MONETARY HISTORY CALENDAR: September 30 – October 6

grnback

SEPTEMBER 30

1941 – STATEMENT BY MARINER ECCLES, CHAIR OF THE FEDERAL RESERVE
Statement before the House Committee on Banking and Currency:
“That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”

OCTOBER 1

1525 – FIRST WESTERNER, PORTUGESE EXPLORER DIOGA DE ROCHA, ARRIVES IN YAP
The people on the island of Yap in the Carolina Islands have for centuries used large, solid stone wheels as currency. The modern “civilized” world used in a similar way gold or silver mined from the ground. The Yap money supply is the most stable in the world. It is controlled by the people and not by banking corporations.

1936 – DEATH OF LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US 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 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.”

2009 – RELEASE OF THE FILM, “THE SECRET OF OZ”
“What’s going on with the world’s economy? Foreclosures are everywhere, unemployment is skyrocketing – and this may only be the beginning. Could it be that solutions to the world’s economic problems could have been embedded in the most beloved children’s story of all time, “The Wonderful Wizard of Oz”? The yellow brick road (the gold standard), the emerald city of Oz (greenback money), even Dorothy’s silver slippers (changed to ruby slippers for the movie version) were powerful symbols of author L. Frank Baum’s belief that the people – not the big banks — should control the quantity of a nation’s money.” Written by Bill Still.

2018 – NATIONAL DAY IN CHINA
The day commemorates the founding of the People’s Republic of China on October 1, 1949. The first paper money appeared in China about 806 AD.

OCTOBER 2

1869 – BIRTH OF MOHANDAS GANDHI
‘Earth provides enough to satisfy every man’s need, but not every man’s greed.” One of his “7 Deadly Sins” was “wealth without work.” He also said “First they ignore you. Then they ridicule you. The they fight you. Then you win.”

2008 – US REPRESENATIVE BRAD SHERMAN ON HOUSE FLOOR CONCERNING BANK BAILOUT LEGISLATION
“But why are we bailing out the Bank of China? Why are we bailing out the Saudi royal family?… The only way they can pass this bill is by creating and by sustaining a panic atmosphere… A few Members were even told that there would be martial law in America if we voted “no.”

2014 – MORTGAGE-REFIANCE APPLICATION OF FORMER FEDERAL CHAIRMAN BEN BERNANKE IS DENIED
More money injected into the banking sector by the Federal Reserve was to make more money available for loans — especially to moderate-income people. Yet, banks were hesitant to increase the pool of housing loans — funneling funds to Wall Streets and speculative investments rather than to homeowners…including to former Fed honcho Ben Bernanke!

OCTOBER 3

2008 – US CONGRESS APPROVES $700 BILLION BAILOUT FOR BANKS
Congress passes and President Bush signs into law the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), which establishes the $700 billion Troubled Asset Relief Program (TARP). US taxpayers bailed out the largest US banks since they were considered “too big to fail.” Main Street businesses and side street homeowners facing foreclosures (due in large part to the speculative practices of major financial institutions) received no such support. Many of these major banks were major political campaign contributors/investors in the 2008 political campaign. The final bailout legislation was a revised and slightly better version of an original bill proposed by Sec. of Treasury Hank Paulson that was literally only a few pages in length. Massive public anger resulted in a flood of calls, emails and visits to congressional offices. Congress defeated the original proposal.

OCTOBER 4

1923 – BIRTH OF CHARLTON HESTON, ACTOR
“You shall not charge interest to your countrymen…” A quote from Moses from the Bible, [Deuteronomy 23: 19-20]. Moses was born sometime in 1527 BC. Since the exact date is unknown, why not use the birth date of the guy who played him in films!

OCTOBER 5

1941 – DEATH OF LOUIS BRANDEIS, US SUPREME COURT JUSTICE (1916-1939)
“The development of our financial oligarchy followed, in this respect, lines with which the history of political despotism has familiarized us: usurpation, proceeding by gradual encroachment rather than by violent acts; subtle and often long-concealed concentration of distinct functions, which are beneficent when separately administered, and dangerous only when combined in the same persons. It was by processes such as these that Cæsar Augustus became master of Rome. The makers of our own Constitution had in mind like dangers to our political liberty when they provided so carefully for the separation of governmental powers. . . .
“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.”

OCTOBER 6

1979 – HISTORIC ANTI-INFLATION MEASURES ANNOUNCED BY FED CHAIR PAUL VOLKER
The Fed made “a short-term change in the method used to conduct monetary policy, from making adjustments in the federal funds rate to …controlling the amount of reserves provided to the banking system.” Alan Greenspan, who would follow Volker as Fed chair, called the decision, “A defining moment may shape the direction of an institution for decades to come. In the modern history of the Federal Reserve, the action it took on October 6, 1979, stands out as such a milestone and arguably as a turning point in our nation’s economic history.” The Fed has since shifted back to focusing on federal funds rates (the rate banks charge each other). Volcker’s decision would he hoped rein in inflation. The goal today by the Fed (and most of the other private central banks) is to increase inflation to 2% via money printing. That was the purpose of the Fed’s multiple Quantitative Easing (QE) programs. https://www.minneapolisfed.org/publications/the-region/reflections-on-monetary-policy-25-years-after-october-1979

2005 – PRESS RELEASE BY AMERICAN MONETARY INSTITUTE, “MONETARY REFORM PLAN WOULD SAVE $ BILLIONS IN KATRINA CLEANUP”
Money Reform Plan Would Save Taxpayers $ Billions Per Year in Katrina Cleanup
“An alteration in the way money is introduced into our economy would save at least $10 billion dollars per year in the cleanup andrebuilding aftermath of Hurricanes Katrina and Rita. If the clean-up loans last the normal 30 years, the savings will be over $250 billion,” says Stephen Zarlenga, Director of the Institute.
http://www.monetary.org/american-money-scene-3-january-2006/2006/01

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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/

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