The Depth of Change

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Selected articles, columns, editorials, letters, sermons, poems, talks and testimonies over four decades on economic, environmental and social justice; democracy; foreign policy/peace/nonviolence and systemic change/movements. Their analysis and calls to action are as timely today as ever.

Greg Coleridge is Co-Director of the national Move to Amend coalition, which works to enact a Constitutional Amendment to abolish corporate constitutional rights (“corporate personhood” for short) and political money defined as First Amendment-protected “free speech.” He previously worked for more than three decades for the Midwest Region of the American Friends Service Committee in Ohio where he educated, advocated and organized with diverse individuals and organizations at the local, state and national levels employing a range of strategies and tactics on issues of peace/anti-war, nonviolence, international trade, economic conversion, local and federal budget priorities, monetary reform, housing, privatization/corporatization of public services, hunger, jobs, poverty, local currencies, alternative media, toxic/radioactive pollution, campaign finance reform and corporate power/rule/rights.

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Table of Contents

INTRODUCTION 1

SELECTIONS

More defense dollars only worsen inflation (letter to editor) 4
North’s secrecy was objectionable (letter to editor) 5
KSU/May 4 and the need for action (letter to editor) 5
The Future of National Security and Economic Conversion (talk) 6
Agenda for the peace builders (editorial) 9

Spirituality, Nonviolence and Social Change (sabbatical report) 12
Nonviolent Revolution (sermon) 21
Bosnia: Military Intervention Is Not The Answer (letter to editor) 26
A few resolutions for public officials (letter to editor) 27
Gift-buying for the conscientious (column) 28

Visions of an alternative “Contract” for America’s cities (editorial) 31
Nuclear weapons still addictive (column) 34
Submarine floats as cities sink (column) 38
No need for bombs – Japan on verge of surrender (letter to editor) 41
U.S. must learn from the past (column) 42

Do we live to U.N. standards (column) 47
Put people power back on agenda (article) 50
GM strike localizes world woes (column) 55
The Costs of Technology (article) 59
U.S. takes easy way out on China (column) 63

Our Friend John (poem) 69
Has time for HOURS finally come? (column) 70
Apathy Funeral Service (talk) 73
Ethics and the Culture of Development: Building a Sustainable Economy (Cuba conference report) 75
Change in Relationship to Corporations Urged (talk) 78

Yes-Simple math: Less money, more democracy (editorial) 80
A Call for Help for Uniontown, Ohio (article) 82
Public Hearing sponsored by Robert Martin, U.S. EPA Ombudsman, on Industrial Excess Landfill (testimony) 84
Democracy, Corporations and the World Trade Organization (article) 88
Wrong Turn in Ohio: A wake up call for other states (article) 90

Rumors of USA Democracy Counterfeit (article) 92
Personal Reflections on 9/11 (letter) 99
Corporate Invading and Escaping (article) 103
Evolution and Social Change (article) 107
U.S. Hypocrisy and Immorality (talk) 108

The Invasion has Begun…But so has the Resistance (spoken word) 109
Citizens over Corporations: A Brief History of Democracy in Ohio and Challenges to Freedom in the Future (forward to booklet) 113
Mantra of US Mainstream Left (article) 117
A Fraction of Democracy (article) 117
Statement on Department of Defense Spying on AFSC 120

Request to Rep. Dennis Kucinich to Introduce Legislation Renaming Department of Defense to Department of War (letter) 122
Closing Remarks at U.S. Labor Against the War (USLAW) National Conference 123
Ranting and Raking on Eminent Domain (article) 129
Keynote address at Martin Luther King Community Gathering 133
10 Democratic Reasons to Oppose Senate Bill (SB) 117 (article) 140

Electronic Voting Machines Undermine Democracy (testimony) 143
Auctioning the Magna Carta (article) 145
The U. S. Constitution: Pull the Curtain (article) 145
Reducing the Power of Juries (article) 155
The Spirit of Change (article/play script) 156

Municipalizing Democracy (article) 163
Democracy Taxed (article) 165
Local Economic Self-Determination (workshop presentation) 167
Six Ways Corporations Profit from War (article) 173
Pillars of Peace (sermon) 175

Opening Remarks at United National Action Conference – on Iraq and Afghanistan 179
Letter to Senator Sherrod Brown on BP Deepwater Horizon and IEL disasters 181
“One Nation” March Organizers Should Remember Coxey’s Army (editorial) 183
The Rigor of Research and Fundamental Monetary Change (talk) 186
Fracking issue tests citizen’ authority (letter) 192

Testimony on Ohio’ New “Plunder Law” – House Bill 193
Corporate Power: The Legacy of Santa Clara (talk) 196
Banking Political Influence (talk) 198
Lessons from Past Movements that Inform our Current Movement (talk) 202
Participation in our undemocratic democracy (article) 204

Organizing for the Right Rights (article) 204
Corporate Chameleons (article) 208
Four Problems with Billionaires Privatizing American Science (article) 209
The Wrath of Steinbeck: Corporate Personhood (article) 210
Supreme Authority: The Growing Power of the US Supreme Court and Democratic Alternatives (article) 212

Different problems. The same solution.(article) 220
Ronald McDonald is not a person (article) 223
Pope Heats Up Climate Change Debate (article) 224
Trans-Pacific Partnership would be assault on U.S. democracy (letter to editor) 225
Monetary History Calendar (intro) 226

Flint’s Water AND Democracy Crisis (article) 227
Testimony on Political Campaign Contribution Limits 228
3 lessons from organizing for justice during the RNC (editorial) 232
Trumped Up Democracy: 10 Reflections on the 2016 Elections and the Future (article) 234
Commit to seeking common ground (letter to editor) 240

This is What Democracy in Ohio Looks Like! Ohio’s Self-Determination “Infrastructure” (intro to directory) 241
Hacked Off by the Electoral College (article) 244
Democracy Convention (article) 249
With Democracy So Sick, Medicare for All Will Be Uphill Battle (editorial) 252
Winter Solstice (article) 256

Big Love Fest Mentors of Love (talk) 256
Don’t Let the Ability to Rein In Corporate Rule Slip Through Our Hands Like Water – Time to Amend the Constitution Now! (article) 258
Knowing history is key to saying no to corporate rights (article) 262
Remarks at Uniting Families Rally 265
Curing the cancer of the body politic (article) 267

Holy Toledo! (article) 270
How Wealth RULES the World (book review) 271
The Declaration of Independence, Then and Now (quiz) 272
Move to Amend poems 274
Simply reversing Citizens United will not stem the tide of corporate money polluting politics (editorial) 276

Ending the Monetary Pandemic (article) 278
Changed “Modes of Thinking” Needed to Create Real Justice and Livable World (editorial) 285
The U.S. Constitution is hopelessly outdated. It’s time to re-envision it (article) 288
Big Tech Shouldn’t Be the Arbiter of Our Free Speech Rights (editorial) 291
Thank you Darnella Frazier (article) 294

FirstEnergy should be put out of business (editorial) 295
Kent “Democracy Day” Public Hearing (testimony) 296
Holistic Solutions to Holistic Problems (talk) 298

APPENDIX 303

ADDITIONAL BIOGRAPHY 307

Localizing Monetary Reform

Alliance for Just Money | June 16, 2021

https://www.monetaryalliance.org/localizing-monetary-reform/

By Greg Coleridge and Steven Norris

Organizing for any solution to a national problem presents multiple challenges, among them is to make the proposed solution relevant locally to people’s lives.

Bigger problems require proportionally bigger solutions, but those solutions can be difficult for individuals to relate to unless there are tangible ways presented to both understand the problem and solution and to take actions to bring change. 

Educating on our destructive monetary system and proposing ways to democratize it to benefit people, places and the planet certainly falls into this category of a big problem needing a big solution. But how to localize it? 

There are multiple strategies available to monetary reformers. One strategy is to study an approach of Move to Amend (MTA), a national group addressing the problems of big money corrupting elections and corporations increasingly dominating our lives by organizing to pass a Constitutional Amendment that would abolish the legal doctrines of “political money equals free speech” and corporate constitutional rights (i.e. “corporate personhood” for shorthand). 

Like authentic monetary reform, ending “money as speech” and corporate rule via a Constitutional Amendment is a massive national solution. It’s a challenge to connect the proposal to local individuals and public officials. It’s also tough to find local educational and organizing “hooks” to get people to not only think and talk about it, but to take meaningful action. 

Local ballot initiatives

MTA organizers in Ohio came up with the idea of organizing legal initiative petition campaigns to place on local ballots. Voters were asked whether they support Congress passing the proposed Amendment affirming that corporations do not have constitutional rights and money is not free speech, in the spirit of the national MTA We the People Amendment.

Anyone who’s ever been involved in local initiative petition campaigns knows that they are terrific ways to educate, organize and develop local leadership. Gathering signatures involved training petitioners, who were grounded in talking points and in how to approach individuals.  Soliciting signatures educated potential voters. Once the campaigns were successful in gaining ballot access, the campaign flips to educate the entire community to vote in favor of the initiative — which, in many cases, gained media attention and invitations to speak at voter education forums. 

While people-driven initiative campaigns at the local level on all kinds of issues are common, an additional feature of the Move to Amend initiatives was very unique in the 12 Ohio communities where the initiatives were enacted and became law.

That feature was the legal mandate that the local government (i.e. city or village) sponsor, publicize and have representatives at an annual or biennial public hearing where residents and, in some instances, others could testify on the impact of money in politics and corporate rule on their lives, community, state, nation or world. While details varied on several features, all 12 communities have been holding these public hearings — some since 2012. 

The public hearings have been significant in keeping the problems of money in elections and corporate rule, as well as the We the People Amendment, alive beyond the original local ballot campaign in several ways:

First, the public hearings provide an opportunity for local MTA organizers to recruit representatives from other groups working on solutions to problems that are thwarted by money spent in elections by special interests and corporate constitutional rights. This helps those representatives, whether physically in person or virtually together at the hearing, see the connections between their concerns and the need to pass the We the People Amendment.

Second, the public hearings are a means to continually educate local MTA supporters and expose the larger community to both the problems and the solution promoted by MTA. The exposure is all the more effective if the hearings are publicized in the media beforehand and/or reported on afterwards.

Third, the hearings are a chance to directly educate local public officials who attend the hearings, who are both testified to and invited to testify themselves. After all, the public policy influence of money in elections and the preemption of local laws by corporate entities legislatively and in the courts are increasing realities to local elected officials. Besides, it’s a fact that some local public officials become state officials and some of those state officials become our U.S. Senators and Representatives — building a relationship with them now increases the chances they’ll become champions to our cause later. 

One more provision of the dozen MTA-driven ballot initiatives is worth noting. Following each public hearing, the municipality is required to summarize the testimony, send it to the appropriate federal and state elected officials and remind them that voters in their communities want the We the People Amendment to be passed. Sometimes, the summary is coupled with written copies of all the testimony presented. When the municipality hasn’t included the written testimony, local MTA organizers have sent it themselves to the relevant public officials. 

At a recent Cleveland Move to Amend public hearing, AFJM members John Howell, Steve Norris and Greg Coleridge (who’s also National Outreach Director for Move to Amend) spoke. You can view the public hearing held on Zoom this year here with the AFJM members speaking at 12:01, 50:41 and 62:59 respectively.

This is certainly not the only strategy to make a national call for monetary reform locally relevant. But it is one way to educate the community and public officials, outreach to local groups, develop local leadership grounded in the issue, recruit new supporters and attract media attention. Oh, and by the way, it also sends a recurring message to elected officials that the people of the community en masse support authentic fundamental change.

Connecting monetary reform to corporate constitutional rights

There’s a vicious symbiotic relationship between current laws on monetary policies and money in politics and corporate power. Economic power almost always translates into political power. 

Monetary policies that continue to enrich banking corporations that perpetually profit from the creation of money as debt and through subsidies and, when needed, bailouts, allow these financial entities to flex their political muscle through political campaign contributions (i.e. what some call “legalized bribery”).

Senator Dick Durbin stated in a moment of candor in 2009: “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.” The Finance, Insurance and Real Estate (FIRE) remains “far and away the largest source of campaign contributions to federal candidates and parties”. This condition is a reflection of corporations both hijacking First Amendment “free speech” rights, which were intended exclusively for human beings, and the constitutional doctrine that “political money is free speech,” instead of what money actually is — property. 

The power of the financial industry is also a function in what they can shield — namely their internal financial affairs — from public scrutiny. Like many business corporations, their defense from being transparent hinges on the corporate hijacking of Fourth Amendment Constitutional privacy rights, which again were rights originally intended solely for human beings. This has emboldened in the case of banking entities to claim without independent verification the need for greater financial subsidies and other support lest these increasingly “too big to fail” institutions, in fact, fail and risk pulling the entire economy into an abyss. Yet another instance of their increased power to influence public policies.

It should be noted that original public charters creating banks in many states mandated that the bank’s books be open to periodic public inspection. This ensured that banking corporations remained publicly accountable and subordinate in power to the public. 

These current realities have created an outsized economic and political influence of financial corporations. In such a legal and political environment in which the fundamental constitutional ground rules are rigged to benefit the very rich and business corporations, there’s little chance of passage of monetary reform or, frankly, any solution that addresses fundamental change and/or reduces corporate power. 

It also, quite frankly, makes it enormously difficult to pass the We the People Amendment. That’s why it’s essential that AFJM continues to work on passing one or more laws creating authentic monetary change and other organizations working on their respective agendas to change laws or regulations creating more justice in all their forms. Yet, it’s critical to understand the limitation of working exclusively to improve any condition legally if constitutionally the rules are stacked against us, rules that can and have time and again preempted democratically passed laws benefiting workers, consumers, the environment and the natural world. 

It’s why AFJM and other groups need to devote some energy to changing the constitutional ground rules — to create a level political playing field where We the People can actually mean all the people working to pass authentic monetary change and create other laws and regulations to the benefit of all people and all living things.

Ending the Monetary Pandemic

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by Greg Coleridge

The institutions that create and distribute money in our nation and throughout much of the world are diseased due to coney creation and distribution being privatized/corporatized. A democratic money system, which is fundamental system change, is one important piece to addressing our fundamental economic crisis.

https://www.opednews.com/articles/Ending-the-Monetary-Pandem-by-Greg-Coleridge-Banks_Congress_Corporate_Corporations-200520-918.html

Reducing U.S. Debt and Creating Jobs Through Public Control of Our Money System

Huffington-post-logo

Seems like an appropriate time to recycle this, which is disturbingly still damn appropriate. Contact your Rep and Senators and ask them to show some leadership and have some vision by proposing a fundamental solution (an updated NEED Act) to the fundamental problem (an imminent pandemic depression) we’re facing.

https://www.huffpost.com/entry/reducing-us-debt-and-crea_b_857230?fbclid=IwAR3cXFRlw5abyxBEKF1ZmjHaxnUn1kd-MjORt71eYGNBzKV9g8lKUMSb948

What Would a Trillion-dollar Coin Mean?

Huffington-post-logo

The government minting a “trillion dollar coin” is back in the news as a way to pay right now for what’s needed (tho what’s needed is NOT a blank check bailout of corporations, especially banks). It’s a good idea in many respects. Here’s an informative backgrounder on the idea from a few years back I helped pen.

https://www.huffpost.com/entry/trillion-dollar-coin_1_b_2522214?fbclid=IwAR3V2bseHKfqHQpR3Axvl1Jy-ku-tSePONOGy4JO017li_M0JiN79klq8aQ

Young people expose money creation myth

PINE

An Open Letter to the Dean of SBE and all Economics Professors at Maastricht University (UM)
https://pinemaastricht.wordpress.com/pine-open-letter/?fbclid=IwAR3Sv7A1ReZTGUsd1Ks7FiMANBXOzCybqHpedMXG6Pnd2uuUyvHhDOM7JqE

Young people are increasingly stepping up to demand systemic change on many fronts — not just ecological but economic.

Here, it’s economic students blowing a hole into arguably THE greatest financial myth of all time — that banking corporations only lend money that they have. Total and complete BS. They create it out of thin air as debt. Why does this matter? When you add the fact that most money creation in our society originates from financial institutions as debt and that corporate money creation is THE greatest example of corporatization/ privatization in our society (a mammoth corporate coup since Art 1, Sec 8 of the U.S. Constitution gives Congress the power to coin money), what we have is a political and financial system controlled by financial corporations.

We’re all in debt to financial corporations — individuals, governments, even non-financial corporations. That means we’re all serfs to financial institutions. Even if you personally have no debt, a portion of everything you buy is priced to account for the debt of the producer.

Democratizing our money system goes hand-in-hand with democratizing our political system and Constitution. Good luck trying to having a real political democracy when banking corporations can create money out of nothing and convert their financial power into political power. The FIRE (Finance, Insurance, Real Estate) industry remains #1 in legalized bribery (political donations) and right up there in lobbying. It’s been this way (sometimes dropping all the way down to #2) for a long time.

It’s also is directly connected to saving the planet. How? Under the current debt-based corporate money system, the only way to collectively to pay off debt (not just the principle, but interest — which wasn’t created by financial corporations) is to race and compete with one another in a system where there isn’t enough money to pay off our loans. We must race as fast as possible to earn as much as we can in competition with others, which for many in our economy means working at jobs which convert natural resources into stuff that can be sold/consumed as quickly as possible, which of course results in massive amounts of ecological “externalities” (trash, garbage, pollution). We absolutely MUST plunder the planet to collectively pay off our debts. Of course, it’s in the end a losing proposition for the losers of this race. The result — like addicts, more debt to pay off past debt (which of course means more interest payments due which weren’t created). It’s why we have cyclical financial bubbles and bursts of those bubbles when people/governments/non-financial corporations see more of their debt payments going to pay just the interest.

We’re now in the midst of the mother of all bubbles (what some call “the everything bubble” — the bursting of which in the next year or two will be devastating.

The alternative is publicly-created debt-free and inflation-free money. WE decide how much is created and where it should be spent, not financial corporations. Human and physical infrastructure is the priority. It’s how to fund any real Green New Deal. It’s what the NEED Act of a few years ago was all about.

Of course, we don’t have the people power to force the end of the banking coup of money creation. That must be the first step. And that’s where the #WethePeopleAmendment sponsored by #MovetoAmendcomes in. We have to take charge of our political system.

It won’t be easy.

The Second National Bank of the U.S. threatened to cause a financial depression (by calling in all their loans) when their corporate charter was not going to be renewed in the 1830’s. Cleveland’s banks threatened default of the city (and followed through) when then Mayor Dennis Kucinich refused to sell the city’s public electrical utility to CEI, the private electric utility (tied to the banks). By the way, Kucinich was the main sponsor of the NEED Act when in Congress. He gets it. We must too.

Financial corporations have the most to lose to democratize our political and monetary systems. They will both push (lobbying and political investments/contributions) and pull (call in loans) as means to disrupt, demean and distract.

What choice to we have?

MONETARY HISTORY CALENDAR March 5 – 11

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MARCH 5

1997 – SPEECH BY EARL OF CAITHNESS IN THE HOUSE OF LORDS, UK
“[I]t is also a good time to stand back, to reassess whether our economy is soundly based. I would contest that it is not, not for the reason to which the noble Lord, Lord Eatwell, alluded, which is that it is the Government’s fault, but our whole monetary system is utterly dishonest, as it is debt-based. ‘Dishonest’ is a strong word, but a system which by its very actions causes the value of money to decrease is dishonest and has within it its own seeds of destruction…Governments…have abdicated their responsibility for producing new money and controlling the money supply so that now they are marginalized…The next government must grasp the nettle, accept their responsibility for controlling the money supply and change from our debt-based monetary system. My Lords, will they? If they do not, our monetary system will break us and the sorry legacy we are already leaving our children will be a disaster.”

MARCH 6

1933 — FRANKLIN ROOSEVELT ISSUES EXECUTIVE PROCLAMATION 2039 DECLARING A BANK “HOLIDAY”
The “holiday” meant that all banks would be closed from March 6-10 to prevent further runs by depositors. Bank failures were a result of earlier speculative investments and banks loaning out more money than they actually possessed (called “fractional reserve banking”). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system.

1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
“I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.”
“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,” he told the House Committee on Oversight and Government Reform.

2013 – TESTIMONY OF US ATTORNEY GENERAL ERIC HOLDER BEFORE SENATE JUDICIARY COMMITTEE ON PROSECUTING LARGE BANKS
“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy.” This from the chief law enforcement officer of a justice system that has practically abolished the constitutional right to trial for poorer defendants charged with certain crimes. It is not too much to say that Wall Street has virtually, if not actually, captured the federal government.

MARCH 7

322 BC – DEATH OF ARISTOTLE
“Money exists not by nature but by law” (Ethics, 1133)
Aristotle understood that no natural substance qualifies as money. Rather, it’s governments that determine the definition of money.

1976 – DEATH OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money… I am saying to you in all sincerity and with all the earnestness that I possess, it is absolutely wrong for the Government to issue interest-bearing obligations. It is not only wrong; it is extravagant. It is not only extravagant, it is wasteful. It is absolutely unnecessary.
“Now, I believe the system should be changed. The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks.
“I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.
“We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is, because it says `Federal Reserve’. It belongs to the private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that is owned exclusively, wholly, 100 percent, by the private banks — we have farmed out to them the privilege of issuing the Government’s money. If we were to take this privilege back from them, we could save the amount of money that I have indicated in enormous interest charges.”

MARCH 8

1702 – BIRTH OF WILLIAM III, KING OF ENGLAND
He agreed in 1694 to give up his sovereign power as King to print or coin his nation’s own money to a new corporation, the Bank of England (It was a weakened monarchy).

MARCH 9

1933 – CONGRESS PASSES EMERGENCY BANKING ACT
Among its provisions, the Act gave the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States. It also allowed for closing insolvent banks. The Act empowered the President during time of war or other emergency to regulate or prohibit the exporting, hoarding, melting or earmarking of gold and silver coin and bullion. All US residents were compelled to pay or deliver all gold (be it coins, bullion or certificates) to the Secretary of the Treasury. They were paid the market value for their gold in dollars. Shortly afterwards, the government significantly raised the price of gold, which in effect, reduced the value of the dollar.

MARCH 10

1933 – LAST DAY OF “BANK HOLIDAY” DECLARED BY PRESIDENT ROOSEVELT
The “holiday” meant that all banks would be closed from March 6-10 to prevent further runs by depositors. Bank failures were a result of earlier speculative investments and banks loaning out more money than they actually possessed (called “fractional reserve banking”). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system. At the conclusion of the “holiday,” 5% of all banks were unfit to continue business, many others only were permitted to accept deposits, while others permitted only a certain percentage of deposits to be withdrawn. Slightly more than 50% of all banks reopened with no withdraw restrictions.

2000 – EVE OF DOTCOM BUBBLE CRASH
The combined values of stocks on the NASDAQ was at $6.71 trillion on March 10. The market began crashing the next day. By March 30, the NASDAQ was valued at $6.02 trillion. It dropped to $5.78 trillion by April 6. Nearly a trillion dollars worth of stock value had evaporated in less than a month. What goes boom eventually goes bust in an economy with private control of the money system

MARCH 11

1893 – PUBLICATION OF “PANIC CIRCULAR” BY THE AMERICAN BANKERS ASSOCIATION [Note: Many individuals, including several US public officials, claimed they received the document. The American Bankers Association denied its authenticity].
The document calls on member banks to incite a financial panic to prevent greater public controls of banks, to counter increased public sentiment toward government-issued money and as a means to oppose silver (as opposed to gold) being used as a backing for currency.
The alleged document stated,
“You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary [emergency] among your patrons, especially among influential businessmen…
“The future life of national banks as fixed and safe investments depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage.

———————–

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/