MONETARY HISTORY CALENDAR: August 2 - 8
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Greg Coleridge
Aug 2, 2020, 9:49:01 AM8/2/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
August 2 - 8
--------------------------------
AUGUST 2
2005 –"THE 1930s CHICAGO PLAN AND THE AMERICAN MONETARY ACT" POSTED ONLINE BY STEPHEN ZARLENGA
“Why is monetary reform so critically important?
“Because the money power has more impact on citizens day to day lives than the Executive, Legislative and Judicial branches. It’s really a fourth branch of government,and leaving it in private hands is dangerous and unacceptable –it negates the balancing of powers principle of our constitution and creates an aristocracy –a plutocracy –the rule by wealth.A privately controlled money system can nullify hard-won reforms in other areassuch as the environment, medical care, or peace initiatives because such concentration of wealth and power will eventually overwhelm and be used against the people to unwind whatever other gains we’ve achieved. Witness the attack onRoosevelt’s social security reform.You can’t secure real progresswith the private control of society’s money system behind your lines.”
https://www.monetary.org/pdfs/key-articles/Chicago-Plan-and-American-Monetary-Act.pdf
AUGUST 3
1871 – BIRTH OF VERNON PARRINGTON, AMERICAN HISTORIAN
"The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole."
AUGUST 4
1961 – BIRTH OF PRESIDENT BARACK OBAMA
The Obama administration prosecuted virtually no one for the financial crimes connected to the 2007-09 financial crisis.
“Since 2009, 49 financial institutions have paid various government entities and private plaintiffs nearly $190 billion in fines and settlements, according to an analysis by the investment bank Keefe, Bruyette & Woods. That may seem like a big number, but the money has come from shareholders, not individual bankers. (Settlements were levied on corporations, not specific employees, and paid out as corporate expenses—in some cases, tax-deductible ones.) In early 2014, just weeks after Jamie Dimon, the CEO of JPMorgan Chase, settled out of court with the Justice Department, the bank’s board of directors gave him a 74 percent raise, bringing his salary to $20 million.
The more meaningful number is how many Wall Street executives have gone to jail for playing a part in the crisis. That number is one. (Kareem Serageldin, a senior trader at Credit Suisse, is serving a 30-month sentence for inflating the value of mortgage bonds in his trading portfolio, allowing them to appear more valuable than they really were.) By way of contrast, following the savings-and-loan crisis of the 1980s, more than 1,000 bankers of all stripes were jailed for their transgressions.”
http://www.theatlantic.com/magazine/archive/2015/09/how-wall-streets-bankers-stayed-out-of-jail/399368/
AUGUST 5
1964 – PUBLICATION OF “A PRIMER ON MONEY” BY THE U.S. CONGRESS, HOUSE COMMITTEE ON BANKING AND CURRENCY, SUBCOMMITTEE ON DOMESTIC FINANCE 88TH CONGRESS, 2ND SESSION
“The dollar is based on credit and every dollar in existence represents a dollar of debt owed by an individual, a business firm, or a government unit.”
AUGUST 6
1893 – BIRTH OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
"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 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 Congress for sitting idly by and permitting such an idiot system to continue."
“The Constitution of the U.S. says that Congress shall coin money and regulate its value. That does not mean that the Congress of the U.S., composed of the duly elected representatives of the people, have a right to farm out the great privilege to the banking system, until today a few powerful bankers control the issuance & distribution of money -- something that the Constitution of the U.S. says Congress shall do."
AUGUST 7
1946 – FIRST COIN IN THE U.S. AUTHORIZED BEARING THE PORTRAIT OF AN AFRICAN AMERICAN
The coin was the Booker T. Washington Silver Half Dollar Commemorative Coin. Commemorative Coins, designed to honor special people, place, events and institutions, aren’t usually minted for circulation even though they are legal tender. The coin was designed by Isaac Scott Hathaway, the first African American man to design a U.S. coin with a African American face on it. He later designed the George Washington Carver coin.
2015 – SECOND NIGHT OF THE OPENING OF “HAMILTON” ON BROADWAY
The rap musical opened last night at the Richard Rodgers Theatre. Inspired by the 2004 biography “Alexander Hamilton” by Ron Chernow, the musical won 11 Tony Awards in 2016, including best musical and book of a musical. It lauds the contributions of one of nation’s “founding fathers,” and first Treasury Secretary.
There was another side to Hamilton that the rap musical didn’t glorify – his effort to privatize money creation in the new country from We the People to financiers through the establishment of the First Bank of the United States, an entity Thomas Jefferson called “one of the most deadly hostile against the principles of our Constitution,” which, “in a critical moment might overthrow the government."
The timing of the musical release took place ironically when awareness was growing of the modern dangers to private banks controlling the printing and distribution as debt of our nation’s money and calls by some to replace Hamilton on the $10 bill.
AUGUST 8
1916 – BIRTH OF HERBERT STEIN, FORMER CHAIRMAN OF PRESIDENT’S COUNCIL OF ECONOMIC ADVISORS
Stein's law: "If something cannot go on forever, it will stop."
[Sounds like our current debt-based money system – an unsustainable system which can only continue if more debt is issued, which happens when banking corporations issue loans and purchase treasury bonds, bills and notes]
--------------------------------
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 monetary...@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/
August 2 - 8
--------------------------------
AUGUST 2
2005 –"THE 1930s CHICAGO PLAN AND THE AMERICAN MONETARY ACT" POSTED ONLINE BY STEPHEN ZARLENGA
“Why is monetary reform so critically important?
“Because the money power has more impact on citizens day to day lives than the Executive, Legislative and Judicial branches. It’s really a fourth branch of government,and leaving it in private hands is dangerous and unacceptable –it negates the balancing of powers principle of our constitution and creates an aristocracy –a plutocracy –the rule by wealth.A privately controlled money system can nullify hard-won reforms in other areassuch as the environment, medical care, or peace initiatives because such concentration of wealth and power will eventually overwhelm and be used against the people to unwind whatever other gains we’ve achieved. Witness the attack onRoosevelt’s social security reform.You can’t secure real progresswith the private control of society’s money system behind your lines.”
https://www.monetary.org/pdfs/key-articles/Chicago-Plan-and-American-Monetary-Act.pdf
AUGUST 3
1871 – BIRTH OF VERNON PARRINGTON, AMERICAN HISTORIAN
"The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole."
AUGUST 4
1961 – BIRTH OF PRESIDENT BARACK OBAMA
The Obama administration prosecuted virtually no one for the financial crimes connected to the 2007-09 financial crisis.
“Since 2009, 49 financial institutions have paid various government entities and private plaintiffs nearly $190 billion in fines and settlements, according to an analysis by the investment bank Keefe, Bruyette & Woods. That may seem like a big number, but the money has come from shareholders, not individual bankers. (Settlements were levied on corporations, not specific employees, and paid out as corporate expenses—in some cases, tax-deductible ones.) In early 2014, just weeks after Jamie Dimon, the CEO of JPMorgan Chase, settled out of court with the Justice Department, the bank’s board of directors gave him a 74 percent raise, bringing his salary to $20 million.
The more meaningful number is how many Wall Street executives have gone to jail for playing a part in the crisis. That number is one. (Kareem Serageldin, a senior trader at Credit Suisse, is serving a 30-month sentence for inflating the value of mortgage bonds in his trading portfolio, allowing them to appear more valuable than they really were.) By way of contrast, following the savings-and-loan crisis of the 1980s, more than 1,000 bankers of all stripes were jailed for their transgressions.”
http://www.theatlantic.com/magazine/archive/2015/09/how-wall-streets-bankers-stayed-out-of-jail/399368/
AUGUST 5
1964 – PUBLICATION OF “A PRIMER ON MONEY” BY THE U.S. CONGRESS, HOUSE COMMITTEE ON BANKING AND CURRENCY, SUBCOMMITTEE ON DOMESTIC FINANCE 88TH CONGRESS, 2ND SESSION
“The dollar is based on credit and every dollar in existence represents a dollar of debt owed by an individual, a business firm, or a government unit.”
AUGUST 6
1893 – BIRTH OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
"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 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 Congress for sitting idly by and permitting such an idiot system to continue."
“The Constitution of the U.S. says that Congress shall coin money and regulate its value. That does not mean that the Congress of the U.S., composed of the duly elected representatives of the people, have a right to farm out the great privilege to the banking system, until today a few powerful bankers control the issuance & distribution of money -- something that the Constitution of the U.S. says Congress shall do."
AUGUST 7
1946 – FIRST COIN IN THE U.S. AUTHORIZED BEARING THE PORTRAIT OF AN AFRICAN AMERICAN
The coin was the Booker T. Washington Silver Half Dollar Commemorative Coin. Commemorative Coins, designed to honor special people, place, events and institutions, aren’t usually minted for circulation even though they are legal tender. The coin was designed by Isaac Scott Hathaway, the first African American man to design a U.S. coin with a African American face on it. He later designed the George Washington Carver coin.
2015 – SECOND NIGHT OF THE OPENING OF “HAMILTON” ON BROADWAY
The rap musical opened last night at the Richard Rodgers Theatre. Inspired by the 2004 biography “Alexander Hamilton” by Ron Chernow, the musical won 11 Tony Awards in 2016, including best musical and book of a musical. It lauds the contributions of one of nation’s “founding fathers,” and first Treasury Secretary.
There was another side to Hamilton that the rap musical didn’t glorify – his effort to privatize money creation in the new country from We the People to financiers through the establishment of the First Bank of the United States, an entity Thomas Jefferson called “one of the most deadly hostile against the principles of our Constitution,” which, “in a critical moment might overthrow the government."
The timing of the musical release took place ironically when awareness was growing of the modern dangers to private banks controlling the printing and distribution as debt of our nation’s money and calls by some to replace Hamilton on the $10 bill.
AUGUST 8
1916 – BIRTH OF HERBERT STEIN, FORMER CHAIRMAN OF PRESIDENT’S COUNCIL OF ECONOMIC ADVISORS
Stein's law: "If something cannot go on forever, it will stop."
[Sounds like our current debt-based money system – an unsustainable system which can only continue if more debt is issued, which happens when banking corporations issue loans and purchase treasury bonds, bills and notes]
--------------------------------
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 monetary...@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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