1804 – BIRTH OF WILLIAM MACLAY, SENATOR OF PENNSLYVANIA IN THE 18TH CENTURY
“Bank bills are promissory notes, and, of course, not money. I see no objection in this quarter.”
1915 – DEATH OF NELSON ALDRICH, LEADER OF REPUBLICAN PARTY IN THE US SENATE
Aldrich was a key proponent of the Aldrich-Vreeland Act, a bill creating a National Monetary Commission in 1908, which studied the problem of monetary instability following the financial Panic of 1907. The Commission played a pivotal role in calling for “rform” of the US monetary system. The Act also established the “Aldrich-Vreeland system” which through the Comptroller of the Currency authorized some banks to issue new money. This helped the US deal with the financial crisis associated with WWI. The expanded money power of the government, however, was meant to be short-lived. The final volume of the Commission’s report called for a privately owned central bank, the “National Reserve Association,” in which “[c]ontrol was to be exercised completely by private bankers.” Passage of this Act was a stepping-stone to passage of the Federal Reserve Act in 1913.
1790 – DEATH OF BENJAMIN FRANKLIN
Franklin printed the paper money for several of the American colonies, most of which developed their own currency – separate from British money. This was an important revolutionary step toward independence, as well as essential to conduct economic transactions in the colonies since British money was in short supply.
1837- BIRTH OF JP MORGAN, US FINANCIER AND BANKER
John Pierpont Morgan dominated corporate finance and industrial consolidation during his time. His empire consisted of banks but also hundreds of other corporations via interlocking corporate directors and financial investments. The “House of Morgan” was also one of the key players in organizing politically and backing financially the campaign to pass the Federal Reserve Act in 1913, creating the largely private Federal Reserve System.
2012 – PUBLICATION OF DAILY CENSORED ARTICLE “CARL HERMAN EXPLAINS WORKING WITH THE CRIMINAL 1%: TWO UN SUMMITS, MONETARY REFORM”
“The 99% must achieve factual command of the basic facts how money and credit are created, or else continue their debt-damned existence under an oligarchic and Robber Baron-era structure.
Monetary and credit reform can be understood with three simple areas of facts that are taught in basic economics and easily verified:
1. The US does not have a money supply; we have its Orwellian opposite as a debt supply. This is because the US leading banks won legal right through passage of the 1913 Federal Reserve Act to have private banks and the Fed create debt for what we use as money, and then charge the 99% for its use.
2. The policy choice of a debt supply compounded with interest cause ever-increasing aggregate debt that can never be repaid….
3. Monetary reform creates debt-free money that extinguishes the debt, and allows government to become employer of last resort for infrastructure investment (hard and soft….
Obviously, monetary and credit reform benefits 100% of humanity because it guarantees full employment, optimal infrastructure, and no government debt/interest cost…
Americans cannot be responsible citizens without understanding this fundamental structure of money.”
1776 – AMERICAN REVOLUTIONARY WAR OF INDEPENDENCE FROM ENGLAND BEGINS
“In one year (after the Coinage Act of 1764), the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the colonies were filled with the unemployed…The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money which created unemployment and dissatisfaction. The viability of the colonists to get power to issue their own money permanently out of the hands of King George III and the international bankers was the prime reason for the revolutionary war.”
– Benjamin Franklin in his autobiography/memoirs
2014 – STATEMENT OF ANDREI KOSTIN, PRESIDENT AND CHAIRMAN OF THE POWERFUL RUSSIAN VTB BANK
“It is time to change the entire international financial system that considers the dollar the key reserve currency…The world has changed. [China’s] Yuan and [the Russian] Ruble have to take their place in international transactions.”
1868 – BIRTH OF JOHN HYLAN, MAYOR OF NEW YORK CITY, 1918-1925
“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.”
2010 – PUBLISHED ARTICLE, “BANKING REFORM SELLS BETTER WHEN ‘WALL STREET’ IS MENTIONED”
“Americans are about evenly divided on the merits of giving the federal government new powers to regulate large banks and major financial institutions; however, they offer greater support when the issue is more specifically framed as regulating “Wall Street banks.” http://www.gallup.com/poll/127448/banking-reform-sells-better-wall-street-mentioned.aspx
1910 – DEATH OF MARK TWAIN, AUTHOR
“There are three kinds of lies: lies, damned lies and statistics.”
”I wasn’t worth a cent two years ago, and now I owe two million dollars.””
1946 – DEATH OF JOHN MAYNARD KEYNES, BRITISH ECONOMIST
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some…Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
EARTH DAY – CREE INDIAN PROVERB
“Only when the last tree has died and the last river has been poisoned and the last fish been caught, will we realize we cannot eat money.” Seems an appropriate quote on this day.
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
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/