Pre-emption of local control

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http://www.heightsobserver.org/read/2018/07/31/preemption-of-local-control

5G wireless technology is coming. Municipalities throughout the country have been suing state governments to try to retain some local control over the placement of small cell antennas and associated equipment. According to Crain’s Cleveland Business, the telecommunications industry wants to install 100,000 antennas a year nationally over the next five years. Wireless companies, however, have been unhappy about the labyrinthine task of securing permits from tens of thousands of local governments.

Enter ALEC, the American Legislative Exchange Council. According to the Center for Public Integrity, the corporate-funded, self-described think tank is only too happy to supply model state legislation pre-empting local ordinances to regulate the permits, fees and aesthetics of wireless equipment. And the Ohio General Assembly appears only too delighted to have had ALEC’s help.

In 2017 the state of Ohio passed a law overriding local governments’ home rule rights to regulate telecommunications equipment in public rights of way. In response, the Ohio Municipal League (OML) and cities around the state swung into action, launching multiple lawsuits. Both Cleveland Heights and University Heights joined a suit initiated by the city of Hudson. The law ultimately was found unconstitutional because it was tacked onto a bill regulating pet shops, thereby violating the Ohio Constitution’s single-subject rule for legislation.

Months of negotiations followed, as—at the legislature’s behest—attorneys for the cities and the OML conferred with the telecommunications industry to achieve a solution: House Bill 478, which Gov. Kasich signed into law. It is better than the ALEC version, but the “telcos” still hold almost all the cards.

Before its August recess, Cleveland Heights City Council passed legislation adding Chapter 943 to the city’s Codified Ordinances. Entitled “Use of Public Ways for Small Cell Wireless Facilities and Wireless Support,” it regulates, to the extent permitted by HB 478, the installation and operation of wireless small cell technology within the city. In July, University Heights passed its own version of legislation conforming to HB 478.

Increasingly, as this issue exemplifies, state legislation reflects corporate, not public interests. Accordingly, state laws pre-empt the ability of cities to make even the most basic local decisions.

As fish do not analyze the nature of water, for the past century few Americans have questioned the power that private corporations have come to exert over many aspects of our daily lives. That began to change with the U.S. Supreme Court’s Citizen’s United decision in 2010.

Early Ohio settlers knew the dangers posed by corporate power. The English monarchy’s imperial ambitions had been pursued largely through corporations chartered for that purpose. Ohioans fought in the American War of Independence to seize sovereignty from the monarchy and entrust it, not to governments or corporations, but to the people.

Early Ohio legislation stipulated that corporations be created one at a time through petitioning the General Assembly, under rigid conditions.

Corporate privileges, not rights, included limits on duration of charters (or certificates of incorporation), extent of land ownership, and amount of capitalization or total investment by owners, plus restriction of each corporate charter to a specific purpose. What did the Ohio General Assembly do to a corporation that violated these terms? It revoked its charter.

How dismayed the founders of our state would be if they dropped in on the Ohio Statehouse today, and witnessed proposed laws actually being written by private, corporate-funded entities, such as ALEC. Citizens must reclaim Ohio’s proud history of reining in corporate abuse.

To learn more about the history of corporate vs. people’s power in Ohio, e-mail us. We’ll send you Cleveland Heights resident Greg Coleridge’s Ohio Democracy vs. Corporations History Quiz.

Carla Rautenberg and Deborah Van Kleef

Carla Rautenberg is a writer, activist and lifelong Cleveland Heights resident. Deborah Van Kleef is a musician and writer, and has lived in Cleveland Heights for most of her life. Contact them at heightsdemocracy@gmail.com.

REAL Democracy History Calendar: July 30 – August 5

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https://realdemocracyhistorycalendar.wordpress.com/2018/07/30/real-democracy-history-calendar-july-30-august-5/

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MONETARY HISTORY CALENDAR: July 29 – August 4

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JULY 29

2011 – PUBLICATION OF ARTICLE “YOU CAN’T SOLVE THE DEBT CRISIS WITH MORE DEBT” BY BEN DYSON, DIRECTOR, POSITIVE MONEY
“We cannot solve a debt crisis by adding more debt.
It`s a fact that seems to have been completely missed by the IMF, European Union and our own government.
The solution to Greece? More debt. The solution to the US government`s inability to fund two simultaneous wars from tax revenue: more debt. The solution to the high indebtedness of ordinary people in the UK? Get banks lending again: let`s have more debt. …
What we need now is not more debt, but less of it.
But for the economic mainstream and those young and inexperienced civil servants who are deciding how to fix one of the largest banking systems in the world, it seems perfectly normal to let banks create money out of nothing to lend to people who already have too much debt. The idea of taking that power away from the banks, and using newly-created money to actually reduce the indebtedness of ordinary people seems radical and somewhat dangerous to them.”

JULY 30

1718 – DEATH OF WILLIAM PENN, QUAKER WHO ESTABLISHED THE PROVINCE OF PENNSYLVANIA, THE FUTURE COMMONWEALTH OF PENNSYLVANIA
The wide-spread reputation for freedom and religious tolerance of the Pennsylvania British colony under Penn extended beyond Penn’s life to include monetary freedom. The legislature in 1723 passed an act authorizing the issuance of “bills of credit,” documents similar to banknotes issued by the government which was circulated as money. They were issued in response to the fiscal crises of Pennsylvania – crises endemic throughout the colonies due to a shortage of British pounds. Colonial currencies helped facilitate economic exchanges.

1863 – BIRTH OF HENRY FORD, INVENTOR AND INDUSTRIALIST
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

JULY 31

1881 – BIRTH OF SMEDLEY BUTLER, US MARINE MAJOR GENERAL (TWICE DECORATED)
“I helped make Mexico, especially Tampico, safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912 (where have I heard that name before?). I brought light to the Dominican Republic for American sugar interests in 1916. In China I helped to see to it that Standard Oil went its way unmolested…

I wouldn’t go to war again as I have done to protect some lousy investment of the bankers. There are only two things that we should fight for. One is the defense of out homes and the other is the Bill of Rights. War for any other reason is simply a racket.”

1912 – BIRTH OF MILTON FRIEDMAN, ECONOMIST
“If you kill the Fed [Federal Reserve] and don’t kill fractional reserve lending, you’ve done nothing.” Fractional reserve lending is the bank practice of holding a fraction of money in reserves compared to the amount loaned.

JULY [Not certain of date]

1939 – A PROGRAM FOR MONETARY REFORM RELEASED

A group of prominent economists issue a plan for US monetary reform. One of the co-authors of the plan, “A Program for Monetary Reform,” was University of Chicago professor and Quaker Paul H. Douglas (later to become U.S. Senator). More than 230 economists from 150 universities approved it without reservations, while an additional 40 supported it with some reservations.

In assessing the problem of the day, the PMR states, “If the purpose of money and credit were to discourage the exchange of goods and services, to destroy periodically the wealth produced, to frustrate and trip those who work and save, our present monetary system would seem a most effective instrument to that end.” It also stated a monetary system based on a gold standard “has had…disastrous results all over the world.”

The PMR called for government creation and maintenance in the quantity of money. “Our own monetary policy should…be directed toward avoiding inflation as well as deflation, and in attaining and maintaining as nearly as possible full production and employment.” The plan also called for eliminating fractional reserve lending – the process of banks loaning our many more times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 10:1. Some of the major banks involved in the economic collapse of 2007 had ignored this law and were loaning out 50 times their reserves. The PMR called for a 100% reserve requirement – banks could only lend the amount of money they possessed.

The document goes on, “In early times the creation of money was the sole privilege of the kings or other sovereigns – namely the sovereign people, acting through their Government. This principle is firmly anchored in our Constitution and it is a perversion to transfer the privilege to private parties to use in their own real, or presumed, interest. The founders of the Republic did not expect the banks to create the money they lend.

Their plan to reduce the national debt was simply to have the government purchase government bonds with new US debt-free money.

AUGUST 1

2012 – PUBLICATION OF “CHICAGO PLAN REVISITED” A WORKING PAPER BY MICHAEL KUMHOF AND JAROMIR BENES
The focus of the [IMF] study is the so-called Chicago plan of the 1930s which the authors have updated to fit into today’s economy. Banks would no longer be able to create money out of thin air as debt.
“The Chicago Plan could significantly reduce business cycle volatility caused by rapid changes in banks’ attitude towards credit risk, it would eliminate bank runs, and it would lead to an instantaneous and large reduction in the levels of both government and private debt. It would accomplish the latter by making government-issued money, which represents equity in the common wealth rather than debt, the central liquid asset of the economy…Another advantage is the ability to drive steady state inflation to zero…it answers the somewhat confusing claim by opponents of an exclusive monopoly on money issuance, namely that such a monetary system would be highly inflationary. There is nothing in our theoretical framework to support this claim. (pp. 55-56)

AUGUST 2

1100 – BEGINNING OF THE REIGN OF KING HENRY I OF ENGLAND
About 1100 AD, the King ordered the creation of a unique form of money. Made of wood, the currency was called “Tally Sticks.” They were polished sticks of wood declared by the Sovereign King to be good for the payment of taxes. The sticks were used as money by England for 726 years – included the period of the British Empire. It may be no coincidence that shortly after the Bank of England (a private entity) was established in 1694, it attacked the Tally Stick system. Nevertheless, the Sticks were accepted as money for another 100+ years, until 1826.

AUGUST 3

1871 – BIRTH OF VERNON PARRINGTON, AMERICAN 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.”

AUGUST 4

1961 – BIRTH OF PRESIDENT BARACK OBAMA
The Obama administration prosecuted virtually no one for the financial crimes connected to the 2007-09 financial crisis.
“Since 2009, 49 financial institutions have paid various government entities and private plaintiffs nearly $190 billion in fines and settlements, according to an analysis by the investment bank Keefe, Bruyette & Woods. That may seem like a big number, but the money has come from shareholders, not individual bankers. (Settlements were levied on corporations, not specific employees, and paid out as corporate expenses—in some cases, tax-deductible ones.) In early 2014, just weeks after Jamie Dimon, the CEO of JPMorgan Chase, settled out of court with the Justice Department, the bank’s board of directors gave him a 74 percent raise, bringing his salary to $20 million.
The more meaningful number is how many Wall Street executives have gone to jail for playing a part in the crisis. That number is one. (Kareem Serageldin, a senior trader at Credit Suisse, is serving a 30-month sentence for inflating the value of mortgage bonds in his trading portfolio, allowing them to appear more valuable than they really were.) By way of contrast, following the savings-and-loan crisis of the 1980s, more than 1,000 bankers of all stripes were jailed for their transgressions.”
http://www.theatlantic.com/magazine/archive/2015/09/how-wall-streets-bankers-stayed-out-of-jail/399368/

———————–

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: July 23 – 29

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MONETARY HISTORY CALENDAR: July 22-28

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JULY 22

1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48.
“Once a nation parts with the control of its currency and credit, it matters not who makes the nations’ laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile…. The Liberal Party believes that credit is a public matter, not of interest to bankers only, but of direct concern to every citizen. The Liberal Party declares itself in favor of the immediate establishment of a duly constituted national bank for the control of the issue of money in terms of public needs. The flow of money must be in relation with the domestic, social, and industrial needs of the Canadian people…If my party is returned to power, we shall make good our monetary policy in the greatest battle between the money power and the people Canada has ever seen.” Mackenzie King won re-election. The private Bank of Canada, which had been a private corporation, was converted to a “Crown Corporation,” belonging to the people of Canada.

2012 – PUBLISHED ARTICLE IN BLOOMBERGVIEW BY NEIL BAROVSKY, FORMER TROUBLED ASSETS RELIEF PROGRAM (TARP) INSPECTOR GENERAL
“Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.”
[The same captured politicians by the banking corporations prevents any serious monetary reform – and will no doubt continue until banking corporations and, in fact, all corporations no longer possess the inalienable first amendment constitutional “right to free speech” to lobby and donate/invest in elections]

2015 – TALK BY CONGRESSMAN JEB HENSARLING (R, TEXAS) ON THE FAILURE OF THE POST-FINANCIAL IMPLOSION DODD-FRANK “REFORM”
“The Dodd-Frank architecture, first of all, has made us less financially stable,” he said. “Since the passage of Dodd-Frank, the big banks are bigger and the small banks are fewer. But because Washington can control a handful of big established firms much easier than many small and zealous competitors, this is likely an intended consequence of the Act. Dodd-Frank concentrates greater assets in fewer institutions. It codifies into law ‘Too Big to Fail’ and taxpayer-funded bailouts.”
http://www.mpamag.com/news/on-its-fifth-anniversary-hensarling-slams-doddfrank-23302.aspx

JULY 23

2012 – PUBLISHED ARTICLE, “SEVEN LARGEST U.S. BANKS HAVE CREATED THOUSANDS OF SUBSIDIARIES TO AVOID TAXES: FED REPORT”
“America’s seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.”

JULY 24

1862 – DEATH OF MARTIN VAN BUREN, 8TH PRESIDENT OF THE UNITED STATES
“It can only be when the agriculturalists abandon the implements and the field of their labor and become, with those who now assist them, shopkeepers, manufacturers, carriers, and traders, that the Republic will be brought in danger of the influences of the MONEY POWER”

2012 – COMMENTS BY NEIL BAROFKSY, FORMER INSPECTOR GENERAL OF THE TROUBLED ASSETS RELIEF PROGRAM (TARP)
Neil Barofksy says on “Morning Joe” on MSNBC that Treasury Secretary Timothy Geithner said that the Treasury Department’s housing policies were “Foaming The Runway For The Banks.” More TARP money went to help American Express than all the struggling homeowners.

JULY 25

1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people of the United States for the benefit of themselves and their foreign customers…The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board.”

2011 – PRESENTATION OF “WORKINGS OF A PUBLIC MONEY SYSTEM OF OPEN MACROECONOMICS – MODELING THE AMERICAN MONETARY ACT COMPLETED,” BY KAORU YAMAGUCHI, PROFESSOR, DOSHISHA UNIVERSITY, KYOTO JAPAN
“Being intensified by the recent financial crisis in 2008, debt crises seem to be looming ahead among many OECD countries due to the runaway accumulation of government debts. This paper first explores them as a systemic failure of the current debt money system. Secondly, with an introduction of open macroeconomies, it examines how the current sys- tem can cope with the liquidation of government debt, and obtains that the liquidation of debts triggers recessions, unemployment and foreign economic recessions contagiously. Thirdly, it explores the workings of a public money system proposed by the American Monetary Act and finds that the liquidation under this alternative system can be put into effect without causing recessions, unemployment and inflation as well as foreign recessions. Finally, public money policies that incorporate balancing feedback loops such as anti-recession and anti-inflation are introduced for curbing GDP gap and inflation. They are posed to be simpler and more effective than the complicated Keynesian policies.”
This paper was originally presented at the 29th International Conference of the System Dynamics Society in Washington D.C. http://monetary.org/wp-content/uploads/2011/11/DesignOpenMacro.pdf

JULY 26

1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE
“We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson…and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business…When we have restored the money of the Constitution, all other necessary reforms will be possible, and … until that is done, there is no reform that can be accomplished.”

JULY 27

1694 – ROYAL CHARTER GRANTED TO THE BANK OF ENGLAND
King William II (William of Orange) created the privately owned central bank via a charter (a license to exist) out of urgency. England needed to rebuild its navy to counter the French, but the sovereign King William II lacked the money or credit. He traded his exclusive right to create money to the private bank. The bank raised money from shareholders, which was loaned to the King at interest. The bank also created money out of nothing. As William Patterson, the bank’s co-founder and early Director, said, “The bank hath benefit of interest on all moneys which it creates out of nothing.” The bank is located in the 1 square mile City of London, a separate city within the larger London municipality.

2012 – NATIONAL ASSOCIATION OF LETTER CARRIERS ADOPS A RESOLUTION AT THEIR NATIONAL CONVENTION TO INVESTIGATE ESTABLISHING A POSTAL BANKING SYSTEM
The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system. “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.” At one time, the Postal Savings System offered savings accounts to depositors, but no loans. When banks failed after the Great Depression, many people shifted their remaining funds. The Postal Savings System held upwards of 20% of the nation’s savings in the mid 1940’s. Commercial/corporate banks opposed the efficient system (post offices served as bank branches) and lobbied for their limitation and finally elimination, which occurred in 1967. One wonders to what extent current efforts to eliminate the Post Office are based on eliminating this legitimate alternative to private banking corporations.

JULY 28

1919 – BANK OF NORTH DAKOTA FOUNDED
The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government.

2014 – PUBLISHED POLL OF UK PARLIAMENT MEMBERS SHOWING THEIR INGORANCE OF MONEY CREATION
100 MPs were polled through Dods Monitoring in July 2014. MPs were asked to read a number of statements and indicate whether they were true or false. They could also select “Don’t know”. In response to the statement “Only the government – via the Bank of England or Royal Mint – has the authority to create money, including coins, notes and the electronic money in your bank account.”, 71% said this was true, 20% said it was false (the correct answer) and 9% said they didn’t know. There was no significant difference between the parties. In response to the statement “New money is created when banks make loans, and existing money is destroyed when members of the public repay loans.”, only 12% of MPs gave the correct answer: true. 64% of MPs said this was false, while 24% said they didn’t know. The full results can be found at http://bit.ly/1qTZHHa

———————–

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: July 16 – 22

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MONETARY HISTORY CALENDAR: July 15 – 21

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JULY 15

2012 – PUBLICATION OF ARTICLE, “ASSET HOLES: US ‘LEADERSHIP IN MONEY, CREDIT, CAFR SURPLUS TRILLIONS” BY CARL HERMAN
“The great news is that economic solutions are obvious:
Monetary reform: the US doesn’t have a money supply, but its Orwellian opposite of a ‘debt supply.’ Banks and the Fed create what we use for money as debts, then charge the 99% interest for its use. Monetary reform has government transparency (yes, unimaginable without total Occupy victory) to create debt-free money for direct payment of public goods and services. This has game-changing triple benefits of full-employment as government becomes the employer of last resort, optimal infrastructure, and falling prices because infrastructure contribute more to productivity than cost.”

JULY 16

1979 – FEDERAL RESERVE BANK OF SAN FRANCISCO AD FOR COMPUTER PROGRAMMERS IN “COMPUTERWORLD MAGAZINE”
“Some people still think we’re a branch of the Government. We’re not.”
[Note: You can’t get any clearer or more succinct than this!]

JULY 17

1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50-cent notes – which were needed to substitute for gold, silver and copper coins, which were hoarded. This fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.

JULY 18

BIRTH OF STEPHEN ZARLENGA, DIRECTOR, AMERICAN MONETARY INSTITUTE, AUTHOR OF “THE LOST SCIENCE OF MONEY”
“We propose that ultimately the monetary power should be constituted as a fourth branch of government, like the executive, judicial and legislative branches. We have concluded that the nature of man and society requires four, not three, branches of government.” “True monetary reform must take a better path. AMI’s research indicates that money, properly defined, is a legal institution of society and government; not a commodity or economic good of the markets; that if money is a legal institution, then the control of monetary systems can be rightfully viewed as a proper function of government; much as the law courts are.” “When society loses control over its money system, it loses any control it might have had over its destiny.”

JULY 19

1844 – PASSAGE OF BANK CHARTER ACT BY BRITISH PARLIAMENT
The Act curtailed and eventually ended the right of banks to issue banknotes. The right to issue paper money became the sole authority of the Bank of England. NOTE: They could still create money via lending (fractional reserve lending).

2013 – PUBLISHED ARTICLE, THE PUBLIC VS. PRIVATE DIALECTIC, OR: MONEY AS PART OF THE COMMONS” BY ANTHONY MIGCHELS
“Surely it’s a no-brainer to say that the Government at this stage must urgently retake the monopoly on currency from the Money Power. The US Government pays 450 billion per year in interest payments to international banks and other Governments to service its National Debt. With the BIS now openly calling for higher interest rates it will quickly get much worse. Government money allows for a reasonable financing of the State and is the very least monetary reform should aim for.

But to say something is better is not to say something is ideal. And Government money can be designed in good and bad ways. The good ways decentralize power, the bad ways centralize power…”

2015 – ARTICLE “THE FEDERAL RESERVE – WHICH CREATED QUANTITATIVE EASING – ADMITS QE DOESN’T WORK.”
Stephen Williamson, the Vice President of the Federal Reserve Bank of St Louis, writes in a new Fed white paper published on July 9 the following:
“There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation.
“Thus, the Fed’s forward guidance experiments after the Great Recession would seem to have done more to sow confusion than to clarify the Fed’s policy rule.”

JULY 20

1903 – DEATH OF POPE LEO XIII
“On the one hand there is the party which holds the power because it holds the wealth, which has in its grasp all labor and all trade, which manipulates for its own benefit and its own purposes all the sources of supply, and which is powerfully represented in the councils of State itself. On the other side there is the needy and powerless multitude, sore and suffering. Rapacious usury, which, although more than once condemned by the Church, is nevertheless under a different form but with the same guilt, still practiced by avaricious and grasping men…so that a small number of very rich men have been able to lay upon the masses of the poor a yoke little better than slavery itself.”
– Statement on usury, 1898

JULY 21

1899 – BIRTH OF ERNEST HEMINGWAY, AUTHOR
“How did you go bankrupt?”
“Two ways. Gradually, then suddenly.”
From The Sun Also Rises
[The same may be true of our nation today.]

1911 — DEATH OF MARSHALL MCLUHAN, CANDADIAN PHILOSOPHER OF COMMUNICATION THEORY
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
Exactly. The general public is unwilling or unable to believe that the vast majority of the money of our nation isn’t created by our public government, but by private financial entities out of thin air as debt.

2011 – REPORT BY US SENATOR BERNIE SANDERS ON AUDIT OF THE US FEDERAL RESERVE
“The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. ‘This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.’ “
http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit

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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/