MONETARY HISTORY CALENDAR June 11 – 17

grnback

JUNE 11

2009 – POSTING ON “TAKE DOWN THE INTERNATIONAL MONETARY FUND” BLOG ENTITLED, “REFORM IS NECESSARY”
“The International Monetary Fund is a ploy for Western democracies to spread their influence and control over developing nations. Claiming to be philanthropic and economically supportive by providing loans, the IMF simply doles out Western currency in the form of loans with high interest rates to developing nations who could never possibly pay them back. This creates an unfair economic dependency of developing nations on Western countries.”

JUNE 12

2013 – “HISTORY TEACHES THAT WE HAVE THE POWER TO TRANSFORM THE NATION, HERE’S HOW,” ARTICLE PUBLISHED
“Currently, people are building economic democracy – including worker-owned cooperatives, participatory budgeting, community supported agriculture, farmer’s markets, community banks and credit unions as well as local currencies and local investment networks, community land trusts, and more – so that people can strengthen their communities. In time, of course, national policies will need to be changed as well, in order to, for example: establish an open and transparent Federal Reserve that is democratically accountable, public rather than private creation of money, the end of corporate personhood, public funding of public campaigns, a new energy economy where every home, business and community uses energy efficiently and produces energy, the end of the destructive extraction economy, and so much more.”
https://www.popularresistance.org/history-teaches-that-we-have-the-power-to-transform-the-nation-heres-how/

JUNE 13

1933 – CONGRESSIONAL PASSAGE OF GLASS-STEAGALL ACT
Actual title was Banking Act of 1933. President Roosevelt signed it on June 16. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999.

2014 – “TO THE FUTURE PRIME MINISTER OF THE UK” BLOG POST CALLS FOR DEMOCRATIC MONEY CREATION
“To the future Prime Minister of the UK:
The same banks that caused the financial crisis currently have the power to create 97% of the UK’s money. They’ve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now they’re back to their old ways.
We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks.
When new money is created, it should be used to fund vital public services or provide finance to businesses, creating jobs where they’re needed, instead of being used to push up house prices or speculate on the financial markets.”
http://www.positivemoney.org/?mailing=1 / https://thomasattwood.wordpress.com/page/5/

JUNE 14

2013 — FACEBOOK MESSAGE TO BILL MOYERS ON MONETARY REFORM
“Dear Mr. Moyers;
An extremely interesting conversation with Richard Wolf today on WAMC @ 2:30. He spoke of the critical problem with capitalism, but failed to say what the problem actually was and I found it interesting that even he decided not to speak of this critical problem.
I urge you to go to Stephen Zarlenga @ http://www.ami.org and read his book The Lost Science of Money. The critical problem with Capitalism is the private ownership of Money by the Federal Reserve since the beginning of our country and the fractional reserve system basing money as debt. I could go on and on but thought you would be better informed by reading this book. If you get a chance, tell me what you think.
Thank You
Henry A. Kirchdorfer III” https://www.facebook.com/moyersandcompany/posts/610306285654053

JUNE 15

1836 – CHARTER (LICENSE) FOR SECOND NATIONAL BANK OF THE UNITED STATES REPEALED
This was the third quasi national bank of the former British colonies — following the Bank of North America (1781-1785, chartered by the Continental Congress) and Bank of the United States (1791-1811, chartered by the US Congress). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly. Early on, it issued a huge amount of money (more than 20 times its reserves) as loans that led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply. This led to massive bankruptcies and the Panic of 1819. When President Andrew Jackson threatened to repeal its charter, the Bank’s leaders used its power to restrict money circulation to cause another depression. Bank President Nicolas Biddle wrote, “Nothing but widespread suffering will produce any effect on Congress…Our only safety is in pursuing a steady course of firm restriction – and I have no doubt that such a course will ultimately lead to restoration of the currency and the recharter of the Bank.”

President Andrew Jackson said this about the bank; “The immense capital and peculiar privileges bestowed upon it enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them, which might incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and it undoubtedly possessed) the power to make money plenty or scarce at its pleasure, at any time and in any quarter of the Union, by controlling the issues of other banks and permitting an expansion or compelling a general contraction of the circulating medium, according to its own will.”

JUNE 16

1929 – DEATH OF VERNON PARRINGTON, HISTORIAN
“The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole.”

JUNE 17

2009 – PRESIDENT OBAMA RELEASES PLAN FOR FINANCIAL REFORM
“President Obama’s plan to reshape financial regulation seeks to give Washington the tools to police the shadow system of finance that has grown up outside the government’s purview, and to make it easier for regulators to head off problems at large, troubled institutions. However, the president’s plan results from many compromises with industry executives and lawmakers, and is not as bold as some had hoped.” Among the less than ” compromises with industry” were permitting financial institutions to promote various types of derivatives, cutting the number of bank regulators, and granting new powers to the private Federal Reserve.

———————–

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 the original 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. It is currently updated by Greg Coleridge. 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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