1999 – ENACTMENT OF FINANCIAL SERVICES MODERNIZATION ACT (ALSO KNOWN AS GRAMM-LEACH-BLILEY ACT)
The act removed many barriers contained in the Glass-Steagall Act of 1933, including those that separated banking, securities and insurance corporations. The result was massive combination and consolidation within the financial sector – creating enormously powerful institutions. A leading Republican in Congress, Senator Phil Gramm, proposed the bill. President Bill Clinton, a Democrat, signed it.
1856 – BIRTH OF LOUIS BRANDEIS, US SUPREME COURT JUSTICE (1916-1939)
“The goose that lays golden eggs has been considered a most valuable possession. But even more profitable is the privilege of taking the golden eggs laid by somebody else’s goose. The investment bankers and their associates now enjoy that privilege. They control the people through the people’s own money.” Louis Brandeis, Other People’s Money and How the Bankers Use It (1913)
2008 – US GOVERNMENT BAILS OUT US BANKS
The U.S. Treasury Department purchases a total of $33.5 billion in preferred stock in 21 U.S. banks under the Capital Purchase Program.
1637 – WAMPUM ACCEPTED AS CURRENCY
On November 15, 1637 the Massachusetts General Court stated that wampum beads would pass at 6 to a penny and were to be legal as payment in sums fewer than 12 pence. http://www.coins.nd.edu/ColCoin/ColCoinIntros/Wampum.intro.html
2005 – QUOTE BY BEN BERNANKE
“With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”
1914 – US FEDERAL RESERVE OPENS FOR BUSINESS
“Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower’s IOU.” From I Bet You Thought, Federal Reserve Bank of New York
1914 – FEDERAL RESERVE BANK OF BOSTON OPENS FOR BUSINESS
“When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.”
Federal Reserve Bank of Boston, Putting It Simply (1984)
2006 – DEATH OF MILTON FRIEDMAN, US ECONOMIST
“The Federal Reserve definitely caused the Great Depression by contracting the amount of currency in circulation by one-third from 1929 to 1933.”
2008 – FEDERAL RESERVE BAILS OUT BANKS
The US Treasury gives out $33.6 billion to 21 banks in the second round of disbursements from the $700 billion bailout fund. This payout brings the total to $158.56 billion to date.
2014 – “HOW THE CURRENT PROCESS OF MONEY CREATION IS CAUSING A RISE IN POVERTY, INSTABILITY AND INEQUALITY” TALK BY BEN DYSON, FOUNDER OF POSITIVE MONEY (VIDEO)
Ben Dyson, founder of Positive Money presenting at Meaning Conference 2014 on 18th November in Brighton, UK. He got into the nitty gritty of how the current process for money creation is causing a rise in poverty, instability and inequality. And challenged the audience to imagine what a modern and sustainable system could look like.
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 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/