL 29

1947 – DEATH OF IRVING FISHER, PROFESSOR AND ECONOMIST
“Thus our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess. ”

2006 – DEATH OF JOHN KENNETH GALBRAITH, AMERICAN ECONOMIST, PUBLIC OFFICIAL AND DIPLOMAT
“In numerous years following the Civil War, the Federal Government ran a heavy surplus.  But it could not pay off its debt, retire its securities, because to do so meant there would be no more bonds to back the national bank notes.  The pay off the debt was to destroy the money supply.”
The same is true today. Since most money is created as debt via loans (to individuals, corporations and the government), paying off the debt would reduce the money supply. A severe depression would inevitable result since not enough money would exist to permit all our economic transactions. The solution is not to “reform” our debt-based money system, but to replace it with a system where money is 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/

REAL Democracy History Calendar: April 17 – 23

realdem

April 17

1905 – Lochner v. New York [198 U.S. 45] Supreme Court decision – use of the 14th Amendment to invalidate government regulation of corporations
The decision was one of the most controversial in the history of the Court. It concluded that “liberty of contract” was inferred in the “due process” clause of the 14th Amendment (originally intended to apply to freed black slaves). The specific case involved the state of New York seeking to limit working hours to 10 per day and 60 each week. The Court rejected the claim that the law was needed to protect the health of workers, asserting that the labor law was an “”unreasonable, unnecessary and arbitrary interference with the right and liberty of the individual to contract.” In other words, the majority of Justices felt that the law inhibited the constitutional right of workers and employers to make contracts freely.

The implications were devastating. The decision shielded corporations from vast forms of government regulation. The Court invalidated approximately 200 economic regulations from 1905 until the mid-1930’s passed by legislators — usually under this interpretation of the due process clause of the 14th Amendment

April 18

1996 – Publication this month of “Corporations for the Seventh Generation: Changing the Ground Rules, Part 1” by Jane Anne Morris, corporate anthropologist and POCLAD principal

“What if…
• corporations were required to have a clear purpose, to be fulfilled but not exceeded;
• corporations’ licenses to do business were revocable by the state legislature if they exceeded or did not fulfill their chartered purpose(s);
• the state legislature could revoke a corporation’s charter for a particular reason, or for no reason at all;
• the act of incorporation did not relieve corporate management or stockholders/owners of responsibility or liability for corporate acts;
• as a matter of course, corporation officers, directors, or agents could be held criminally liable for violating the law;
• state (not federal) courts heard cases where corporations or their agents were accused of breaking the law or harming the public;
• directors of the corporation were required to come from among stockholders;
• corporations had to have their headquarters and meetings in the state where their principal place of business was located;
• corporation charters were granted for a specific period of time, like 20 or 30 years (instead of being granted “in perpetuity,” as is now the practice);
• corporations were prohibited from owning stock in other corporations in order to prevent them from extending their power inappropriately;
• corporations’ real estate holdings were limited to what was necessary to carry out their specific purpose(s);
• corporations were prohibited from making any political contributions, direct or indirect;
• corporations were prohibited from making charitable or civic donations outside of their specific purposes;
• state legislatures set the rates that corporations could charge for their products or services;
• all corporation records and documents were open to the legislature or the state attorney general?

All of these provisions were once law in the state of Wisconsin. And similar ones existed in most other states.”
From http://poclad.org/BWA/1996/BWA_1996_APR.html

April 19

1775 – Revolutionary War Begins
Shots fired and the subsequent battles of Lexington and Concord were the first military engagements of the American Revolutionary War. Colonists sought independence not only from the Crown (King), but also from the Crown’s military arm (Redcoats, which oppressed the colonists) and from the Crown’s economic/governing arms (Crown corporations, chartered by the King to conduct the King’s affairs in the colonies – which also oppressed). Examples included the Massachusetts Bay Company, the Carolina Company, the Maryland Company and the Virginia Company. The Revolution constitutionalized these corporations, transforming them into states or commonwealths. It also democratized “sovereignty” from rule by a single person to in principle We the People. In practice, only white, male property owners assumed power and rule.

2012 – Vermont Becomes First State to Call for Amendment Removing Corporations From Constitution
“[Other states] have passed resolutions against the Citizens United v. FEC ruling by the Supreme Court, but the Vermont resolution goes beyond simply overturning that case and aims to remove corporations from the constitution altogether and make clear that money is not speech and that campaign spending and political contributions can be regulated by government.”
http://movetoamend.org/press-release/vermont-legislature-calls-constitutional-amendment-end-corporate-personhood-and

April 20

1868 – Birth of John Hylan, New York City Mayor – corporations and their leaders like a giant octopus
Hylan was Mayor of New York from 1918-1925. He said, “The real menace of our republic is this invisible government, which, like a giant octopus, sprawls its slimy length over city, state and nation. Like the octopus of real life, it operates under cover of a self created screen…At the head of this octopus are the Rockefeller Standard Oil interests and a small group of powerful banking houses generally referred to as international bankers. The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes. They practically control both political parties.”

1920 – Birth of Supreme Court Justice John Paul Stevens
In his 2014 book, “Six Amendments: How and Why We Should Change the Constitution,” Stevens proposed the following Constitutional Amendment:
“Neither the First Amendment nor any other provision of this Constitution shall be construed to prohibit the Congress or any state from imposing reasonable limits on the amount of money that candidates for public office, or their supporters, may spend in election campaigns.”

April 21

1796 – Birth of Thomas Earle, U.S. journalist and lawyer – on power of Supreme Court
Many citizens were outraged by the power of the Supreme Court, which they considered to be a direct  attack on the sovereignty of “We the People.”  In one protest pamphlet, journalist Thomas Earle penned:

“It is aristocracy and despotism, to have a body of officers, whose decisions are, for a long time, beyond the control of the people. The freemen of America ought not to rest contented, so long as their Supreme Court is a body of that character.”

April 22

1970 – Earth Day, birth of environmental movement
An estimated 20 million people took part across the US in marches, rallies, teach-ins and other public events to demonstrate support for the environment. Much of the environment’s deterioration/destruction from toxic and radioactive dumps, pesticides, wildlife extinction, air pollution, oil spills, raw sewage, wilderness loss and freeways came from corporate actions – that were ignored, sanctioned or subsidized by the government.  The day led to the creation of organizations and massive grassroots pressure leading to the establishment of the EPA and federal laws addressing clean air, water and wildlife protection.

Earth Day went global in 1990. More than 200 million people in over 140 countries took part in activities and sparked a global movement, which continues today against these same issues as well as climate change.

Corporate entities remain a major cause of environmental destruction.

2011 – Students call for constitutional amendment abolishing corporate personhood
The Associated Students organization of Humboldt State University in California pass a resolution supporting the Move to Amend campaign and calling for a constitutional amendment to abolish corporate personhood. The resolution was proposed by a group of students working with Democracy Unlimited of Humboldt County (DUHC).

April 23

2001 – Publication this month of “How Long Shall We Grovel: A Memo for the Record” by Richard Grossman, POCLAD co-founder
“…ANYONE who chooses to look will find massive evidence of chemical corporation murder, pillage & lies extending over a century. ANYONE who chooses to look will see persistent corporate denial of people’s constitutional and human rights, & government complicity. This country exalts the platitude “all political authority is inherent in the people.”

But our great corporations have long been protected by the rule of law … empowered by our own constitution and bill of rights. Our society has bestowed upon chemical corporation leaders, as upon top officials of all giant corporations, the highest rewards & honors, & great wealth.
Great corporations have been exalted by legislators & judges, presidents & governors, police and national guards, by local, state & federal governments.

How long shall we authorize chemical corporate officials to kill? How long shall we beg them to tell the truth? To make the earth’s air, water and soil, our foods and our jobs, a little less deadly? To please “give us” the right to know? How long shall we grovel before our elected public servants? Other species are counting on us to do more than regulate the destruction of the planet. What do YOU think we the people should do now?” http://poclad.org/BWA/2001/BWA_2001_APR.html