MONETARY HISTORY CALENDAR: May 3 - 9
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Greg Coleridge
3 de mai. de 2020, 09:52:2803/05/2020
para The American Monetary Institute
MONETARY HISTORY CALENDAR
May 3 - 9
---------------------------------
MAY 3
1939 – TESTIMONY OF GRAHAM TOWERS, GOVERNOR OF THE BANK OF CANADA (1934-54) BEFORE CANADIAN SELECT STANDING COMMITTEE ON BANKING AND COMMERCE
Question: "But there is no question about it, that banks create that medium of exchange?" [i.e., bank deposits]
Towers: "That is right. That is what they are for."
Question: "And they issue that medium of exchange when they purchase securities or make loans?"
Towers: "That is the banking business, just in the way that a steel plant makes steel." (p. 287)
Towers testified that just as steel corporations create steel, banking corporations create money. The difference is that steel corporations start with iron ore and apply labor and technology. Banks, by contrast, create money out of thin air…as debt.
2011— “REDUCING U.S DEBT AND CREATING JOBS THROUGH PUBLIC CONTROL OF OUR MONEY SYSTEM” BY STEPHEN ZARLENGA AND GREG COLERIDGE, HUFFINGTON POST
“Be it for ignorance or by intention, few federal elected officials have examined how a change in the way money in our nation is created and issued could reduce our nation’s deficit and debt and, in doing so, increase millions of vital jobs to transform our economy.
One of the few exceptions is Rep. Dennis Kucinich (D-OH), who during the last Congressional session introduced H.R. 6550, The National Emergency Employment Defense Act.
The three essential measures include:
1. Moving the mostly private Federal Reserve System under the US Treasury Department…
2. Making the power to issue money a public function — bypassing the current system, which invited the careless and risky lending that, led to the global economic crisis…
3. Enabling the U.S. government to use its money power — creating and spending money into circulation — to address pressing infrastructure needs such as repairing our crumbling roads, bridges, rails and highways…
The irony is that these three provisions would institutionalize what most Americans falsely believe already exists: That the Federal Reserve is public. That banks only loan money that they possess. That the government creates our money. Wrong on all counts.”
MAY 4
1970 – IRISH BANKERS STRIKE - LIFE GOES ON
Irish bank employees go on strike over low wages. Over 85% of the country’s reserves were immediately locked down. The strike continued into the summer. By then, something odd happened — not much happened.
According to the Central Bank of Ireland, “The Irish economy continued to function for a reasonably long period of time with its main clearing banks closed for business.” The strike lasted for 6 months.
What did the Irish do for money?
“The Irish started issuing their own cash. After the bank closures, they continued writing checks to one another as usual, the only difference being that they could no longer be cashed at the bank. Instead, that other dealer in liquid assets – the Irish pub – stepped in to fill the void…
“In no time, people forged a radically decentralized monetary system with the country’s 11,000 pubs as its key nodes and basic trust as its underlying mechanism. By the time the banks finally reopened in November, the Irish had printed an incredible £5 billion in homemade currency…
“Some checks had been issued by companies, others were scribbled on the backs of cigar boxes, or even on toilet paper. According to historians, the reason the Irish were able to manage so well without banks was all down to social cohesion…
“[O]f course there were problems…Irish companies had a harder time acquiring capital for big investments. Indeed, the very fact that people began do-it-yourself banking makes it patently clear that they couldn’t do without some kind of financial sector…
“But what they could do perfectly well without was all the smoke and mirrors, all the risky speculation, the glittering skyscrapers, and the towering bonuses paid out of taxpayers’ pockets. ‘Maybe, just maybe,’ the author and economist Umair Haque conjectures, ‘banks need people a lot more than people need banks.’”
http://evonomics.com/why-garbage-men-should-earn-more-than-bankers/
MAY 5
2005 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
“The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions. Derivatives have permitted the unbundling of financial risks.”
[NOTE: Three years later, the U.S. financial system imploded, causing what was called the "Great Recession," but for many was a depression that resulted in lost homes, jobs and opportunities.]
2015 - REALITY CHECK: COULD THE GREENS CHANGE HOW MONEY WORKS?
“Buried half-way through the Green Party's manifesto is a pretty radical suggestion that could fundamentally change how money works…
“There are two common misconceptions about how money currently works:
♣ The Bank of England controls the amount of money circulating around the economy, perhaps by "printing money"
♣ The ability of private banks to lend is limited by how much other customers have deposited in their vaults
“Neither of these is quite true…
“The Greens want a central body to take on the job of creating money: ‘a new monetary authority, independent of day-to-day government control’…
“This would mean commercial banks would become ‘no more than the custodians of publicly created money in current accounts’…
“In other words, the amount of money in the economy would no longer depend on banks' willingness to lend.
If the policy were to be implemented, it would mark a step-change in how money works.”
https://www.bbc.com/news/election-2015-32592671?fbclid=IwAR2UfvaJzsPvPnif2FtPVEWeOjpUCDsowDsqL0L25A3FYvdX-2j_Psu8FtA
MAY 6
2012 – GREEK PARLIAMENTARY ELECTION RESULTS IN 60% SUPPORT FOR PARTIES OPPOSED TO AUSTERITY MEASURES
The elections resulted in a coalition government led by the New Democracy Party. The Coalition of the Radical Left (SYRIZA) came in second. They and other parties, agreed, however, that the austerity terms of the bailout agreement with the European Union (EU), European Central Bank and the International Monetary Fund must be renegotiated. When Greece joined the European Union (like other nations), it gave up completely its monetary sovereignty. It no longer had the ability to create and distribute its own money as a means of economic health – including using democratic money creation to help its own people. It transferred that authority to the EU when it began accepting the euro. The U.S. still technically possesses monetary sovereignty since it possesses its own currency – the dollar. The problem is that is still lost its sovereignty when it transferred to corporate interests, namely the Federal Reserve and banking corporations, the ability to create and circulate money – as debt via loans.
MAY 7
1873 – DEATH OF SALMON P. CHASE, US TREASURY SECRETARY/US SENATOR FROM OHIO
“My agency, in procuring the passage, of the National Bank Act, was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country."
[NOTE: The National Bank Acts of 1863 was known originally as the National Currency Act and was updated the following year. The Act established chartered national banks that could issue bank notes, which were backed by the United States Treasury. These notes existed side by side to public “Greenbacks” (directly issued by the government). Bankers supported the Bank Acts as a means to eventually replace Greenbacks and, thus, gain full control of the US money system.]
MAY 8
1884 – BIRTH OF HARRY TRUMAN, 33RD PRESIDENT OF THE U.S.
'"There is nothing new in the world except the history you do not know.”
[NOTE: Why the monetary arena (problems and possible democratic reforms) seems new is because we never learned its history – in school, through the media, even in our activist organizations. Many activists still don’t – believing it too complicated, unrelated to other economic concerns or associated with political ideologies unlike their own. Social change activists, thus, ignore this arena at their peril.]
MAY 9
2014 – "WHO SHOULD HAVE THE POWER TO CREATE MONEY?" ARTICLE BY ANDREW JACKSON OF POSITIVE MONEY
“Who should have the power to create money? In Modernising Money we argue that the power to create money should be removed from the banks and transferred to a democratic, transparent, and accountable body. Martin Wolf recently backed these proposals, but Ann Pettifor describes them as ‘deeply flawed’ and ‘outlandish’.
One of Ann’s main concerns is whether a committee can correctly make decisions over how much money should be added to (or removed from) the economy.
Let’s approach this by considering the different options for who could be given the power and authority to create money:
• Banks – as per the status quo
• Banks – heavily reformed (as Ann would suggest)
• Elected politicians
• The Monetary Policy Committee at the Bank of England (as proposed in Modernising Money)”
Full article at http://www.positivemoney.org/2014/05/power-create-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 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 3 - 9
---------------------------------
MAY 3
1939 – TESTIMONY OF GRAHAM TOWERS, GOVERNOR OF THE BANK OF CANADA (1934-54) BEFORE CANADIAN SELECT STANDING COMMITTEE ON BANKING AND COMMERCE
Question: "But there is no question about it, that banks create that medium of exchange?" [i.e., bank deposits]
Towers: "That is right. That is what they are for."
Question: "And they issue that medium of exchange when they purchase securities or make loans?"
Towers: "That is the banking business, just in the way that a steel plant makes steel." (p. 287)
Towers testified that just as steel corporations create steel, banking corporations create money. The difference is that steel corporations start with iron ore and apply labor and technology. Banks, by contrast, create money out of thin air…as debt.
2011— “REDUCING U.S DEBT AND CREATING JOBS THROUGH PUBLIC CONTROL OF OUR MONEY SYSTEM” BY STEPHEN ZARLENGA AND GREG COLERIDGE, HUFFINGTON POST
“Be it for ignorance or by intention, few federal elected officials have examined how a change in the way money in our nation is created and issued could reduce our nation’s deficit and debt and, in doing so, increase millions of vital jobs to transform our economy.
One of the few exceptions is Rep. Dennis Kucinich (D-OH), who during the last Congressional session introduced H.R. 6550, The National Emergency Employment Defense Act.
The three essential measures include:
1. Moving the mostly private Federal Reserve System under the US Treasury Department…
2. Making the power to issue money a public function — bypassing the current system, which invited the careless and risky lending that, led to the global economic crisis…
3. Enabling the U.S. government to use its money power — creating and spending money into circulation — to address pressing infrastructure needs such as repairing our crumbling roads, bridges, rails and highways…
The irony is that these three provisions would institutionalize what most Americans falsely believe already exists: That the Federal Reserve is public. That banks only loan money that they possess. That the government creates our money. Wrong on all counts.”
MAY 4
1970 – IRISH BANKERS STRIKE - LIFE GOES ON
Irish bank employees go on strike over low wages. Over 85% of the country’s reserves were immediately locked down. The strike continued into the summer. By then, something odd happened — not much happened.
According to the Central Bank of Ireland, “The Irish economy continued to function for a reasonably long period of time with its main clearing banks closed for business.” The strike lasted for 6 months.
What did the Irish do for money?
“The Irish started issuing their own cash. After the bank closures, they continued writing checks to one another as usual, the only difference being that they could no longer be cashed at the bank. Instead, that other dealer in liquid assets – the Irish pub – stepped in to fill the void…
“In no time, people forged a radically decentralized monetary system with the country’s 11,000 pubs as its key nodes and basic trust as its underlying mechanism. By the time the banks finally reopened in November, the Irish had printed an incredible £5 billion in homemade currency…
“Some checks had been issued by companies, others were scribbled on the backs of cigar boxes, or even on toilet paper. According to historians, the reason the Irish were able to manage so well without banks was all down to social cohesion…
“[O]f course there were problems…Irish companies had a harder time acquiring capital for big investments. Indeed, the very fact that people began do-it-yourself banking makes it patently clear that they couldn’t do without some kind of financial sector…
“But what they could do perfectly well without was all the smoke and mirrors, all the risky speculation, the glittering skyscrapers, and the towering bonuses paid out of taxpayers’ pockets. ‘Maybe, just maybe,’ the author and economist Umair Haque conjectures, ‘banks need people a lot more than people need banks.’”
http://evonomics.com/why-garbage-men-should-earn-more-than-bankers/
MAY 5
2005 – QUOTE BY ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE
“The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions. Derivatives have permitted the unbundling of financial risks.”
[NOTE: Three years later, the U.S. financial system imploded, causing what was called the "Great Recession," but for many was a depression that resulted in lost homes, jobs and opportunities.]
2015 - REALITY CHECK: COULD THE GREENS CHANGE HOW MONEY WORKS?
“Buried half-way through the Green Party's manifesto is a pretty radical suggestion that could fundamentally change how money works…
“There are two common misconceptions about how money currently works:
♣ The Bank of England controls the amount of money circulating around the economy, perhaps by "printing money"
♣ The ability of private banks to lend is limited by how much other customers have deposited in their vaults
“Neither of these is quite true…
“The Greens want a central body to take on the job of creating money: ‘a new monetary authority, independent of day-to-day government control’…
“This would mean commercial banks would become ‘no more than the custodians of publicly created money in current accounts’…
“In other words, the amount of money in the economy would no longer depend on banks' willingness to lend.
If the policy were to be implemented, it would mark a step-change in how money works.”
https://www.bbc.com/news/election-2015-32592671?fbclid=IwAR2UfvaJzsPvPnif2FtPVEWeOjpUCDsowDsqL0L25A3FYvdX-2j_Psu8FtA
MAY 6
2012 – GREEK PARLIAMENTARY ELECTION RESULTS IN 60% SUPPORT FOR PARTIES OPPOSED TO AUSTERITY MEASURES
The elections resulted in a coalition government led by the New Democracy Party. The Coalition of the Radical Left (SYRIZA) came in second. They and other parties, agreed, however, that the austerity terms of the bailout agreement with the European Union (EU), European Central Bank and the International Monetary Fund must be renegotiated. When Greece joined the European Union (like other nations), it gave up completely its monetary sovereignty. It no longer had the ability to create and distribute its own money as a means of economic health – including using democratic money creation to help its own people. It transferred that authority to the EU when it began accepting the euro. The U.S. still technically possesses monetary sovereignty since it possesses its own currency – the dollar. The problem is that is still lost its sovereignty when it transferred to corporate interests, namely the Federal Reserve and banking corporations, the ability to create and circulate money – as debt via loans.
MAY 7
1873 – DEATH OF SALMON P. CHASE, US TREASURY SECRETARY/US SENATOR FROM OHIO
“My agency, in procuring the passage, of the National Bank Act, was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country."
[NOTE: The National Bank Acts of 1863 was known originally as the National Currency Act and was updated the following year. The Act established chartered national banks that could issue bank notes, which were backed by the United States Treasury. These notes existed side by side to public “Greenbacks” (directly issued by the government). Bankers supported the Bank Acts as a means to eventually replace Greenbacks and, thus, gain full control of the US money system.]
MAY 8
1884 – BIRTH OF HARRY TRUMAN, 33RD PRESIDENT OF THE U.S.
'"There is nothing new in the world except the history you do not know.”
[NOTE: Why the monetary arena (problems and possible democratic reforms) seems new is because we never learned its history – in school, through the media, even in our activist organizations. Many activists still don’t – believing it too complicated, unrelated to other economic concerns or associated with political ideologies unlike their own. Social change activists, thus, ignore this arena at their peril.]
MAY 9
2014 – "WHO SHOULD HAVE THE POWER TO CREATE MONEY?" ARTICLE BY ANDREW JACKSON OF POSITIVE MONEY
“Who should have the power to create money? In Modernising Money we argue that the power to create money should be removed from the banks and transferred to a democratic, transparent, and accountable body. Martin Wolf recently backed these proposals, but Ann Pettifor describes them as ‘deeply flawed’ and ‘outlandish’.
One of Ann’s main concerns is whether a committee can correctly make decisions over how much money should be added to (or removed from) the economy.
Let’s approach this by considering the different options for who could be given the power and authority to create money:
• Banks – as per the status quo
• Banks – heavily reformed (as Ann would suggest)
• Elected politicians
• The Monetary Policy Committee at the Bank of England (as proposed in Modernising Money)”
Full article at http://www.positivemoney.org/2014/05/power-create-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 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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