MONETARY HISTORY CALENDAR: March 19-25

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MARCH 19

1860 – BIRTH OF WILLIAM JENNINGS BRYAN, SENATOR, SECRETARY OF STATE, PRESIDENTIAL CANDIDATE (DEMOCRAT/POPULIST)
Bryan had originally supported the 1913 Federal Reserve Act as Secretary of State under the Wilson administration. His position was crucial in gaining the support of many Congressional Democrats and Progressives. He later regretted his decision. “In my long career, the only thing I genuinely regret is my part in getting the banking and currency legislation enacted into law.”

2011– LIBYAN REBELS FORM CENTRAL BANK
In what may have been a first in history, the Libyan revolutionary rebels created a central bank while still fighting an established state power. The rebels designated the Central Bank of Benghazi as the new monetary authority. It would indicate how influential central bankers were over the rebels. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” said Robert Wenzel of the Economic Policy Journal.

MARCH 20

2014 – BANK OF ENGLAND ADMITS LOANS COME FIRST AND DEPOSITS FOLLOW
The Bank of England released two articles explaining the money creation process – “Money in the modern economy: An Introduction” and “Money creation in the Modern Economy” – in their flagship Quarterly Bulletin of March 2014.
‘In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood. The principal way in which they are created is through commercial banks making loans: whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money….”

MARCH 21

1821 – GREEK INDEPENDENCE DAY
There is an ever-declining degree of political and economic independence in Greece today. External economic institutions (i.e. International Monetary Fund, European Central Bank and European Union) have forced the nation to reduce public services and privatize/corporatize public assets – selling them off to transnational corporations to reduce costs and raise funds to pay off many loans that were known from the beginning would be unpayable. The Greek people and their Parliament are losing more of their national sovereignty as more decisions are made by undemocratic entities outside their borders.
Debt has become the more preferred weapon (rather than tanks, planes and armies) to colonize other peoples and plunder national assets and treasures – all of which profits foreign corporations, including banks.  Economic austerity, social disintegration and loss of political power results.  It’s a growing phenomenon among many emerging market nations – and has its domestic equivalent in the U.S. Rising and unpayable debts are increasingly used to justify severe budget cuts, privatization/corporations of municipal or state assets and reduce the power and authority of democratically elected councils, mayors, legislatures and governors – and by extension by We the People.

1923 – BIRTH OF ALBERT BARTLETT, 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.” Bartlett was a leader on sustainability and this quote is from his lecture, ” Arithmetic, Population, and Energy” he first delivered on September 19, 1969.
“Exponential growth requires exponential resources – which are finite. If we have no energy, we have no economy. The economy must grow but nonrenewal energy can’t grow since the environment is fixed.”

1975 – DEATH OF RALPH HAWTREY, BRITISH ECONOMIST, FRIEND OF JOHN MAYNARD KEYNES
“Banks lend by creating credit. They create the means of payment out of nothing.”

MARCH 22

1832 – DEATH OF JOHANN WOLFGANG VON GOETHE, GERMAN WRITER
“None are more enslaved than those who falsely believe they are free.”

MARCH 23

2009 – PUBLICATION OF PEOPLE’S BANK OF CHINA GOVERNOR ZHOU XIAOCHUAN’S PROPOSAL FOR REFORMING THE INTERNATIONAL MONETARY SYSTEM
“’In the interest of international financial stability,’ Zhou proposed the creation of a new international reserve currency that is disconnected from individual nations, issued in accordance with agreed rules and stable in value. For this purpose he proposed to modify the IMF’s Special Drawing Right (SDR), a synthetic reserve asset and unit of account created by international agreement in 1969 to supplement official reserves of member countries and to support the Bretton Woods fixed exchange rate system.”

MARCH 24

2008 – NEW YORK FEDERAL RESERVE BANK ANNOUNCEMENT IT WILL GIVE CASH TO J.P. MORGAN TO ACQUIRE BEAR STEARNS
The Federal Reserve Bank of New York announced that it would provide financing to facilitate JPMorgan Chase & Co.’s acquisition of The Bear Stearns Corporation. J.P Morgan Corporation received $29 billion from the Fed. However, the Fed never provided financing of this amount during this time to help small businesses or homeowners who were victimized by the speculative financial ventures of Bear Stearns Corporation, which led to its implosion, triggering the Great Recession.

2014 – QUOTE BY RICHARD FISHER, PRESIDENT OF THE DALLAS FEDERAL RESERVE BANK
“I don’t think there is any doubt that quantitative easing enabled the rich and the quick. It was a massive gift.”
[Note: Quantitative Easing was the Fed’s program on injecting several trillion dollars into the economy – most of which ending up going to banks and to corporations to buy back stock.]

MARCH 25

1894 – COXEY’S ARMY BEGINS MARCH
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march from Massillon (beginning on March 25, 1894) to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this “petition in boots” was unique — the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey’s Army proposed two bills. The first, a “Good Roads Bill”, would help farmers through $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created — debt-free.

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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 a 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. 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: March 13-19

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https://realdemocracyhistorycalendar.wordpress.com/2017/03/13/real-democracy-history-calendar-march-13-19/

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

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

MONETARY HISTORY CALENDAR March 12-18

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MARCH 12

1685 – BIRTH OF GEORGE BERKELEY, ANGLICAN BISHOP OF CLOYNE IRELAND, PHILOSOPHER
Berkeley wrote The Querest in 1735. It was written as questions, which suggested their own answers. On whether money has inherent value, he asked/wrote: “Whether money is to be considered as having an intrinsic value, or as being a commodity, a standard, a measure, or a pledge as is variously suggested by writers? On the evolution of exchange and money, “Whether in the rude original society the first step was not the exchanging of commodities, the next a substitution of metals by weight as the common medium of circulation, after this the making use of coin, lastly a further refinement by the use of paper with proper marks and signatures? And whether as it is the last so it be not the greatest improvement?  And whether money be not in truth tickets or tokens for conveying and recording such power, and whether it be of great consequence what materials the tickets are made of.”

2013 – “QUESTION FOR LIZ WARREN: HOW MANY SUBSIDIES DOES A ZOMBIE BANK NEED” PUBLISHED ARTICLE
“[T]he Fed is currently subsidizing the cost of funds for the US banking industry to the tune of about $90 billion per quarter or $360 billion annually.”  http://www.zerohedge.com/contributed/2013-03-12/question-liz-warren-how-many-subsidies-does-zombie-bank-need

MARCH 13

1943 – DEATH OF J.P MORGAN, JR, BANKER
JP (Jack) Morgan was the son and grandson of bankers who headed J.P. Morgan & Co., one of the most powerful banks in the nation. He struck a deal with the British and French governments to be the sole munitions and supplies purchaser during World War I, which earned the bank $30 million. The bank was so heavily tied to the British and French governments that it was charged Morgan politically pressured the US government to enter the war against Germany in order to rescue its loans.

MARCH 14

1782 – BIRTH OF THOMAS BENTON, US SENATOR, MISSOURI
“I object to the renewal of the charter of the Bank of the United States because I look upon the bank as an institution too great and powerful to be tolerated in a government of free and equal laws.  Its power is that of the purse, a power more potent than that of the sword, and this power it possesses to a degree and extent that will enable this bank to draw to it too much of the political power of this Union, and too much of the individual property of the citizens of these States.  The money power of the bank is both direct and indirect.”

1881 – INAUGURAL ADDRESS OF PRESIDENT JAMES GARFIELD
“The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value.”

MARCH 15

1767 – BIRTH OF ANDREW JACKSON, SEVENTH PRESIDENT OF THE UNITED STATES
“I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter. I shall ruin ten thousand families. That may be a true, gentleman, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out and, by the Eternal, I will rout you out.” Jackson successfully opposed re-chartering the private “Second Bank of the United States.” He vetoed a bill in 1832 renewing the bank’s charter (license).

1985 – OHIO GOVERNOR DICK CELESTE DECLARES S&L “HOLIDAY”
Cincinnati, Ohio based Home State Savings Bank, a Savings & Loan, was about to collapse in March 1985 over its shady operations. As depositors lined up to withdraw their savings in a classic “run” on the bank’s branches, Celeste declared a bank “holiday.” He ordered all Savings & Loans closed in an attempt to stem the panic. Only those that were able to qualify for membership in the Federal Deposit Insurance Corporation were allowed to reopen. Claims by Ohio S&L depositors drained the state’s deposit insurance funds.

2003 – QUOTE BY CHRISTOPHER MARK, AUTHOR OF THE GRAND DECEPTION: THE THEFT OF AMERICA AND THE WORLD, PART III
“Welcome to the world of the International Banker, who like the famous film, The Wizard of Oz, stands behind the curtain of orchestrated national and international policymakers and so-called elected leaders.”

MARCH 16

1938 – HOUSE RESOLUTION (HR) 7230 INTRODUCED
John William Wright Patman, Democratic Congressman 1938-1978 and Chairman, Committee on Banking & Currency, introduces a bill to nationalize the Federal Reserve System.
“The Federal Reserve is a total moneymaking machine.  It can issue money or checks, and it never has a problem of making its checks good, because it can obtain the $5 or $10 bills necessary to cover its check simply by asking the Treasury Department’s Bureau of Engraving to print them.” 1964

2013 – YOUTUBE UPLOAD OF TALK BY BEPPE GRILLO ON MONEY AND DEMOCRACY
Grillo is head of the “5 Star Movement” in Italy — a left-wing populist movement seeking political power. They just might prevail in national elections later in 2017. This guy understands money and how to democratize its creation and distribution. “Whom does the money belong to? Who does its ownership belong to? To the State, fine, so to us, we are the State. “You know that the State doesn’t exist, it is only a legal entity. WE are the state, the money is ours. “Then tell me one thing: if the money belongs to us, why do they lend it to us?”

2016 – DUTCH PARLIAMENT ADOPTS MOTIONS TO INVESTIGATE MONEY CREATION
“On March 16th, the Dutch Parliament’s plenary assembly discussed the possibility of transitioning towards a sovereign monetary system and adopted two motions committing the government to carry out further research.
“About one year ago, more than 100,000 Dutch people signed a citizens’ initiative to make state issued digital cash into the political agenda of the Dutch Parliament. This success was the result of a fruitful cooperation between our sister organisation Ons Geld (translated ‘Our Money’) and a theatre group called ‘The Seducers (De Verleiders) which showed a play called “Taken by the bank“ which explains money creation…
“[T]he initiative was debated at the House during a three hours plenary session on March 16th. The financial crisis has shown that leaving the creation of money to commercial financial institutions from lending leads to an unstable financial system. ‘The financial system is like a house of cards about to collapse,’ said spokesman for Our Money George van Houts.”
http://positivemoney.org/2016/03/dutch-parliament-adopts-motion-to-investigate-money-creation/

MARCH 17

1947 – JOHN MCCLOY BECOMES PRESIDENT OF THE WORLD BANK
The World Bank would do more to expand US banking globally than any other treaty, agreement, or entity that came before it. McCloy was the World Bank’s second President. He had previously been Assistant Secretary of War during WWII.

2017 – ST. PATRICK’S DAY
“Nobody can borrow themselves out of debt no more than you can drink yourself sober.”
– Byron Dale, monetary reformer and rancher.

MARCH 18

1869 – PASSAGE OF US LAW THAT ALL US MONETARY NOTES WOULD BE EVENTUALLY CONVERTED TO SPECIE
Specie means money in the form of coins rather than paper notes. Bankers hated Lincoln’s Greenbacks, which were debt-free and inflation-free US money created to avert financial crisis during the Civil War. Following Lincoln’s death, bankers pressured Congress to eliminate Greenbacks, base money creation on precious metals (preferably gold) and, if additional funds were needed by the government to borrow it from banks at interest. Basing the money supply on gold or silver meant that the money supply could only increase when the supply of gold or silver increased – regardless of the growing population or an expanding economy. A pure metal-based money system has historically resulted in depressions – not enough money to meet the economic needs.

1993 – DEATH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER
“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist. [Note: the same goes for debt.]

———————–

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 a 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. 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/