MONETARY HISTORY CALENDAR December 10 – 16

Greenbackk

Dear Monetary History Calendar reader,

Thanks to those who’ve forwarded this Calendar to others and who’ve made a contribution! This is our last shameless appeal for the year!
If you appreciate reading the Monetary History Calendar and the bit of effort to develop and update it, as well as its goals of demystifying how money is created and distributed and how it can be changed to further economic and social justice, democracy and environmental sustainability, please consider making one or both of the following contributions:
• Financial: Checks and money orders can be made out to Create Real Democracy and sent to 3016 Somerton Road, Cleveland Heights, Ohio 44118. Contributions are tax deductible.
• Time: Forward the calendar to others you know that might be interested – and encouraging them to sign up.

Thank you!

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DECEMBER 10

1690 – PAPER MONEY ISSUED BY MASSACHUSETTS
Faced with a pressing need to fund military action against Canada during King William’s War, the Massachusetts colonial government authorized the issuing of £7,000 in public paper currency. This was the first public paper money issued in the history of Western civilization. The paper money possessed no intrinsic value. Its only value was that it was backed by the colony, accepted for tax payments. The notes could be redeemed for hard currency if such currency was available.
http://www.coins.nd.edu/ColCurrency/CurrencyText/MA-1690-1750.html

1762 – BIRTH OF DAMIEL DE LISLE BROCK, LEADING GUERNSEY ELECTED OFFICIAL
Since 1817 the island of Guernsey has used a money system based on government issued currency in response to public need. The amount of money issued is carefully controlled to prevent inflation. The island is prosperous. Taxation rates are low.

1896 – DEATH OF ALFRED NOBEL, INVENTOR AND BENEFACTOR OF THE NOBEL PRIZES
Annual international awards are bestowed on this day to honor great scientific and cultural advances in humanity in chemistry, literature, peace, physics and physiology or medicine, but not in economics. There has never been a Nobel Prize in economics. An annual Economic Science award is presented by Sweden’s Central Bank “in memory of Alfred Nobel” against the wishes of the Nobel family.
“The Economics Prize has nestled itself in and is awarded as if it were a Nobel Prize. But it’s a PR coup by economists to improve their reputation,” Nobel’s great, great nephew Peter Nobel stated in 2005. “It’s most often warded to stock market speculators…There is nothing to indicate that [Alfred Nobel] would have wanted such a prize.”
http://www.alternet.org/economy/there-no-nobel-prize-economics

DECEMBER 11

2009 — “SWEEPING BANK REFORM BILL CLEARS HOUSE” ARTICLE ON CNN MONEY
“The House passed legislation Friday aimed at preventing the next big financial crisis, ushering in the most sweeping set of changes to the banking regulatory system since the New Deal…
“‘The bailouts of AIG and Bear Stearns would be not possible — made illegal — under this bill,’ [Barney] Frank said. ‘If a company fails, it’ll be put to death.’”
http://money.cnn.com/2009/12/11/news/economy/financial_regulatory_reform/
The final legislation, The Dodd-Frank banking “reform” bill, did not break up the too-big-to-fail big banks, make it easier to prosecute fraudulent banksters responsible for causing massive predatory lending that led to mortgage foreclosures, or eliminate many highly risky banking practices (namely continued investments in derivatives).

DECEMBER 12

1791 – FIRST NATIONAL BANK OF THE US OPENS FOR BUSINESS IN PHILADELPHIA
A 20-year charter had been issued by the federal government in 1791 (very unusual at the time since most corporate charters, or licenses, were issued by states) to create the nation’s first private bank. This was the first private institution empowered by the U.S. federal government to create paper money — with all the power and profit that goes along with it. The bank’s paper money was accepted for taxes. Eighty percent of its shares were privately owned. It was modeled on the Bank of England. Within 2 months of its creation, it flooded the market with loans and banknotes and then sharply shifted course and called in many of its loans. The result was the first US securities market crash — what became known as the “Panic of 1792” – the first of many panics, recessions and depressions due to the private/corporate control of our money system. On January 24, 1811, Congress voting to not renew the bank’s charter, thus dissolving the bank. During the first 50 years of the US, legislatures and courts, almost exclusively at the state and federal levels, routinely revoked corporate charters, which were considered democratic instruments and used to control the actions of corporations.

2014 – REMARKS OF STANLEY FISCHER, VICE CHAIR OF THE FEDERAL RESERVE BOARD
“I thought that when Dodd-Frank [proposed bank reform legislation] started, that the banks would not succeed in influencing it, having lost all the prestige they lost…Boy, was I wrong.” Remarks at Peterson Institute for International Economics gathering.

DECEMBER 13

1942 – DEATH OF DAVIS RICH DEWEY, AMERICAN ECONOMIST AND STATISTICIAN
“The underlying idea in the greenback philosophy…is that the issue of currency is a function of government, a sovereign right which ought not to be delegated to corporations.”

1953 – BIRTH OF BEN BERNANKE, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
The Federal Reserve is a largely private system, despite the word “Federal” in its title. The 12 Regional Federal Reserve banks are private (e.g. Fed banks appear in the business not government pages of phone books and its employees are not on the government payrolls).
Bernanke said on May 17, 2007:
“All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.  The vast majority of mortgages, including even subprime mortgages, continue to perform well.  Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable.”
Less than 1 year later, the housing market collapsed.
On October 31, 2007 he stated: “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”
Turned out the Fed provided $1.2 trillion in secret loans to many of the nation’s biggest banks from 2007-9, which allowed them to grow even bigger. http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
This bail out of Wall Street by the Fed was not accompanied by any bail out of Main Street (small businesses) or the side streets (homeowners). The Fed served its constituents – banks.

2009 – DEATH OF PAUL A. SAMUELSON, ECONOMIST, AUTHOR OF ECONOMICS, AN INTRODUCTORY ANALSYS (BEST SELLING ECONOMICS TEXTBOOK OF ALL TIME)
“Few understand that all our money arises out of debt and IOU operations. The banking system as a whole can do what each small bank cannot do: it can expand its loans and investments many times the new reserves of cash created for it, even though each small bank is lending out only a fraction of its deposits.”

DECEMBER 14

1799 – DEATH OF GEORGE WASHINGTON, FIRST US PRESIDENT
The First Bank of the United States (the 2nd central bank, privately owned) was chartered for 20 years by Congress and signed into law by George Washington, the first President of the United States under the US Constitution. At the end of the 20 years, Congress determined the bank did not serve the public interest and, therefore, did not renew its charter.

DECEMBER 15

1793 – BIRTH OF HENRY CAREY, PRESIDENT LINCOLN’S CHIEF ECONOMIC ADVISOR
Carey advised Lincoln on creating public money, Greenbacks, rather than take loans from private banks. He helped prevent the destruction of Greenbacks by the National Banking Act and its subsequent modifications (which were presented as monetary “reforms”) by banks but with the intent of eliminating Greenbacks.

2008 – PNC FINANCIAL SERVICES CORPORATION ACQUIRES NATIONAL CITY BANKING CORPORATION
The Federal Reserve Board announced that it has approved the application of PNC Financial Services to acquire National City Corporation. PNC was a major recipient of federal bailout funds. Rather than use the funds to help distressed underwater homeowners, the Pittsburgh based banking corporation used the funds to acquire Cleveland-based National City Bank, and thus, contributing to a further consolidation and concentration of the “too-big-to-fail” banking industry in the United States.

DECEMBER 16

1863 – BIRTH OF GEORGE SANTAYANA, PHILOSOPHER
“Those you cannot remember the past are condemned to repeat it.”
[Note: Providing financial institutions the power to create and distribute money has in the past been economically, if not politically, harmful to the vast majority of individuals. It remains so in the present.]

2014 – PRESIDENT OBAMA SIGNS FEDERAL SPENDING BILL WITH A BANK BAILOUT PROVISION
The $1.1 trillion spending bill contained a “rider,” or separate provision, that bails out banking corporations if their speculative derivative investments tank. The rider was essentially identical language contained in an earlier bill, HR 992, which was largely written by lobbyists of Citigroup Corporation, according to emails obtained by the New York Times. The rider weakened the already weak Dodd-Frank bank “reform” legislation.

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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: December 4 – 10

realdem

https://realdemocracyhistorycalendar.wordpress.com/2017/12/04/real-democracy-history-calendar-december-4-10/

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

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

MONETARY HISTORY CALENDAR December 3 – 9

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DECEMBER 3

2010 – QUOTE OF BEN BERNANKE, FEDERAL RESERVE CHAIR
“I wish I’d been omniscient and seen the crisis coming.” [The crisis was the financial implosion of 2007-2008, triggered by unscrupulous financial shenanigans of banking corporations and other lenders which led to a massive housing debt that the Federal Reserve did nothing to address].

DECEMBER 4

1975 – DEATH OF GRAHAM TOWERS, GOVERNOR, BANK OF CANADA, 1934-54
“Each and every time a bank makes a loan, new bank credit is created – new deposits – brand new money.”

2013 – INTERVIEW OF RODNEY SHAKESPEARE, PROFESSOR OF ECONOMICS
Q: Do you share this optimism about Iceland’s financial recovery?
Rodney Shakespeare: “Iceland is quite right to make an upright challenge to the global financial system. Unless you say that you are going to throw it out the window, they will always succeed in creating money out of nothing, lending to you with administration cost and interest, lending it for anything except the real economy. Lending it for anything except the spreading of the real economy and putting you into debt. And the debt becomes repayable.
You must rely on your own national bank for your own uses, for your own real economy and for the spreading of it. And if you don’t do that, you’ll be trapped in debt in the same way that…. well, you’ve got Greece, you’ve got Iceland, you’ve got every country in the world trapped in increasing debt and all that happens is that they increase the levels of the debt and smash the populations down.”

DECEMBER 5

1782 – BIRTH OF MARTIN VAN BUREN, 8TH PRESIDENT OF THE UNITED STATES
“The MONEY POWER…when firmly established, was destined to become the only kind of an Aristocracy that could exist in our political system.” (Note: Van Buren always capitalized “MONEY POWER” when using the term.)
Van Buren was Vice President when President Jackson refused to support the re-chartering of the private, misnamed “Second Bank of the United States” – the nation’s central bank at the time (equivalent in some ways to the Federal Reserve Bank of today). The Bank had originally been chartered for 20 years in 1816. A corporate charter was considered then a democratic tool, a means for the public to define the actions of a corporation to ensure it remained subordinate to meeting public needs (something We the People have forgotten today). After the Bank charter was dissolved (which meant the Bank could no longer create money as debt), Jackson and Van Buren sought to replace the money system with coinage or bank notes convertible to gold/silver. But this was an insufficient amount of currency needed to supply the growing the US economy. Currency contracted. The nation experienced the worst depression up to that time beginning in 1837.

DECEMBER 6

1921 – THOMAS EDISON QUOTE IN THE NEW YORK TIMES
“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?”

DECEMBER 7

2010 – “CHINA FALLS INTO THE SAME TRAP” BLOG POST BY POSITIVE MONEY
“This won’t be a surprise for anyone familiar with the mechanisms of fractional reserve banking. As soon as we allow commercial banks to take control of the creation of money, all we have to look forward to is unaffordable housing, significant inflation, excessive debt, and shortly after, a wave of bank collapses, which are in turn followed by taxpayer-funded bailouts, austerity measures, and potentially an IMF bailout of the government. It seems that China is falling into the same trap that has caught the US, UK, Ireland, Spain and many other Western countries.” http://positivemoney.org/2010/12/china-falls-into-the-same-trap/

DECEMBER 8

1931 – PRESIDENT HOOVER CALLS FOR BANKING REFORM IN MESSAGE TO CONGRESS
“Our people have a right to a banking system in which their deposits shall be safeguarded and the flow of credit less subject to storms.”
“Congress should investigate the need for separation between different kinds of banking, an enlargement of branch banking under proper restrictions, and the methods by which enlarged membership in the Federal Reserve System may be brought about.”
[Note: While Hoover was correct in pointing out that reforms were needed to the banking system to safeguard deposits and to separate different types of banking, he and FDR who followed him in the Oval Office failed to truly understand the root of the monetary problem – the authority of banks to create our money as debt and to issue such debt money multiple times in excess of their actual deposits (called “fractional reserve” lending). Yes, FDIC insurance to protect bank deposits and the Glass-Steagall Act to separate commercial and investment banks were fine banking reforms. Neither, however, were monetary reforms – changes to the basic structure of our monetary system that empowers economically and politically banking corporations in the creation and distribution of money.]

DECEMBER 9

1768 – BIRTH OF JOSEPH DESHA, U.S. REPRESENTATIVE, KY
“This accumulation of foreign capital (in the First Bank of the U.S.) was one of the engines for overturning civil liberty and I have no doubt that King George was a principal stock holder.”

1946 – BIRTH OF SONIA GANDHI, PRESIDENT, HEAD OF CONGRESS PARTY, INDIA
“Let me take you back to Indira Gandhi’s bank nationalization of 40 years ago. Every passing day bears out the wisdom of that decision. Public sector financial institutions have given our economy the stability and resilience we are now witnessing in the face of the economic slowdown.”

 

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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/

 

 

Corporations and the Super Rich Tax Democracy

oligarchy_1

(Photo: Peoples World/flickr/cc)

Trump’s claim that “we are giving them a big, beautiful Christmas present in the form of a tremendous tax cut” is spot on when applied to corporations and the super rich.
by Greg Coleridge

https://www.commondreams.org/views/2017/11/30/corporations-and-super-rich-tax-democracy

 

REAL Democracy History Calendar: November 27 – December 3

realdem

https://realdemocracyhistorycalendar.wordpress.com/2017/11/27/real-democracy-history-calendar-november-27-december-3/

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

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

MONETARY HISTORY CALENDAR November 26 – December 2

grnback

Dear Monetary History Calendar reader,

While banking corporations can create money out of thin air, the rest of us can’t (if case you haven’t noticed!). If you appreciate reading this calendar and the bit of effort to develop and update it, as well as its goals of demystifying how money is created and distributed and how it can be changed to further economic and social justice, democracy and environmental sustainability, please consider making one or both of the following contributions:
• Financial: Checks and money orders can be made out to Create Real Democracy and sent to Box 18465, Cleveland Heights, Ohio 44118. Contributions are tax deductible.
• Time: Forward the calendar to others you know that might be interested – and encouraging them to sign up.

Thank you!

<><><>

NOVEMBER 26

1865 – “ALICE IN WONDERLAND” BY LEWIS CARROLL PUBLISHED IN THE US
The establishment of a European Monetary Union in 1993 was a bold experiment. It created a single monetary system overlaying individual nation states with their own political systems. William Buiter, member of the Bank of England’s Monetary Policy Committee, said ‘It’s a bold step into the unknown. Not unlike Alice [in Wonderland]’s leap down the rabbit hole.”

NOVEMBER 27

2013 – RELEASE ON THE COMMUNITY CURRENCY KNOWLEDGE GATEWAY WEBSITE THE FIRST OF 10 PART “OPEN MONEY” SHORT VIDEO SERIES
The short videos feature Michael Linton, developer of the Local Exchange Trading System (LETS), a form of community currency. The videos describe multiple aspects of money. Each video is only 2-4 minutes in length. Part 1 is at http://community-currency.info/en/featured/open-money-part-1/. The entire series is at http://community-currency.info/en/videos/introduction-to-ccs/open-money-series-michael-linton/

NOVEMBER 28

2014 – “DEBATE OVER MONETARY SYSTEM GROWS” ARTICLE PUBLISHED ON DEUTSCHE WELLE (GERMANY’S INTERNATIONAL BROADCAST WEBSITE)
“Nearly all money is created by commercial banks in the act of lending. They also decide whom to lend it to, and for what purposes. Is this good for the economy? A growing movement is arguing for an alternative.” http://www.dw.com/en/debate-over-monetary-system-grows/a-18100679

NOVEMBER 29

1820 – DEATH OF WILLIAM RICHARDSON DAVIS, GOVERNOR OF N. CAROLINA AND DELEGATE TO THE 1787 US CONSTITUTIONAL CONVENTION
“So low and hopeless are the finances of the United States, that, the year before last Congress was obliged to borrow money even, to pay the interest of the principal which we had borrowed before. This wretched resource of turning interest into principal, is the most humiliating and disgraceful measure that a nation could take, and approximates with rapidity to absolute ruin: Yet it is the inevitable and certain consequence of such a system as the existing Confederation.”

NOVEMBER 30

1835 – BIRTH OF MARK TWAIN
“Beautiful credit! The foundation of modern society. Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises? That is a peculiar condition of society which enables a whole nation to instantly recognize point and meaning in the familiar newspaper anecdote, which puts into the mouth of the speculator in lands and mines this remark: — ‘I wasn’t worth a cent two years ago, and now I owe two million dollars.’ “
Classic Twain!

DECEMBER 1

1135 – DEATH OF KING HENRY I OF ENGLAND
About 1100, King Henry, short on gold money, created a unique form of government issued money – Tally Sticks. These sticks were just that – polished pieces or sticks of wood with notches of a certain size to indicated the value of the wood. They were declared by the King as money and issued for purchases. They were accepted by the King for payment of taxes. Tally Sticks was an accepted debt-free government-issued money system of England for over 700 years, including the period of the rise of the British Empire.

1896 – PRELIMINARY MEETING OF INDIANAPOLIS MONETARY CONVENTION
Organized by those connected to J.P. Morgan and John D. Rockefeller (the two most powerful bankers, if not businessmen, in the US at the time), a gathering was organized one month after William McKinley defeated William Jennings Bryan for President to address monetary issues. The economic power elite, which had back McKinley and his support for money backed by gold, realized a pure gold standard prevented the issuance of new money when needed to meet a growing economy. Rather than directly proposing a more “elastic” monetary system or the creation of a banker controlled central bank themselves, the bankers deliberately organized a gathering of businessmen, economists, and other academics, as well as bankers, in the nation’s heartland.
A preliminary meeting was held on December 1 with a larger gathering on January 12, 1897. The effort was to camouflage the interests of the major banking interests and convince the public and Congress of the existence of a grassroots movement for real monetary reform. The Indianapolis Monetary Convention urged President McKinley to continue the gold standard, and create a new system of “elastic” bank credit. To that end, the convention urged the president to appoint a new monetary commission to prepare legislation for a new revised monetary system.
A more in-depth report from what became the Indianapolis Monetary Commission was first published on December 1 of the following year in Sound Money magazine. This provided the political cover for the introduction in Congress of a bill to create what eventually became the US. Federal Reserve Act, creating the Federal Reserve System.

DECEMBER 2

1968 – US PRESIDENT NIXON NAMES HENRY KISSINGER SECURITY ADVISOR
Attributed quote to Kissinger, connected to the powerful Rockefeller circle: “If you control the oil, you control entire nations; if you control the food, you control the people; if you control the money, you control the entire world.”

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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/

REAL Democracy History Calendar: November 20 – 26

realdem

https://realdemocracyhistorycalendar.wordpress.com/2017/11/20/real-democracy-history-calendar-november-20-26/

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

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