REAL Democracy History Calendar: October 22 – 28

 

 

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https://realdemocracyhistorycalendar.wordpress.com/2018/10/22/real-democracy-history-calendar-october-22-28/

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MONETARY HISTORY CALENDAR October: 21 – 27

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OCTOBER 21

1808 – BIRTH OF SAMUEL FRANCES SMITH, MINISTER, JOURNALIST AND AUTHOR
Smith was also a songwriter. He is best known for writing the lyrics to “My Country Tis of Thee,” which he entitled “America.” Using the same tune, Greenbackers (those who advocated issuing and circulating debt-free US public money) in the 1880’s came up with their own rendition:
Thou, Greenback, ‘tis of thee,
Fair money of the free,
Of thee we sing.
And through all coming time
Great bards in every clime
Will sing with joyful rhyme,
Gold is not king.

Then smash old Shylock’s bonds,
With all his gold coupons,
The banks and rings.
Monopolies must fail,
Rich paupers work in jail,
The ring will then prevail,
Not money kings.

OCTOBER 22

2014 – RELEASE OF THE VIDEO, “THE MONEY FIX: A DOCUMENTARY FOR MONETARY REFORM”
The video provides a good analysis of the problem. Its major solution, however, is limited to organizing community currencies – not addressing macro real monetary reform (e.g. changing laws).
http://www.neverontv.com/the-money-fix-a-documentary-for-monetary-reform/

OCTOBER 23

2008 – TESTIMONY OF ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN, BEFORE HOUSE COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM (NEW YORK TIMES ARTICLE)
Question to Greenspan: “Do you feel that your ideology pushed you to make decisions that you wish you had not made?”
Mr. Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.” “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief.”

2009 – PUBLICATION OF ARTICLE, “PRICELESS: HOW THE FEDERAL RESERVE BOUGHT THE ECONOMICS PROFESSION” PUBLISHED BY RYAN GRIM
“The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found. This dominance helps explain how, even after the Fed failed to foresee the greatest economic collapse since the Great Depression, the central bank has largely escaped criticism from academic economists. In the Fed’s thrall, the economists missed it, too.
‘The Fed has a lock on the economics world,’ says Joshua Rosner, a Wall Street analyst who correctly called the meltdown. ‘There is no room for other views, which I guess is why economists got it so wrong.’”
http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

OCTOBER 24

2008 – PNC FINANCIAL SERVICES CORPORATION PURCHASES NATIONAL CITY CORPORATION
Using bank bailout funds under the federal TARP program, PNC, headquartered in Pittsburgh, purchases National City Corporation, a major Cleveland based bank. The transaction created the 5th largest U.S. banking corporation. TARP funds were intended to assist struggling banks. The funds ended up in many cases, like PNC, enlarging “too-big-to-fail” banking corporations.

OCTOBER 25

2010 – SPEECH BY SIR MERVYN KING, FORMER GOVERNOR OF THE BANK OF ENGLAND
“Of all the many ways of organizing banking, the worst is the one we have today.
“Change is, I believe, inevitable. The question is only whether we can think our way through to a better outcome before the next generation is damaged by a future and bigger crisis. This crisis has already left a legacy of debt to the next generation. We must not leave them the legacy of a fragile banking system too.”
From speech, “Banking: From Bagehot to Basel, and Back Again” To read a summary and analysis of the talk, go to http://positivemoney.org/2010/10/mervyn-king-of-all-the-many-ways-of-organising-banking-the-worst-is-the-one-we-have-today/

2016 – FINLAND: PARLIAMENT EVENT ON MONETARY REFORM PAVES WAY FOR CITIZENS’ INITIATIVE
“A successful event on monetary reform was held in the Finnish Parliament, featuring valuable expert analysis of sovereign money and two endorsements from Finnish politicians for the QE4People initiative. After pushing the debate in the political scene, the Finnish movement wants to launch a citizens’ initiative.”
http://internationalmoneyreform.org/blog/2016/10/monetary-reform-finnish-parliament/

OCTOBER 26

899 – REIGN OF KING ALFRED OF ENGLAND ENDS
Alfred the Great implemented a law that moneylenders who accepted usury would forfeit all their possessions to the King

OCTOBER 27

1945 – BIRTH OF LULA DE SILVA, FORMER PRESIDENT OF BRAZIL (2003-2010)
“The Third World War has already started. The war is tearing down Brazil, Latin America, and practically all the Third World. Instead of soldiers dying, there are children. It is a war over the Third World debt, one which has as its main weapon, interest, a weapon more deadly than the atom bomb, more shattering than a laser beam.”

———————–

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: October 15 – 21

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https://realdemocracyhistorycalendar.wordpress.com/2018/10/15/real-democracy-history-calendar-october-15-21/

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

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

MONETARY HISTORY CALENDAR: October 14 – 20

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OCTOBER 14

1644 – BIRTH OF WILLIAM PENN, EARLY QUAKER, FOUNDER OF THE PROVINCE OF PENNSYLVANIA – THE ENGLISH NORTH AMERICAN COLONY (FUTURE COMMONWEALTH OF PENNSYLVANIA)
Penn’s colony becomes one of the first to issue its own currency in 1723 as a means to become more economically independent from the British crown. The money backed by peoples’ land assets, not by gold or silver. Benjamin Franklin, who in 1731 secured the contract to print Pennsylvania’s money, noted that after the colonial legislature first issued paper money, economic conditions in the colony improved – as measured by internal trade, employment, new construction and number of inhabitants.

2008 – US TAXPAYERS BAILS OUT NINE US BANKS
US injects $250 billion of $700 billion available in public money from the Emergency Economic Stabilization Act into the US banking system. The US takes an equity position in banks that choose to participate in the program in exchange for certain restrictions such as executive compensation. Nine banks agreed to participate in the program: 1) Bank of America, 2) JPMorgan Chase, 3) Wells Fargo, 4) Citigroup, 5) Merrill Lynch, 6) Goldman Sachs, 7) Morgan Stanley, 8) Bank of New York Mellon and 9) State Street.

OCTOBER 15

1908 – BIRTH OF JOHN KENNETH GALBRAITH, U.S. ECONOMIST
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.”
Source: ‘Money: Whence it came, where it went’ (1975)

1982 – U.S. CONGRESS PASSES GARN – ST. GERMAIN DEPOSITORY INSTITUTIONS ACT
The act deregulated savings and loan associations and allowed banks to provide adjustable rate mortgage loans. Many believe it contributed to the savings and loan crisis of the late 1980s.

2007 – PUBLICATION OF “LYCURGUS: LAWGIVER OF SPARTA” BY LLOYD DULHAIME
Lycurgus was a monetary reformer and leader of the military city-state of Sparta around 700 BC. He banned gold or silver money, replacing it, instead, with money made of iron dipped in vinegar to make it brittle and useless as iron. Lycurgus understood the nature of money — not as a source of wealth (which can be gold, silver, land, diamonds, etc.) but rather anything affirmed by government as currency to exchange for good and services of a society. It’s value was not as a commodity. http://www.duhaime.org/LawMuseum/LawArticle-189/700-BC–Lycurgus-Lawgiver-of-Sparta.aspx

OCTOBER 16

1962 – BIRTH OF MICHAEL KUMHOF, GERMAN ECONOMIST AND CO-AUTHOR OF “THE CHICAGO PLAN REVISITED,”
From the paper:
“At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher’s claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.”

OCTOBER 17

1785 – FIRST GATHERING OF DELEGATES OF THE COMMONWEALTH OF VIRGINIA
Private bank notes are barred from circulation following the passage of a law by the General Assembly of the Commonwealth of Virginia. It was unlawful “for any person to offer in payment a private bank bill or note for money.”

2014 – TALK BY YVES MERSCH, MEMBER OF THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK AT CORPORATE CREDIT CONFERENCE ON MONETARY POLICY AND ECONOMIC INEQUALITY
“More generally, inequality is of interest to central banking discussions because monetary policy itself has distributional consequences which in turn influence the monetary transmission mechanism…For example, by boosting – first – aggregate demand and – second – employment, monetary easing could reduce economic disparities; at the same time, if low interest rates boost the prices of financial assets while punishing savings deposits, they could lead to widening inequality.
Note: US monetary policy has produced the later – which has contributed to the substantial widening of inequality.

OCTOBER 18

1790 – BIRTH OF EDWARD KELLOGG, BUSINESSMAN AND ECONOMIST. HIS IDEAS INFLUENCED THE POLICIES OF THE POPULIST AND GREENBACK PARTIES
“Legal value belongs to anything which represents actual value, or capital. Its existence depends upon actual value. The worth of things of legal value depends upon their capability to be exchanged for things of actual value.” Since money is our monetary system is created as debt, the “legal value” of money includes both the principal debt and interest — which exceeds the “actual value” of a nation’s real wealth or claims on collateral at any point in time. The only means to close this gap and cover interest payments is to create additional collateral (goods and services) via economic growth. Of course, this additional debt-based money used to pay the previous interest has its own interest. Thus the downward debt cycle never ends until it collapses.”

1931 – DEATH OF THOMAS EDISON, U.S. INVENTOR
This is one of the best statements ever on the ease and legitimacy of the government creating its own money.
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good… If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt edged paper. Why? Because the government is behind them, but who is behind the Government? The people. Therefore it is the people who constitute the basis of Government credit. Why then cannot the people have the benefit of their own gilt-edged credit by receiving non-interest bearing currency… instead of the bankers receiving the benefit of the people’s credit in interest-bearing bonds?”

OCTOBER 19

1987 – U.S. STOCK MARKET CRASH
Known as Black Monday, stock markets around the world crashed. The Dow Jones average dropped by 508 points. It was the largest one-day percentage decline in Dow Jones history.

2004 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
His comments on subprime lending…
“Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.”
Lenders began lending to those who they knew would be unable to pay back mortgages. They engaged in riskier and riskier loans. The entire system eventually collapsed. US taxpayers bailed these lending financial corporations out. Homeowners who were duped into signing contracts with hidden fees and adjustable rate mortgage loans received little federal assistance.

OCTOBER 20

2005 – QUOTE OF BEN BERNANKE, CHAIRMAN OF THE US FEDERAL RESERVE
“House prices have risen by nearly 25% over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”
Less than 3 years later, the housing market collapsed.

———————–

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: October 8 – 14

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https://realdemocracyhistorycalendar.wordpress.com/2018/10/08/real-democracy-history-calendar-october-8-14/

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

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

MONETARY HISTORY CALENDAR: October 7 – 13

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OCTOBER 7

1849 – DEATH OF EDGAR ALLEN POE, US WRITER, POET AND CRITIC, AUTHOR OF “THE GOLD BUG”
“But what makes ‘The Gold Bug’ highly valuable (a literary work of art), rather than merely entertaining (a humbug) is the fact that encrypted within it is a very sophisticated set of meditations on the subject of money. Specifically, ‘The Gold Bug’ concerns the transition from gold coins to paper money (the piece of parchment). In America, which was the first country to make widespread use of paper money, these very controversial developments took place in the 1830s and ’40s, that is, precisely when Poe was alive and writing all the works for which he would become famous, if not extravagantly wealthy….And so, everything that might be said about the power of paper money can also be said about coined money: both of them produce dissociative, illogical and unnatural effects. What’s so special about gold? As King Midas learned so tragically, you can’t eat it. Provided that they are inscribed with the right words, images and symbols, even bullets can be used as legal tender. Though the advent of paper money made visible a certain crisis, that crisis didn’t begin or wasn’t caused by paper money; it began or was caused by the advent of money itself, thousands of years ago.” http://www.notbored.org/gold-bug.html

OCTOBER 8

1946 – BIRTH OF DENNIS KUCINICH, FORMER CONGRESSMAN, OHIO
Author of the National Emergency Employment Defense [NEED] Act, introduced in 2010 and 2011. Among the bill’s provisions are: (a) make the Federal Reserve System more accountable by placing the Fed under the US Department of Treasury, (b) create government issued money to hire people to repair the nation’s physical and human infrastructure, and (c) eliminate fractional reserve lending – the practice that permits banks to lend many times more funds that they actually possess.

2008 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
Here’s what he said just after the Glass Steagall Act was repealed in 1999 (just before the market crashed), of the rapid growth of money center banks… “I believe the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged” -NYtimes.com, October 8, 2008

OCTOBER 9

1899 – BIRTH OF HENRY SIMONS, PROFESSOR OF ECONOMICS, UNIVERSITY OF CHICAGO
“The mistake lies in fearing money and trusting debt.”

2002 – LOW POINT OF THE DOT.COM CRASH
The explosive rise of the Internet resulted in the explosive rise of speculative financial investments in Internet corporations (the “dot.com” industry). A huge bubble ensued when the financial industry seeking quick and massive profits blindly invested in these dot-com start-ups without carefully reviewing their business plans. The euphoria turned to depression when many of these start-ups failed to make a profit. When they collapsed, the market collapsed. The full mania mode of the financial industry imploded The NASDAQ Composite lost 78% of its value as it fell from 5046.86 to 1114.11 on October 9, 2002.

OCTOBER 10

1895 – DEATH OF SARAH E.V. EMERY, AUTHOR OF “SEVEN FINANCIAL CONSPIRACIES, WHICH HAVE ENSLAVED THE AMERICAN PEOPLE”
Published in 1888, it was a devastating indictment of the “money power” addressed to the farmer and laborer. It reportedly sold 400,000 copies through the Farmers’ Alliance circles, significantly contributing to monetary literacy nationwide. Its impact was so threatening that former U.S. Secretary of Treasury John Sherman (of Ohio) responded to it via a letter in the Cincinnati Enquirer. Emery also lectured nationally on monetary issues and the People’s Party

OCTOBER 11

2013 – “SEQUESTERS, SHUTDOWNS AND DEFAULTS” BY STEPHEN ZARLENGA PUBLISHED
What citizens should know is that our country can pay off its debt as it comes due; can put millions of people back to work rebuilding our crumbling infrastructure; can provide debt-free federal support for cash-strapped State governments, and end the so called great recession by putting cash in the hands of all our citizens through a citizens dividend. This gives small businesses what they need most – customers with cash to spend on their goods and services. All these things are made possible by the HR 2990 bill introduced by Dennis Kucinich and co-sponsored by John Conyers.
The bill accomplishes this by adjusting our money system from one of “debt money created by banks” when they make loans, to one of “money by law” created as money, not as debt, by our government. That power is already vested in Congress by the Constitution; “The Congress shall have the Power To… coin Money, regulate the Value thereof…” (Article 1, Section 8).

OCTOBER 12

1977 – PASSAGE OF THE COMMUNITY REINVESTMENT ACT
Advocated by a movement of neighborhood activists across the nation, Congress passed the Act that outlawed “redlining” or ”blackballing,” the common practice by banking corporations to discriminate by race and income in loans to individuals and small businesses.

OCTOBER 13

1879 – DEATH OF HENRY CAREY, CHIEF ECONOMIC ADVISOR TO PRESIDENT ABRAHAM LINCOLN
Carey was the major proponent in the Lincoln Administration of issuing debt-free US money, Greenbacks. In referencing the US economy under the Greenback system, he said, …”for the first time, too, in the history of the world, there has been presented a community in which nearly all business was done for cash, and in which debt has scarcely an existence…there has been a large and general diminution of the rate of interest…traders have therefore become more independent of the capitalist, while the country at large has become more independent of the ‘wealthy capitalists’ of Europe.”

———————–

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/

Supreme Authority: The Growing Power of the US Supreme Court and Democratic Alternatives

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Seems like a good time to resurrect this…

There are alternatives. Supreme Court justices don’t have to be appointed for life. And the highest court in the land doesn’t have to have so much power and authority. Scores of countries — including other “democracies” — have term limits, mandatory retirement ages, etc. Maybe it’s time we have a serious discussion about adding this to what needs amending in the U.S. Constitution.

http://poclad.org/BWA/2014/BWA_2014_Oct.html