REAL Democracy History Calendar: April 30 – May 6

 

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https://realdemocracyhistorycalendar.wordpress.com/2018/04/30/real-democracy-history-calendar-april-30-may-6/

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MONETARY HISTORY CALENDAR: April 29 – May 5

grnback

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.

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

1970 – IRISH BANKERS STRIKE – LIFE GOES ON
Irish bank employees go on strike over low wages. Over 85% of the country’s reserves were immediately locked down. The strike continued into the summer. By then, something odd happened — not much happened.
According to the Central Bank of Ireland, “The Irish economy continued to function for a reasonably long period of time with its main clearing banks closed for business.” The strike lasted for 6 months.
What did the Irish do for money?
“The Irish started issuing their own cash. After the bank closures, they continued writing checks to one another as usual, the only difference being that they could no longer be cashed at the bank. Instead, that other dealer in liquid assets – the Irish pub – stepped in to fill the void…
“In no time, people forged a radically decentralized monetary system with the country’s 11,000 pubs as its key nodes and basic trust as its underlying mechanism. By the time the banks finally reopened in November, the Irish had printed an incredible £5 billion in homemade currency…
“Some checks had been issued by companies, others were scribbled on the backs of cigar boxes, or even on toilet paper. According to historians, the reason the Irish were able to manage so well without banks was all down to social cohesion…
“[O]f course there were problems…Irish companies had a harder time acquiring capital for big investments. Indeed, the very fact that people began do-it-yourself banking makes it patently clear that they couldn’t do without some kind of financial sector…
“But what they could do perfectly well without was all the smoke and mirrors, all the risky speculation, the glittering skyscrapers, and the towering bonuses paid out of taxpayers’ pockets. ‘Maybe, just maybe,’ the author and economist Umair Haque conjectures, ‘banks need people a lot more than people need banks.’ ”
http://evonomics.com/why-garbage-men-should-earn-more-than-bankers/

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 depression that resulted in lost homes, jobs and opportunities.]

———————–

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: April 23 – 29

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https://realdemocracyhistorycalendar.wordpress.com/2018/04/23/real-democracy-history-calendar-april-23-29/

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MONETARY HISTORY CALENDAR: April 22 – 28

grnback

APRIL 22

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.

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 BORH 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.

———————–

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: April 16 – 22

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https://realdemocracyhistorycalendar.wordpress.com/2018/04/16/real-democracy-history-calendar-april-16-22/

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

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MONETARY HISTORY CALENDAR: April 15 – 21

Greenbackk

APRIL 15

1865 – ASSASSINATION OF PRESIDENT ABRAHAM LINCOLN
Under Lincoln’s administration, the US Government issued 450 million “Greenbacks” – interest and inflation free money. They weren’t government bill, bonds or any other debt-bearing note. This was money not borrowed from banks, but created (as authorized in the US Constitution, Article 1, Sec 8) by the government to meet the nation’s needs.

2018 — TAX DAY
Federal and state tax returns are not, due, technically, until April 17 this year. Why are taxes so high? Why does it feel we aren’t getting back in programs and services what we put in? Part of the reason has to do with the hundreds of billions of dollars we spend every year paying interest on the national debt. That interest goes disproportionately to the very wealthy. And that interest would not exist if instead of borrowing that money (including from banking corporations), we created interest-free and inflation-free money as stipulated by Congress in Article 1, Section 8 of the US Constitution. Why be enslaved by debt when we could be liberated by democratic money?

APRIL 16

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 “reform” 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.

APRIL 17

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.

APRIL 18

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.”
http://www.dailycensored.com/carl-herman-explains-working-with-criminal-1-two-un-summits-monetary-reform/

APRIL 19

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.”

APRIL 20

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

APRIL 21

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.”
“A banker is a man who loans you umbrellas when the sun is shining and demands it back the moment it looks like rain.”
Classic Twain.

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.”

———————–

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/