MONETARY HISTORY CALENDAR: May 24 - 30
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Greg Coleridge
May 24, 2020, 8:39:47 AM5/24/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
May 24 - 30
---------------------------------
MAY 24
1543 – DEATH OF NICOLAS COPERNICUS, MATHEMATICIAN AND ASTRONOMER
“Although there are countless maladies that are forever causing the decline of kingdoms, princedoms, and republics, the following four (in my judgment) are the most serious: civil discord, a high death rate, sterility of the soil, and the debasement of coinage.
The first three are so obvious that everybody recognizes the damage they cause; but the fourth one, which has to do with money, is noticed by only a few very thoughtful people, since it does not operate all at once and at a single blow, but gradually overthrows governments, and in a hidden, insidious way.”
Debasement means lowering the value of. What lowers the value of our currency? How about creating it out thin air like the Federal Reserve via Quantitative Easing (QE) has done to prop up major banks or by banks when they create money as debt when they issue loans?
1604 – ENGLISH COURT DECISION ON “MIXED MONEY” CASE
English court rules that sovereign governments possess the power to create, regulate, limit and define money.
“The Mixt Moneys case decided that Money was a Public Measure, a measure of value, and that, like other measures, it was necessary in the public welfare that its dimension of volume should be limited, defined and regulated by the State. The whole body of learning left us by the ancient and renascent world was invoked in this celebrated dictum: Aristotle, Paulus, Godin and Budelius were summoned to its support; the Roman law, the common law and the statutes all upheld it; ‘the State alone had the right to issue money and to decide of what substances its symbols should be made, whether of gold, silver, brass or paper. Whatever the State declared to be money, was money.’”
- From The History of Money in America by Alexander Del Mar
2005 – "NAZISM AND THE GERMAN ECONOMIC MIRACLE” PRINTED SECTION OF BOOK BY HENRY C.K. LIU IN ASIA TIMES
"The Nazis came to power in Germany in 1933, at a time when its economy was in total collapse, with ruinous war-reparation obligations and zero prospects for foreign investment or credit. Yet through an independent monetary policy of sovereign credit and a full-employment public-works program, the Third Reich was able to turn a bankrupt Germany, stripped of overseas colonies it could exploit, into the strongest economy in Europe within four years, even before armament spending began. In fact, German economic recovery preceded and later enabled German rearmament, in contrast to the US economy, where constitutional roadblocks placed by the US Supreme Court on the New Deal delayed economic recovery until US entry to World War Two put the US market economy on a war footing. While this observation is not an endorsement for Nazi philosophy, the effectiveness of German economic policy in this period, some of which had been started during the last phase of the Weimar Republic, is undeniable." http://www.atimes.com/atimes/Global_Economy/GE24Dj01.html
MAY 25
1787 – US CONSTITUTIONAL CONVENTION BEGINS
The Congress shall have power to…coin money [and] regulate the value thereof" Article 1, Section 8, US Constitution.
MAY 26
2007 – PUBLICATION OF ARTICLE “CREDIT AS A PUBLIC UTILITY: THE KEY TO MONETARY REFORM” BY RICHARD COOK
"We now need to return to the recognition that money and credit truly are public utilities as recognized during colonial days and at the times of great crises such as the Revolutionary War, the Civil War, and the New Deal.
Today we are in a similar crisis, when the solution is the same as it has been in the past. It is for the commonwealth of Americans, acting through their elected representatives, to exert their constitutional prerogatives in controlling the nation’s supply of money and credit."
2019 – POSTED ARTICLE, “THE NECESSITY FOR MONETARY REFORM AND A JUST SYSTEM OF MONEY” BY NICK EGNATZ
"Transitioning to clean sustainable energy, a real national healthcare plan such as Expanded Medicare for All, sustainably rebuilding our nation’s crumbling infrastructure, forgiveness of student debt and free public university education are all possible if we reform our present debt-based money system into the just money system of the NEED Act. The present debt-money system says that to achieve any of the above needed programs we must indebt ourselves to private banks. The Sovereign Money Creation power in the NEED Act allows our government to create the money for these programs and spend it into existence, debt-free, putting millions of us to work at good-paying jobs to do so."
https://www.monetaryalliance.org/the-necessity-for-monetary-reform-and-a-just-system-of-money/?fbclid=IwAR1JZ4iDy9rYCMd0rnJJR4crB8e7mu8FIcsy9M3w-TSGjJm-5okmnGVOS4A
MAY 27
1923 – BIRTH OF HENRY KISSINGER, 56TH US SECRETARY OF STATE
"If you control the oil, you control entire nations; if you control the food, you control the people; if you control the money, you control the entire world."
MAY 28
1816 – THOMAS JEFFERSON LETTER ON DEBT
Thomas Jefferson commented on Hamilton’s plan to use debt as the engine for progress in building his desired empire in a letter to John Taylor, U.S. Senator from Virginia, saying, "And I sincerely believe. . . that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." Jefferson letter to John Taylor, Monticello, May 28, 1816
1836 – STATEMENT BY JOHN C. CALHOUN, FORMER US VICE-PRESIDENT
“A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.”
2014 – STANLEY FISCHER BEGINS TERM AS A MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. A MONTH LATER, HE BECAME VICE CHAIR
“I thought that when Dodd-Frank [proposed bank reform legislation] started, that the banks would not succeed in influencing it, having lost all the prestige they lost...Boy, was I wrong.”
MAY 29
2015 – "BANKS ARE NOT INTERMEDIARIES OF LOANABLE FUNDS -- AND WHY THIS MATTERS" PUBISHED BY ZOLTAN JAKAB AND MICHAEL KUMHOF, BANK OF ENGLAND WORKING PAPER #529
"The quantity of [bank] reserves is a consequence, not a cause, of lending and money creation…in the real world, there are no pre-existing loanable funds…Instead, banks create new funds in the act of lending…there is no deposit multiplier mechanism that imposes quantitative constrains on banks' ability to create money in this fashion. The main constraint is banks' expectations concerning their profitability and solvency."
2019 – POSTED ARTICLE, “BATTLE WITH THE BBC: HOW ONE POSITIVE MONEY SUPPORTER CHALLENGED THE MAINSTREAM MEDIA AND WON”
“But still there was no recognition of the fundamental point Dr Laws had raised – that commercial banks do not lend out savers’ deposits!
“So this time, he wrote to the BBC’s Executive Complaints Unit, requesting that they not only acknowledge commercial banks as being credit creators, but offer reassurance that future BBC output would no longer inaccurately describe banks as financial intermediaries.
“Months went by, until finally Dr Laws received a response from the Head of the BBC’s Executive Complaints Unit, Fraser Steel, who admitted that there had been “a serious breach” of BBC editorial standards:
‘…we agree the original version of the article misrepresented the way modern banking works. As you have pointed out, it is not correct to imply banks act as financial intermediaries by simply lending out the deposits which savers place with them.’
“Victory!”
https://positivemoney.org/2019/05/battle-with-the-bbc/?fbclid=IwAR2R6Q7UFwYwrC-gCehTLc3nD35wSUN3qcAjJYY2WKnFa3_zFaZdxrf0LzE
MAY 30
1896 – DEATH OF MARK "BRICK" POMEROY, NEWSPAPER PUBLISHER, CURRENCY REFORMER AND ORGANIZER OF "GREENBACK CLUBS"
At the national Greenback Party convention in 1876, Pomeroy was named chairman of a committee to coordinate the activities of local Greenback clubs across the country. The clubs served as forums for monetary education and mobilization on behalf of the Greenback Party. During his leadership, Pomeroy claimed almost 6000 clubs had been chartered: the most in Missouri, followed by Illinois. Michigan, Iowa, Pennsylvania, Texas and New York followed in number of clubs.
1908 – ALDRICH-VREELAND ACT SIGNED BY PRESIDENT THEODORE ROOSEVELT
The Act established the National Monetary Commission recommending the Federal Reserve Act of 1913, creating the Federal Reserve System, the current private central bank (actually 12 banks to give the appearance of decentralization of economic power and control) of the US. The Aldrich-Vreeland Act was passed in response to the economic Panic of 1907 of bank failures. JP Morgan and other bankers who had been the target of Roosevelt’s trust busting efforts through more aggressive enforcement of the Sherman Anti-Trust Act manufactured the Panic. Through manipulating the stock market, calling in loans and not granting new ones, Morgan severely contracted the nation’s money supply. Thousands of banks were overextended. An economic crash followed. The Panic of ’07 was the pretext used to end the nation’s system of decentralized private banking by creating a system of centralized private banking – the Federal Reserve System.
---------------------------------
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/
May 24 - 30
---------------------------------
MAY 24
1543 – DEATH OF NICOLAS COPERNICUS, MATHEMATICIAN AND ASTRONOMER
“Although there are countless maladies that are forever causing the decline of kingdoms, princedoms, and republics, the following four (in my judgment) are the most serious: civil discord, a high death rate, sterility of the soil, and the debasement of coinage.
The first three are so obvious that everybody recognizes the damage they cause; but the fourth one, which has to do with money, is noticed by only a few very thoughtful people, since it does not operate all at once and at a single blow, but gradually overthrows governments, and in a hidden, insidious way.”
Debasement means lowering the value of. What lowers the value of our currency? How about creating it out thin air like the Federal Reserve via Quantitative Easing (QE) has done to prop up major banks or by banks when they create money as debt when they issue loans?
1604 – ENGLISH COURT DECISION ON “MIXED MONEY” CASE
English court rules that sovereign governments possess the power to create, regulate, limit and define money.
“The Mixt Moneys case decided that Money was a Public Measure, a measure of value, and that, like other measures, it was necessary in the public welfare that its dimension of volume should be limited, defined and regulated by the State. The whole body of learning left us by the ancient and renascent world was invoked in this celebrated dictum: Aristotle, Paulus, Godin and Budelius were summoned to its support; the Roman law, the common law and the statutes all upheld it; ‘the State alone had the right to issue money and to decide of what substances its symbols should be made, whether of gold, silver, brass or paper. Whatever the State declared to be money, was money.’”
- From The History of Money in America by Alexander Del Mar
2005 – "NAZISM AND THE GERMAN ECONOMIC MIRACLE” PRINTED SECTION OF BOOK BY HENRY C.K. LIU IN ASIA TIMES
"The Nazis came to power in Germany in 1933, at a time when its economy was in total collapse, with ruinous war-reparation obligations and zero prospects for foreign investment or credit. Yet through an independent monetary policy of sovereign credit and a full-employment public-works program, the Third Reich was able to turn a bankrupt Germany, stripped of overseas colonies it could exploit, into the strongest economy in Europe within four years, even before armament spending began. In fact, German economic recovery preceded and later enabled German rearmament, in contrast to the US economy, where constitutional roadblocks placed by the US Supreme Court on the New Deal delayed economic recovery until US entry to World War Two put the US market economy on a war footing. While this observation is not an endorsement for Nazi philosophy, the effectiveness of German economic policy in this period, some of which had been started during the last phase of the Weimar Republic, is undeniable." http://www.atimes.com/atimes/Global_Economy/GE24Dj01.html
MAY 25
1787 – US CONSTITUTIONAL CONVENTION BEGINS
The Congress shall have power to…coin money [and] regulate the value thereof" Article 1, Section 8, US Constitution.
MAY 26
2007 – PUBLICATION OF ARTICLE “CREDIT AS A PUBLIC UTILITY: THE KEY TO MONETARY REFORM” BY RICHARD COOK
"We now need to return to the recognition that money and credit truly are public utilities as recognized during colonial days and at the times of great crises such as the Revolutionary War, the Civil War, and the New Deal.
Today we are in a similar crisis, when the solution is the same as it has been in the past. It is for the commonwealth of Americans, acting through their elected representatives, to exert their constitutional prerogatives in controlling the nation’s supply of money and credit."
2019 – POSTED ARTICLE, “THE NECESSITY FOR MONETARY REFORM AND A JUST SYSTEM OF MONEY” BY NICK EGNATZ
"Transitioning to clean sustainable energy, a real national healthcare plan such as Expanded Medicare for All, sustainably rebuilding our nation’s crumbling infrastructure, forgiveness of student debt and free public university education are all possible if we reform our present debt-based money system into the just money system of the NEED Act. The present debt-money system says that to achieve any of the above needed programs we must indebt ourselves to private banks. The Sovereign Money Creation power in the NEED Act allows our government to create the money for these programs and spend it into existence, debt-free, putting millions of us to work at good-paying jobs to do so."
https://www.monetaryalliance.org/the-necessity-for-monetary-reform-and-a-just-system-of-money/?fbclid=IwAR1JZ4iDy9rYCMd0rnJJR4crB8e7mu8FIcsy9M3w-TSGjJm-5okmnGVOS4A
MAY 27
1923 – BIRTH OF HENRY KISSINGER, 56TH US SECRETARY OF STATE
"If you control the oil, you control entire nations; if you control the food, you control the people; if you control the money, you control the entire world."
MAY 28
1816 – THOMAS JEFFERSON LETTER ON DEBT
Thomas Jefferson commented on Hamilton’s plan to use debt as the engine for progress in building his desired empire in a letter to John Taylor, U.S. Senator from Virginia, saying, "And I sincerely believe. . . that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." Jefferson letter to John Taylor, Monticello, May 28, 1816
1836 – STATEMENT BY JOHN C. CALHOUN, FORMER US VICE-PRESIDENT
“A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.”
2014 – STANLEY FISCHER BEGINS TERM AS A MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. A MONTH LATER, HE BECAME VICE CHAIR
“I thought that when Dodd-Frank [proposed bank reform legislation] started, that the banks would not succeed in influencing it, having lost all the prestige they lost...Boy, was I wrong.”
MAY 29
2015 – "BANKS ARE NOT INTERMEDIARIES OF LOANABLE FUNDS -- AND WHY THIS MATTERS" PUBISHED BY ZOLTAN JAKAB AND MICHAEL KUMHOF, BANK OF ENGLAND WORKING PAPER #529
"The quantity of [bank] reserves is a consequence, not a cause, of lending and money creation…in the real world, there are no pre-existing loanable funds…Instead, banks create new funds in the act of lending…there is no deposit multiplier mechanism that imposes quantitative constrains on banks' ability to create money in this fashion. The main constraint is banks' expectations concerning their profitability and solvency."
2019 – POSTED ARTICLE, “BATTLE WITH THE BBC: HOW ONE POSITIVE MONEY SUPPORTER CHALLENGED THE MAINSTREAM MEDIA AND WON”
“But still there was no recognition of the fundamental point Dr Laws had raised – that commercial banks do not lend out savers’ deposits!
“So this time, he wrote to the BBC’s Executive Complaints Unit, requesting that they not only acknowledge commercial banks as being credit creators, but offer reassurance that future BBC output would no longer inaccurately describe banks as financial intermediaries.
“Months went by, until finally Dr Laws received a response from the Head of the BBC’s Executive Complaints Unit, Fraser Steel, who admitted that there had been “a serious breach” of BBC editorial standards:
‘…we agree the original version of the article misrepresented the way modern banking works. As you have pointed out, it is not correct to imply banks act as financial intermediaries by simply lending out the deposits which savers place with them.’
“Victory!”
https://positivemoney.org/2019/05/battle-with-the-bbc/?fbclid=IwAR2R6Q7UFwYwrC-gCehTLc3nD35wSUN3qcAjJYY2WKnFa3_zFaZdxrf0LzE
MAY 30
1896 – DEATH OF MARK "BRICK" POMEROY, NEWSPAPER PUBLISHER, CURRENCY REFORMER AND ORGANIZER OF "GREENBACK CLUBS"
At the national Greenback Party convention in 1876, Pomeroy was named chairman of a committee to coordinate the activities of local Greenback clubs across the country. The clubs served as forums for monetary education and mobilization on behalf of the Greenback Party. During his leadership, Pomeroy claimed almost 6000 clubs had been chartered: the most in Missouri, followed by Illinois. Michigan, Iowa, Pennsylvania, Texas and New York followed in number of clubs.
1908 – ALDRICH-VREELAND ACT SIGNED BY PRESIDENT THEODORE ROOSEVELT
The Act established the National Monetary Commission recommending the Federal Reserve Act of 1913, creating the Federal Reserve System, the current private central bank (actually 12 banks to give the appearance of decentralization of economic power and control) of the US. The Aldrich-Vreeland Act was passed in response to the economic Panic of 1907 of bank failures. JP Morgan and other bankers who had been the target of Roosevelt’s trust busting efforts through more aggressive enforcement of the Sherman Anti-Trust Act manufactured the Panic. Through manipulating the stock market, calling in loans and not granting new ones, Morgan severely contracted the nation’s money supply. Thousands of banks were overextended. An economic crash followed. The Panic of ’07 was the pretext used to end the nation’s system of decentralized private banking by creating a system of centralized private banking – the Federal Reserve System.
---------------------------------
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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