MONETARY HISTORY CALENDAR September 3 – 9

Greenbackk

SEPTEMBER 3

2014 – “CENTRAL BANK MONETARY POLICY ENABLES US TO PUT OFF REAL REFORMS” ARTICLE BY CHARLES HUGH SMITH
“I finally figured out that the core purpose of central banks’ monetary policy is to enable vested interests to avoid desperately needed reforms in the real economy. This might have been blindingly obvious to others, but I finally caught on to the dismaying reality: the only purpose of central bank monetary policy is to keep the bloated, corrupt, inefficient and self-liquidating vested interests of the state-cartel crony capitalism from having to suffer the consequences of real reforms. …
“In the U.S., we need look no farther than higher education, sickcare and national defense for state-cartels systems operating to benefit vested interests. The Federal Reserve’s policies of zero-interest rates (ZIRP) and free money for financiers have enabled these corrupt, self-serving, parasitic sectors to maintain their skims and bloated cost structure–but at the cost of hollowing out the economy and increasing the risk that the financial Ponzi scheme will collapse in a heap of leveraged phantom assets.
http://www.washingtonsblog.com/2014/09/central-bank-monetary-policy-enables-us-put-real-reforms.html

SEPTEMBER 4

2014 – QUESTIONS AND ANSWERS ON INDEPENDENCE AND MONETARY REFORM — VIDEO
Skip to 2:21:50 for the start of the question and answer session on how Scotland can change the banking and monetary system — not only in their own country but in setting a model for the world in democratizing money creation

2017 – LABOR DAY IN THE UNITED STATES
Begun by President Cleveland in 1894 as a means to distract attention and break solidarity of US workers from workers around the world that celebrated worker progress and activism on May Day (May 1).
The enactment of the National Emergency Employment Defense (NEED) Act, HR 2990 in the last Congress, would create 7 million jobs. The jobs would focus on repairing our nation’s infrastructure. The debt would not need to be raised. Taxes would not need to be imposed. Funding from any other public program would not have to be shifted. Public creation and circulation of U.S. money is all that would be required. Just as the colonists did when fighting the British. Just as President Lincoln did during the 1860 when creating Greenbacks. Just as economists proposed under the “Chicago Plan” during the 1930’s to President Roosevelt to move the nation out of the Great Depression.
For more information on the NEED Act, go to http://www.monetary.org/

SEPTEMBER 5

1927 – BIRTH OF PAUL VOLKER, FORMER CHAIR OF THE FEDERAL RESERVE BOARD
QE3 (the third round of Quantitative Easing – the creation and distribution of money by the Federal Reserve, which went largely to financial and other corporations) is the “most extreme easing of monetary policy” that he could ever remember. “Another round of QE is understandable – but it will fail to fix the problem. There is so much liquidity in the market that adding more is not going to change the economy.”

2016 – REPORT ON SOVEREIGN MONEY COMMISSIONED BY ICELAND’S PRIME MINISTER IS RELEASED
“On September 5th, the consulting company KPMG released a new report commissioned by the Prime Minister of Iceland aiming to clarify the main features of a sovereign money system as advocated by the IMMR. The launch event in Reykjavik featured a very supportive speech from the Financial Times’ chief economists commentator Martin Wolf and was commented by the Governor of the Central Bank of Iceland.
“One knows a subject is being taken seriously when the world’s biggest consultancies and accountancy firms such as KPMG start looking at them. The monetary reform movement just passed this milestone this week after KPMG Iceland released a new report entitled “Money Issuance: Alternative Monetary Systems”. The ~40 page report (pdf) was commissioned by the Prime Minister’s office. It provides an overview of the sovereign money proposal, including a summary of the latest political developments and the academic debate. While the report is quite accessible to read, it does not provide any recommendations on whether sovereign money should be implemented or not.”
http://internationalmoneyreform.org/blog/2016/09/kpmg-iceland-report-sovereign-money/

SEPTEMBER 6

1877 – NEW YORK TIMES ARTICLE ANNOUNCING FORMATION OF FARMER’S ALLIANCE IN LAMPASES, TX
Farmers in the West and South organized to collectively sell their produce, educate one another on economic and political issues and take political action. Among the central issues explored by Alliances and the later Populist Party were the issues of banking and money creation. They supported the creation of postal savings banks and a “sub-treasury” in which the government would create an “elastic” money supply that would stretch to meet emergencies and contract again when the need passed. It could be founded on a commodity possessed by every farmer – grain. The money supply would expand or contract depending on the harvest, but would circulate just like any money.

1943 – DEATH OF RICHARD MCKENNA, FORMER PRESIDENT, MIDLANDS BANK OF ENGLAND
“I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.” (From a 1924 speech)

1951 – BIRTH OF WILLIAM BLACK, AMERICAN LAWYER, ACADEMIC, AUTHOR AND FORMER BANK REGULATOR
“The best way to rob a bank is to own one.”

SEPTEMBER 7

1867 – BIRTH OF JP MORGAN, JR, BANKER
Morgan was instrumental is providing financing several nations during World War I, including loans and other financial support to France, England and Russia. Accusations were made that this financial commitment led him to influence the Wilson Administration to enter the war.

2006 – STATEMENT OF NOURIEL ROUBINI, US ECONOMIST
Roubini warns the International Monetary Fund about a coming US housing crash, failures of mortgage-backed securities failures, bank failures, and a major recession. His work was based partly on his study of recent economic crises in Russia (1998), Argentina (2000), Mexico (1994), and Asia (1997). His warnings proved to be correct.

2013 – DEATH OF ALBERT BARTLETT, EMERITUS PROFESSOR OF PHYSICS AT THE UNIVERSITY OF COLORADO AT BOULDER
“The greatest shortcoming of the human race is our inability to understand the exponential function.” [Note: Exponential growth requires exponential resources – which are finite. If we have no energy, we have no economy. Also, exponential growth is mandatory under a debt-based money system since exponential natural resources must absolutely be plundered to produce endless stuff to sell to pay off the endless compounding/exponential interest connected to the endless debt. Multiple crashes are inevitable.]

SEPTEMBER 8

1999 – DEATH OF HERBERT STEIN, FORMER CHAIRMAN OF PRESIDENT’S COUNCIL OF ECONOMIC ADVISORS
“If something cannot go on forever, it will stop.”
[Note: Sounds like our current debt-based money system – an unsustainable system which can only continue if more debt is issued, which happens by banks when they issue loans and purchase treasury bonds, bills and notes]

SEPTEMBER 9

1801 – DEATH OF ROBERT YATES, POLITICIAN AND JUDGE
“I can scarcely contemplate a greater calamity that could befall this country, than be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction.” – Brutus pseudonym, probably Robert Yates

1828 – BIRTH OF LEO TOLSTOY, RUSSIAN WRITER AND SOCIAL REFORMER
“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, there is no human relation between master and slave.”

1890 – BIRTH OF MARRINER S. ECCLES, FORMER CHAIRMAN AND GOVERNOR OF THE FEDERAL RESERVE SYSTEM
“That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”

———————–

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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POCLAD at the Democracy Convention

title

by Greg Coleridge and David Cobb

http://poclad.org/BWA/2017/BWA_2017_Aug.html

 

Abolishing Money as Speech and Corporate Constitutional Rights

MTA

The fundamental threat to an authentically representative and direct democracy precedes the 2010 Citizens United v. Federal Election Commission1 and other Supreme Court decisions asserting money is protected free speech to include the doctrine that corporations possess inalienable constitutional rights.

While there are multiple sources for the increasing perception, if not reality, that government isn’t responsive and accountable to citizens, the inordinate political influence and power of wealthy individuals and corporations may at the moment predominate. Any hope of attaining a political system widely perceived as legitimate and genuinely representing its citizens must include governing rules that sufficiently control the political influence and power of special interests.

Given the current political climate of profound government mistrust and widespread belief that it’s been captured by wealthy individuals and corporate entities for self-serving ends, a constitutional amendment addressing the constitutional roots of these duel threats is urgent and timely. No laws, regulations or Presidential decrees are capable of providing the essential defining authority over the overall role of money in elections and corporate entities in society.

A proposed constitutional amendment has been introduced in Congress, H.J.R 48, the We the People Amendment. It currently has 44 co-sponsors and a nationwide movement, organized by the Move to Amend campaign, behind it.

The We the People Amendment reads:

Section 1. [Artificial Entities Such as Corporations Do Not Have Constitutional Rights]
The rights protected by the Constitution of the United States are the rights of natural persons only.
Artificial entities established by the laws of any State, the United States, or any foreign state shall have no rights under this Constitution and are subject to regulation by the People, through Federal, State, or local law.
The privileges of artificial entities shall be determined by the People, through Federal, State, or local law, and shall not be construed to be inherent or inalienable.
Section 2. [Money is Not Free Speech]
Federal, State, and local government shall regulate, limit, or prohibit contributions and expenditures, including a candidate’s own contributions and expenditures, to ensure that all citizens, regardless of their economic status, have access to the political process, and that no person gains, as a result of their money, substantially more access or ability to influence in any way the election of any candidate for public office or any ballot measure.
Federal, State, and local government shall require that any permissible contributions and expenditures be publicly disclosed.
The judiciary shall not construe the spending of money to influence elections to be speech under the First Amendment.

 

The proposed amendment’s Section 2 addresses the more familiar issue-area of money in elections. Its main element proposes abolishing the link between money and free speech, first established in the 1976 Buckley v. Valeo2 decision. It goes beyond Citizens United because the corrupting role of money in politics predates Citizens United by decades.

If money is defined in elections as free speech, then those individuals and artificial entities who contribute/invest the most money possess the most speech. This drowns out the political voices of most citizens — hardly a recipe for a legitimate democracy.

Section 2 doesn’t establish any precise funding amounts or formulas. Such regulations would shift back from the judicial to the legislative branch – a more democratic arena where the public has greater influence and where regulations can be more easily adjusted as needed.

Section 1 of the proposed amendment identifies an equally important, but less publicly understood, impediment to the creation of an authentic democracy – constitutional rights to artificial legal entities (i.e. business, non-profit corporations and unions). Courts declared over the last century that sections of the U.S. Constitution, including the Bill of Rights, originally intended exclusively for human persons, applied to corporate entities.

Corporate constitutional “personhood” rights have been used to overturn scores of democratically enacted laws protecting workers, communities, consumers and the environment. Most of these predated Citizens United and the First Amendment “free speech” rights bestowed on corporate entities in First National Bank of Boston v. Bellotti3.

While no “artificial entities” should possess Constitutional rights, they should have statutory powers and privileges. These would be defined and adjusted legislatively once inalienable rights are abolished. Like Section 2, these decisions would be shifted back where at one time they once existed from the judicial to the democratic legislative arena.

The We the People Amendment would dramatically increase the perception and reality of an authentic democracy.

Notes

1558 U.S. 310 (2010)
2424 US 1 (1976)
3435 U.S. 765 (1978)

 

REAL Democracy History Calendar: August 28 – September 3

realdem

https://realdemocracyhistorycalendar.wordpress.com/2017/08/28/real-democracy-history-calendar-august-28-september-3/

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

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

MONETARY HISTORY CALENDAR August 27 – September 2

grnback

AUGUST 27

2014 – “DETHRONE ‘KING DOLLAR’ OPED, NEW YORK TIMES BY JARED BERNSTEIN
“There are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?
But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.”
http://mobile.nytimes.com/2014/08/28/opinion/dethrone-king-dollar.html?_r=0

AUGUST 28

2014 – “A POSSIBLE TIPPING POINT FOR SCOTLAND” ARTICLE PUBLISHED ON POSITIVE MONEY WEBSITE
This is an excerpt from James Robertson’s newsletter:
“Scotland will hold a referendum on 18 September. It will decide whether the outcome will be “Yes, Scotland will be independent” or “No, Better Together“…
If the result is independence for Scotland, one particular question will be especially interesting: Money. It hasn’t been decided what currency an independent Scotland should use…
At present there is a comparatively high level of support in Scotland for a Yes referendum vote. But the prospective danger of expulsion from the UK sterling currency might start a shift of opinion towards a cautious No. If that happens, what rabbit could the Scottish National Party leader, Alex Salmond, and his colleagues pull out of their hat to counteract the shift?
It could be monetary reform. Alex Salmond could announce that the present Scottish Government is preparing a feasibility study in the light of the developments at Item 2 above. The study would report on whether, after winning a Yes referendum, an independent Scotland should adopt a democratic currency with a money supply created as a debt-free public service to society as a whole, instead of the present money supply created as debt by commercial banks at great profit to themselves and great cost to society at large.” http://positivemoney.org/2014/08/possible-tipping-point-scotland/
[NOTE: While the Scots voted against independence, sovereignty continues to be discussed there by more people in more countries in Europe and beyond – not only political sovereignty but monetary sovereignty – which, of course, is directly connected to political sovereignty. As the Greek experience shows, elected a government committed to investing in people is virtually impossible if you don’t have your own national currency and you are heavily indebted to financial institutions.]

AUGUST 29

1632 – BIRTH OF JOHN LOCKE, ENGLISH PHILOSOPHER
“Observe well these rules: It is a very common mistake to say that money is a commodity…Bullion is valued by its weight…money is valued by its stamp.”

1786 – BEGINNING OF SHAYS’ REBELLION
Sparked in large part by personal debt, nonpayment of salaries, and collapse of the national currency, farmers in Massachusetts, led by Daniel Shays, attack a US Armory. The lack of a focused response to the uprisings led to calls to reforming the Articles of Confederation. The Philadelphia Convention, which followed, rather than reforming the Articles of Confederation, created a new more centralized Constitution. While less democratic in many ways (as it was drafted by and gave exclusive rights only to white, male landowners), the new Constitution empowered the government to coin its own money, separate from banks and financial institutions.

2005 – DEATH OF JUDE THADDEUS WANNISKI, AMERICAN JOURNALIST AND POLITICAL ECONOMIST
“There was a big party at Morgan Stanley after the Mexican peso devaluation, people from all over Wall Street came, they drank champagne and smoked cigars and congratulated themselves on how they pulled it off and they made a fortune.”

AUGUST 30

1930 – BIRTH OF WARREN BUFFET, INVESTOR
“Derivatives are financial weapons of mass destruction.”

AUGUST 31

1959 – ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT EISENHOWER
“When a bank makes a loan it simply adds to the borrowers’ deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposit; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.”

SEPTEMBER 1

1764 – PASSAGE OF BRITISH CURRENCY ACT
The Act banned Colonial paper money as legal tender, severely limiting commerce and widening the trade deficit between England and the Colonies. Colonists were forced to pay their taxes only in gold or silver. Many, including Benjamin Franklin, claimed this was one of the major triggers, if not the major trigger, of the Revolutionary War.

1894 – DATE AMERICAN BANKERS ASSOCIATION CALLS ON BANKS TO STOP LOANING MONEY TO CAUSE FORECLOSURES
American Bankers Association memo (as submitted into the Congressional Record): “On September 1, 1894, we will not renew our loans under any consideration. On September 1st we will demand our money. We will foreclose and become mortgagers in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price… Then the farmers will become tenants as in England…”

SEPTEMBER 2

1839 – BIRTH OF HENRY GEORGE, ECONOMIST, POLITICIAN AND AUTHOR OF “PROGRESS AND POVERTY”
“[I]t is the business of government to issue money…To leave it to every one who chose to do so to issue money would be to entail general inconvenience and loss, to offer many temptations to roguery, and to put the poorer classes of society at a great disadvantage. These obvious considerations have everywhere, as society became well organized, led to the recognition of the coinage of money as an exclusive function of government. When, in the progress of society, a further labor-saving improvement becomes possible by the substitution of paper for the precious metals as the material for money, the reasons why the issuance of this money should be made a government function become still stronger. The evils entailed by wildcat banking in the United States are too well remembered to need reference. The loss and inconvenience, the swindling and corruption that flowed from the assumption by each State of the Union of the power to license banks of issue ended with the war, and no one would now go back to them. Yet instead of doing what every public consideration impels us to, and assuming wholly and fully as the exclusive function of the General Government the power to issue paper money, the private interests of bankers have, up to this, compelled us to the use of a hybrid currency, of which a large part, though guaranteed by the General Government, is issued and made profitable to corporations.”

1877 – BIRTH OF FREDERICK SODDY, NOBEL PRIZE RECIPIENT (CHEMISTRY) AND MONETARY REFORM AUTHOR
“There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth. Our money system is nothing better than a confidence trick.”

———————–

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/

Oppression Eclipses Democracy

Eclipse

Just as the moon blocks out the sun during a total eclipse, oppression blocks out authentic democracy.

Racism, misogyny, homophobia, ableism and other forms of institutional and cultural oppression have been used throughout US history to impede self-expression, self-identification and many other forms of self-determination. Common strategies by oppressors have been to pit oppressed groups against one another (e.g. divide and conquer), blame the victim(s), and/or cooptation.

Oppression is social, economic and political. It’s taken the form in the past of slavery sanctioned by the Constitution, attempted genocide of native peoples by the U.S. government, lynchings, systemic rape, broken treaty promises, beatings, arrests “for being black,” voter suppression, internments, income disparity, deportations, media distortions, lack of physical access, and housing, education and employment discrimination. Too many of these still exist.

Authentic self-determination, individually or collectively, is difficult to achieve when these and any other form of oppression originate by individuals. It’s impossible when societal structures and institutions overtly or covertly initiative and defend them, which legitimize if not legalize individual oppressive acts.

Efforts to create real democracy must face oppression head on. Unlike natural eclipses that are beyond out control, oppression that eclipses democracy is human-created. Oppression is not inevitable or irreversible. It’s not “God’s will.” Oppression must be resisted and replaced by structures and actions that create justice and peace.

While appropriate reactions to natural eclipses should be to safely watch with wonder and awe, passive spectating to human oppression is not an option. Being active change-agents, done best with others in social movements seeking and end to oppression and the creation of real self-determination (for the very first time) is the only responsible response.

REAL Democracy History Calendar: August 21 – 27

realdem

https://realdemocracyhistorycalendar.wordpress.com/2017/08/21/real-democracy-history-calendar-august-21-27/

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

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