MONETARY HISTORY CALENDAR: November 11 – 17

grnback

NOVEMBER 11

2013 – STATEMENT BY ANDREW HUSZAR, “CONFESSIONS OF A QUANTITATIVE EASER” IN THE WALL STREET JOURNAL
“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.”

NOVEMBER 12

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.

NOVEMBER 13

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)

NOVEMBER 14

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.

NOVEMBER 15

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.”

2018 – WORLD PHILOSOPHY DAY [3rd Thursday in November every year]
“Are you not ashamed of heaping up the greatest amount of money and honour and reputation, and caring so little about wisdom and truth and the greatest improvement of the soul?” – Socrates (469-399 B.C.) Greek philosopher
“The trade of the petty usurer is hated with most reason:  it makes a profit from currency itself, instead of making it from the process which currency was meant to serve.  Their common characteristic is obviously their sordid avarice.” — Aristotle (384-322 BC) Greek philosopher

NOVEMBER 16

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.”

NOVEMBER 17

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.

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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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REAL Democracy History Calendar: November 5 – 11

realdem

https://realdemocracyhistorycalendar.wordpress.com/2018/11/05/real-democracy-history-calendar-november-5-11/

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

#TheDemocracyCalendar #EndCorporateRule #CorporateRule #GetMoneyOut #Democracy #WeThePeopleAmendment #MovetoAmend

MONETARY HISTORY CALENDAR: November 4 – 10

Greenbackk

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.

NOVEMBER 5

1818 – BIRTH OF BENJAMIN BUTLER, UNION ARMY CIVIL WAR GENERAL AND MEMBER OF THE U.S. HOUSE OF REPRESENTATIVE
“I stand here, therefore, for inconvertible paper money, the greenback, which has fought our battles and saved our country, which has been held by us as a just equivalent for the blood of our soldiers, the lives of our sons, the widowhood of our daughters, and the orphanage of their children. I stand here for a currency by which the business transactions of forty million people are safely and successfully done, which, founded on the faith, the wealth, and property of the nation, is at once the exemplar and engine of its industries and power—that money which saved the country in war and has given it prosperity and happiness in peace. To it four million men owe their emancipation from slavery; to it labor is indebted for elevation from that thrall of degradation in which it has been enveloped for ages. I stand for that money, therefore, which is by far the better agent and instrument of exchanged of an enlightened and free people than gold and silver the money alike of the barbarian and the despot.” [Speech on House floor, January 12, 1869 on national currency]

2016 – ”TO DEAL WITH CLIMATE CHANGE WE NEED A NEW FINANCIAL SYSTEM,” BY JASON HICKEL IN GUARDIAN
“When it comes to global warming, we know that the real problem is not just fossil fuels – it is the logic of endless growth that is built into our economic system…
“But there’s an even more exciting solution we might consider. We could abolish debt-based currency altogether and invent a new money system completely free of intrinsic debt. Instead of letting commercial banks create money by lending it into existence, we could have the state create the money and then spend it into existence. New money would get pumped into the real economy instead of just going straight into financial speculation where it inflates huge asset bubbles that only benefit the mega-rich…
“What they didn’t notice is that abolishing debt-based currency also holds the secret to getting our system off its addiction to growth, and therefore to arresting climate change. As it turns out, reinventing our money system is crucial to our survival in the Anthropocene – at least as important as getting off fossil fuels.”
https://www.theguardian.com/global-development-professionals-network/2016/nov/05/how-a-new-money-system-could-help-stop-climate-change

NOVEMBER 6

1841 – BIRTH OF NELSON ALDRICH, US SENATOR (R.I.), LEADER OF REPUBLICAN PARTY IN THE SENATE
Aldrich was the major Senate proponent of the Federal Reserve Act. He railroaded the bill through both houses of Congress in the fall and winter of 1913. Alfred Crozier, an Ohio attorney and author of the book US Money vs Corporation Currency, testified before Congress against the Aldrich bill. He said, “The… bill grants just what Wall Street and the big banks for 25 years have been striving for, namely, private instead of public control of currency. [The bill] robs the Government and the people of all effective control over the public money supply and vest in the banks exclusively the dangerous power to make money among the people scarce or plenty.”

2018 – ELECTION DAY IN THE UNITED STATES
It may be impossible to believe in our corporate-dominated elections — where corporations and the wealthy few decide which candidates are “electable,” what issues are discussed and what constitutes “news” — that there were a few federal elections in our nation’s history where the nature of money and/or democratic control over the issuing and circulation of our nation’s money were among THE, major issues in the campaign [i.e. 1832 election of Andrew Jackson and 1896 election of William McKinley over William Jennings Bryan].

NOVEMBER 7

1775 – QUAKERS OF PHILADELPHIA REFUSE TO ACCEPT “CONTINENTALS”
The Continental Congress issued their own money, “continentals,” to facilitate economic transactions during the time of the American Revolution. The money was used in large part to pay for the war, since British and Spanish money was in short supply. Continentals helped the colonists win the war. As pacifists, however, Quakers of Philadelphia argued beginning on this day they couldn’t touch money created to fight a war.

1846 – AMENDMENT TO ARKANSAS CONSTITUTION ADOPTED
Among the first acts of the new state was chartering two private banking corporations. A depression, lasting from approximately 1834 to 1844, was in progress at the time, including the famous panic of 1837, causing inflation, speculation and “wildcat banking.” As a result of these failures, the first amendment to the Constitution of Arkansas of 1836, ratified by the state legislature on November 17, 1846 read: “No bank or banking institution shall be hereafter incorporated or established in this State,” which lasted until after the Civil War.

1931 – PUBLISHED LETTER TO THE EDITOR OF ALBERT EINSTEIN IN BERLINER TAGEBLATT
“The gold standard has, in my opinion, the serious disadvantage that a shortage in the supply of gold automatically leads to a contraction of credit and also of the amount of currency in circulation… The natural remedies to our troubles are, in my opinion…Control of the amount of money in circulation and of the volume of credit in such a way as to keep the price level steady, abolishing any monetary standard.”

2000 – DEATH OF ROBERT DE FREMERY, AUTHOR, RIGHTS VS PRIVILEGES
“There are some people who look with distrust upon ‘printing press’ or ‘fiat’ money. But they overlook one of the basic facts about money. It is true that we need a ‘hard’ money. But we should not make the mistake of associated ‘hardness’ with convertibility into gold. The essence of hard money is not determined by he material of which it is composed — or the material into which it is convertible. The essence of a hard money is that its supply is fairly stable and there are precise limits to it…a purely paper of ‘fiat’ money can be a hard money is we set precise limits to its supply, or it can be a soft money is we set no precise limits to its supply.”

NOVEMBER 8

2013 – “THE CRISIS AS A CLASSIC FINANCIAL PANIC,” TALK BY BEN BERNANKE, CHAIR OF THE FEDERAL RESERVE
“The recent crisis echoed many aspects of the 1907 panic. Like most crises, the recent episode had an identifiable trigger–in this case, the growing realization by market participants that subprime mortgages and certain other credits were seriously deficient in their underwriting and disclosures. ” [No, Ben. The crisis was due to banking corporations being handed the authority to create the vast majority of money in our economy…and deciding where it should go. Too much of it went was into risky speculation – many times the amount they had in reserves to cover defaults. Add to this the reality that if those speculations went bust, banks would be bailed out by U.S. taxpayers – which added to their risk taking.

NOVEMBER 9

1910 – BIRTH OF CARROLL QUIGLEY, AMERICAN HISTORIAN AND THEORIST OF THE EVOLUTION OF CIVILIZATIONS
“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the worlds’ central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.”
Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966) Professor Carroll Quigley of Georgetown University, highly esteemed by his former student, former US President, Bill Clinton

2011- FEDERAL RESERVE AWARENESS DAY
Sponsored by the US Occupy movement, teach-ins and forums took place in several locations across the country to expose the true nature of the largely private misnamed Federal Reserve System. Federal Reserve Awareness Days are still needed since the myths, lore, untruths and lack of understanding of the origin, purposes, consequences and alternatives to the Federal Reserve.

NOVEMBER 10

1483 – BIRTH OF MARTIN LUTHER, MONK, PRIEST, KEY FIGURE IN PROTESTANT REFORMATION
He condemned anyone who charged usury (interest): “A thief, robber and murderer. Money is an unfruitful commodity which I cannot sell in such a way as to entitle me to a profit.”

1796 – BIRTH OF WILLIAM GOUGE, EDITOR AND WRITER
Gouge edited the ” Philadelphia Gazette” and other journals, and for thirty years contributed articles on banking to various periodicals. He was for thirty years connected with the treasury department at Washington. He published “History of the American Banking System” (1835); ” Expediency of Dispensing with Bank Paper” (1837); and a “Fiscal History of Texas” (1852)
“As it is public credit that supports the Banks, and not the Banks that support public credit, as the deposits of the Banks are the property of the community generally and the profits derived from circulation come from the community generally they ought to go to the community generally and be used to lighten the burden of taxation.”
“The banking system is the principal cause of social evil in the United States.”

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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/