REAL Democracy History Calendar: October 30 – November 5

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https://realdemocracyhistorycalendar.wordpress.com/2017/10/30/real-democracy-history-calendar-october-30-november-5/

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MONETARY HISTORY CALENDAR: October 29 – November 4

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OCTOBER 29

1897 – DEATH OF HENRY GEORGE, AUTHOR OF “POVERTY AND PROGRESS,” POLITICIAN AND ECONOMIST
“On the other hand it is the business of government to issue money. This is why the issuance of this money should be made a government function become still stronger. The evils entailed by wildcat banking in the United States are too well remembered to need reference. The loss and inconvenience, the swindling and corruption that flowed from the assumption by each State of the Union of the power to license banks of issue ended with the war, and no one would now go back to them. Yet instead of doing what every public consideration impels us to, and assuming wholly and fully as the exclusive function of the General Government the power to issue money, the private interests of bankers have, up to this, compelled us to the use of a hybrid currency, of which a large part, though guaranteed by the General Government, is issued and made profitable to corporations. The legitimate business of banking – the safekeeping and loaning of money, and the making and exchange of credits, is properly left to individuals and associations; but by leaving to them, even in part and under restrictions and guarantees, the issuance of money, the people of the United States suffer an annual loss of millions of dollars, and sensible increase the influences which exert a corrupting effect upon their government.”

1929 – US STOCK MARKET CRASH
Known as “Black Tuesday,” October 29 was the worst day in stock market history. Since everyone was selling and no one was buying, stock prices collapsed. The crash was due to policies of the Federal Reserve, which had made money cheap to borrow. Too much money was concentrated in too few hands. Cheap money resulted in wild speculation (booms or bubbles) in financial instruments, the stock market and office buildings rather than useful and necessary goods and services. Speculation was rampant. Understanding what was happening, but not admitting it to the public, the Fed significantly contracted the US money supply by raising interest rates to borrow money. Not enough money was available to meet economic needs. The speculative bubbles burst; triggering what became the Great Depression.

2014 – FEDERAL RESERVE ENDS ITS QUANTITATIVE EASING PROGRAM
Quantitative Easing (QE) was the Fed program, which created and injected roughly $4 trillion into the economy to assist in its recovery. Much of the money went to banks — to invest in further speculations — not to assist non-wealthy consumers. Funds also ended up in the stock market — artificially inflated prices. The Fed ended the program by citing the economy’s “underlying strength.”

OCTOBER 30

1735 – BIRTH OF JOHN ADAMS, 2nd PRESIDENT OF THE UNITED STATES
“There are two ways to conquer and enslave a nation. One is by the sword, the other is by debt.”
“All the perplexities, confusion and distress in America arise, not from the defects of the Constitution or confederation, not from the want of honor or virtues, so much as from the downright ignorance of the nation, of coin, credit and circulation.”

1840 – BIRTH OF WILLIAM GRAHAM SUMNER, PROFESSOR, YALE UNIVERSITY AND MONETARY THEORIST
“For as the currency question is of first importance and we cannot solve it or escape it by ignoring it. We have got to face it and the best way to begin is not by wrangling about speculative opinions as to untried schemes but to go back to history and try to get hold of some firmly established principles.”

OCTOBER 31

1874 – PUBLICATION OF OCTOBER ISSUE OF INDUSTRIAL AGE MAGAZINE
“The religious press has almost without exception been the allies of the bondholders and bankers in their endless schemes to fleece the public, and the mouthpiece of the monopolists and the defender of the soulless corporations that fill their pockets by robbing the toiling people.”

NOVEMBER 1

1972 – DEATH OF EZRA POUND, US POET AND CRITIC
Some of his poetry deals with the destructive moral and social effects of usury.
“The usurers act through fraud, falsification, superstitions, habits and, when these methods do not function, they let loose a war. Everything hinges on monopoly, and the particular monopolies hinge around the great illusionistic monetary monopoly.”

2016 – “HOW ECONOMIC GOBBLEDYGOOK DIVIDES US,” PUBLISHED ARTICLE IN NEW YORK TIMES MAGAZINE
“When you’ve just invented something,” a banker once told me, “you need a name that’s not obvious, because the longer it’s a proprietary technique, the more money you make…
“It would be a disaster for democracy if this divide were to become permanently entrenched. Democracy depends on an informed electorate; it depends on argument, and that in turn depends on having enough in common to be able to argue. Bankers and the financial elite can’t just talk to each other as if nothing has changed; as if the little people are just going to accept that they can’t follow the big words, so the rich should just keep running things in their own interest. The experts need to set terms for the debate that everyone can understand. So yes, when it comes to economics, language matters.”

NOVEMBER 2

1832 – RE-ELECTION OF ANDREW JACKSON, 7TH PRESIDENT OF THE UNITED STATES
This was the first presidential election focused on the issue of money creation. Jackson was opposed to re-chartering the private Second National Bank of the United States (misnamed to give the impression it was public by calling it “National” in much the same way the current largely private Federal Reserve System is misnamed). A few Jackson quotes:
“The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” “If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.” “I have no hesitation to say if they can re-charter the bank, with this hydra of corruption, they will rule the nation and its charter will be perpetual and its corrupting influence destroy the liberty of our country.”

NOVEMBER 3

1831 – BIRTH OF IGNATIUS DONNELLY, U.S. CONGRESSMAN, POPULIST AND GREENBACK LEADER
“The newspapers are largely subsidized or muzzled; public opinion silenced; business prostrated; our homes covered with mortgages; labor impoverished; and the land concentrated in the hands of the capitalists…The fruits of toil of millions are boldly stolen to build up colossal fortunes for a few, unprecedented in the history of mankind; and the possessors of these, in turn, despise the republic and endanger liberty. From the same prolific womb of governmental injustice we breed the two great classes — tramps and millionaires.”
Arguably, conditions have actually further deteriorated economically and politically since Donnelly wrote this in the late 1800’s.

1940 – DEATH OF CHARLES MACUNE, HEAD OF SOUTHERN FARMERS’ ALLIANCE AND ORIGINATOR OF THE POPULIST “SUB-TREASURY PLAN”
The “Sub-Treasury Plan,” developed by the southern Populist Macune, was an ingenious proposal to circumvent banking corporations, merchants and landlords by farmers to avoid debt at high interest, which often resulted in the loss of their farms. The proposal called for farmers to store their harvest in federal warehouses when prices for their commodities were low. Farmers would leverage those commodities for loans (up to 80% of the market value in federal notes) to support themselves until prices rose. The proposal was especially useful to southern farmers with non-perishable crops (i.e. cotton). The farmer had one year to sell the crop and then pay back the note and 1% interest.

1948 – BIRTH OF EARL OF CAITHNESS (MALCOLM IAN SINCLAIR), MEMBER OF THE UK HOUSE OF LORDS
“The next government must grasp the nettle, accept their responsibility for controlling the money supply and change from our debt-based monetary system.  My Lords, will they?  If they do not, our monetary system will break us and the sorry legacy we are already leaving our children will be a disaster.” (March 1997)

NOVEMBER 4

1650 – BIRTH OF WILLIAM III, KING OF ENGLAND, SCOTLAND AND IRELAND (1689-1702)
A weakened monarchy due, in part, to the economic aftereffects of war, William III agreed to give up his sovereign money power to a new corporation, the Bank of England, which was chartered in 1694. Wars have resulted throughout history in debt and dependency on lenders, which in modern times are banking corporations.

———————–

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/

REAL Democracy History Calendar: October 23 – 29

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https://realdemocracyhistorycalendar.wordpress.com/2017/10/23/real-democracy-history-calendar-october-23-29/

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

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MONETARY HISTORY CALENDAR October 22 – 28

grnback

OCTOBER 22

2014 – RELEASE OF THE VIDEO, “THE MONEY FIX: A DOCUMENTARY FOR MONETARY REFORM”
The video provides a good analysis of the problem. Its major solution, however, is limited to organizing community currencies – not addressing macro real monetary reform (e.g. changing laws).
http://www.neverontv.com/the-money-fix-a-documentary-for-monetary-reform/

OCTOBER 23

2008 – TESTIMONY OF ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN, BEFORE HOUSE COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM (NEW YORK TIMES ARTICLE)
Question to Greenspan: “Do you feel that your ideology pushed you to make decisions that you wish you had not made?”
Mr. Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.” “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief.”

2009 – PUBLICATION OF ARTICLE, “PRICELESS: HOW THE FEDERAL RESERVE BOUGHT THE ECONOMICS PROFESSION” PUBLISHED BY RYAN GRIM
“The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found. This dominance helps explain how, even after the Fed failed to foresee the greatest economic collapse since the Great Depression, the central bank has largely escaped criticism from academic economists. In the Fed’s thrall, the economists missed it, too.
‘The Fed has a lock on the economics world,’ says Joshua Rosner, a Wall Street analyst who correctly called the meltdown. ‘There is no room for other views, which I guess is why economists got it so wrong.’”
http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

OCTOBER 24

2008 – PNC FINANCIAL SERVICES CORPORATION PURCHASES NATIONAL CITY CORPORATION
Using bank bailout funds under the federal TARP program, PNC, headquartered in Pittsburgh, purchases National City Corporation, a major Cleveland based bank. The transaction created the 5th largest U.S. banking corporation. TARP funds were intended to assist struggling banks. The funds ended up in many cases, like PNC, enlarging “too-big-to-fail” banking corporations.

OCTOBER 25

2010 – SPEECH BY SIR MERVYN KING, FORMER GOVERNOR OF THE BANK OF ENGLAND
“Of all the many ways of organizing banking, the worst is the one we have today.
“Change is, I believe, inevitable. The question is only whether we can think our way through to a better outcome before the next generation is damaged by a future and bigger crisis. This crisis has already left a legacy of debt to the next generation. We must not leave them the legacy of a fragile banking system too.”
From speech, “Banking: From Bagehot to Basel, and Back Again” To read a summary and analysis of the talk, go to http://positivemoney.org/2010/10/mervyn-king-of-all-the-many-ways-of-organising-banking-the-worst-is-the-one-we-have-today/

2016 – FINLAND: PARLIAMENT EVENT ON MONETARY REFORM PAVES WAY FOR CITIZENS’ INITIATIVE
“A successful event on monetary reform was held in the Finnish Parliament, featuring valuable expert analysis of sovereign money and two endorsements from Finnish politicians for the QE4People initiative. After pushing the debate in the political scene, the Finnish movement wants to launch a citizens’ initiative.”
http://internationalmoneyreform.org/blog/2016/10/monetary-reform-finnish-parliament/

OCTOBER 26

899 – REIGN OF KING ALFRED OF ENGLAND ENDS
Alfred the Great implemented a law that moneylenders who accepted usury would forfeit all their possessions to the King

OCTOBER 27

1945 – BIRTH OF LULA DE SILVA, FORMER PRESIDENT OF BRAZIL (2003-2010)
“The Third World War has already started. The war is tearing down Brazil, Latin America, and practically all the Third World. Instead of soldiers dying, there are children. It is a war over the Third World debt, one which has as its main weapon, interest, a weapon more deadly than the atom bomb, more shattering than a laser beam.”

OCTOBER 28

1704 – DEATH OF JOHN LOCKE, ENGLISH PHILOSOPHER
“Observe well these rules: It is a very common mistake to say that money is a commodity…Bullion is valued by its weight…money is valued by its stamp.”

———————–

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/

 

REAL Democracy History Calendar: October 16 – 22

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https://realdemocracyhistorycalendar.wordpress.com/2017/10/16/real-democracy-history-calendar-october-16-22/

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

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MONETARY HISTORY CALENDAR: October 15 – 21

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OCTOBER 15

1908 – BIRTH OF JOHN KENNETH GALBRAITH, U.S. ECONOMIST
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.”
Source: ‘Money: Whence it came, where it went’ (1975)

1982 – U.S. CONGRESS PASSES GARN – ST. GERMAIN DEPOSITORY INSTITUTIONS ACT
The act deregulated savings and loan associations and allowed banks to provide adjustable rate mortgage loans. Many believe it contributed to the savings and loan crisis of the late 1980s.

2007 – PUBLICATION OF “LYCURGUS: LAWGIVER OF SPARTA” BY LLOYD DULHAIME
Lycurgus was a monetary reformer and leader of the military city-state of Sparta around 700 BC. He banned gold or silver money, replacing it, instead, with money made of iron dipped in vinegar to make it brittle and useless as iron. Lycurgus understood the nature of money — not as a source of wealth (which can be gold, silver, land, diamonds, etc.) but rather anything affirmed by government as currency to exchange for good and services of a society. It’s value was not as a commodity. http://www.duhaime.org/LawMuseum/LawArticle-189/700-BC–Lycurgus-Lawgiver-of-Sparta.aspx

OCTOBER 16

1962 – BIRTH OF MICHAEL KUMHOF, GERMAN ECONOMIST AND CO-AUTHOR OF “THE CHICAGO PLAN REVISITED,”
From the paper:
“At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher’s claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.”

OCTOBER 17

1785 – FIRST GATHERING OF DELEGATES OF THE COMMONWEALTH OF VIRGINIA
Private bank notes are barred from circulation following the passage of a law by the General Assembly of the Commonwealth of Virginia. It was unlawful “for any person to offer in payment a private bank bill or note for money.”

2014 – TALK BY YVES MERSCH, MEMBER OF THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK AT CORPORATE CREDIT CONFERENCE ON MONETARY POLICY AND ECONOMIC INEQUALITY
“More generally, inequality is of interest to central banking discussions because monetary policy itself has distributional consequences which in turn influence the monetary transmission mechanism…For example, by boosting – first – aggregate demand and – second – employment, monetary easing could reduce economic disparities; at the same time, if low interest rates boost the prices of financial assets while punishing savings deposits, they could lead to widening inequality.
Note: US monetary policy has produced the later – which has contributed to the substantial widening of inequality.

OCTOBER 18

1790 – BIRTH OF EDWARD KELLOGG, BUSINESSMAN AND ECONOMIST. HIS IDEAS INFLUENCED THE POLICIES OF THE POPULIST AND GREENBACK PARTIES
“Legal value belongs to anything which represents actual value, or capital. Its existence depends upon actual value. The worth of things of legal value depends upon their capability to be exchanged for things of actual value.” Since money is our monetary system is created as debt, the “legal value” of money includes both the principal debt and interest — which exceeds the “actual value” of a nation’s real wealth or claims on collateral at any point in time. The only means to close this gap and cover interest payments is to create additional collateral (goods and services) via economic growth. Of course, this additional debt-based money used to pay the previous interest has its own interest. Thus the downward debt cycle never ends until it collapses.”

1931 – DEATH OF THOMAS EDISON, U.S. INVENTOR
This is one of the best statements ever on the ease and legitimacy of the government creating its own money.
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good… If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt edged paper. Why? Because the government is behind them, but who is behind the Government? The people. Therefore it is the people who constitute the basis of Government credit. Why then cannot the people have the benefit of their own gilt-edged credit by receiving non-interest bearing currency… instead of the bankers receiving the benefit of the people’s credit in interest-bearing bonds?”

OCTOBER 19

1987 – U.S. STOCK MARKET CRASH
Known as Black Monday, stock markets around the world crashed. The Dow Jones average dropped by 508 points. It was the largest one-day percentage decline in Dow Jones history.

2004 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
His comments on subprime lending…
“Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.”
Lenders began lending to those who they knew would be unable to pay back mortgages. They engaged in riskier and riskier loans. The entire system eventually collapsed. US taxpayers bailed these lending financial corporations out. Homeowners who were duped into signing contracts with hidden fees and adjustable rate mortgage loans received little federal assistance.

OCTOBER 20

2005 – QUOTE OF BEN BERNANKE, CHAIRMAN OF THE US FEDERAL RESERVE
“House prices have risen by nearly 25% over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”
Less than 3 years later, the housing market collapsed.

OCTOBER 21

1808 – BIRTH OF SAMUEL FRANCES SMITH, MINISTER, JOURNALIST AND AUTHOR
Smith was also a songwriter. He is best known for writing the lyrics to “My Country Tis of Thee,” which he entitled “America.” Using the same tune, Greenbackers (those who advocated issuing and circulating debt-free US public money) in the 1880’s came up with their own rendition:
Thou, Greenback, ‘tis of thee,
Fair money of the free,
Of thee we sing.
And through all coming time
Great bards in every clime
Will sing with joyful rhyme,
Gold is not king.

Then smash old Shylock’s bonds,
With all his gold coupons,
The banks and rings.
Monopolies must fail,
Rich paupers work in jail,
The ring will then prevail,
Not money kings.

———————–

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/