MONETARY HISTORY CALENDAR: February 2 - 8
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Greg Coleridge
Feb 2, 2020, 8:50:00 AM2/2/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
February 2 - 8
---------------------------------
FEBRUARY 2
Every year – GROUNDHOG DAY
The 1993 film, Groundhog Day, tells the story of a TV weatherman who is caught in a time loop -- repeating the same day over and over. This is similar to how most nation's respond to being in debt: by borrowing more money and going into more debt -- over and over. It's an economically destructive loop that forces nations to impose austerity on the majority of its citizens while enriching the elite. Only when the weatherman in the film acts with compassion is the loop broken. And only when nations understand that money can be created not as debt but as assets interest- and inflation-free to meet the physical and human needs of people will the debt loop be broken.
FEBRUARY 3
1690 – FIRST PAPER CURRENCY IN BRITISH COLONIES ISSUED
Massachusetts becomes the first British colony to issue paper money. The money was used to facilitate economic transactions in the absence of British money.
1913 – RATIFICATION OF THE 16TH AMENDMENT, ESTABLISHMENT OF THE US FEDERAL INCOME TAX
The income tax provides a guaranteed and consistent source of income for the payment of any federal government function, including payment of interest on national debt. It was ratified earlier in the same year as passage of the Federal Reserve Act, which turned over the nation’s money power to a private central bank. Many economists believe the dollar holds its value better than the Euro in times of economic crisis since US interest payments from debt can be covered by US income taxes. There is no equivalent European income tax to cover Euro debts. This provides investors greater confidence in the dollar over the Euro.
2018 – POSTED ARTICLE, “POPE FRANCIS: ‘USURY HUMILIATES AND KILLS”
“Speaking to members of an Italian National Anti-Usury Group, Pope Francis condemned financial exploitation and called for education to confront usury and corruption.
“’Usury humiliates and kills,” the Pope said. “Usury is a grave sin. It kills life, stomps on human dignity, promotes corruption, and sets up obstacles to the common good.’
“He said this type of financial exploitation – which involves lending money at unreasonably high rates of interest – is an ancient evil that must be prevented through education.”
https://www.vaticannews.va/en/pope/news/2018-02/pope-francis-usury-financial-exploitation.html?fbclid=IwAR3D2R5cvsqMmrlhn1EMT1Mng_pFVoXKl44BQHLcj6sHuNigcQbzRRWGouE
FEBRUARY 4
2013 – BANKING REFORM BILL INTRODUCED IN UNITED KINGDOM
The "Banking Reform Bill" was introduced in the House of Commons. It "would provide regulators with new authority to break up a bank if its investment activities put deposits at risk. The legislation goes a step beyond previously proposed policies that would merely require banks to separate retail banking from investment banking. Under the proposed legislation, in addition to requiring that institutions ring-fence deposits, the Bank of England could force an institution to sell off certain businesses if it determines that the institution has failed to protect retail banking activities from high-risk investments. The bill also would, among other things, provide depositors preference if a bank becomes insolvent, and set new leverage caps."
2019 – DEATH OF BERNARD LIETAER – ECONOMIST, AUTHOR AND PROFESSOR
“Our current monetary system was designed some 300 years ago, during an era that knew nothing of natural limits and had a completely different set of objectives and priorities. It’s a tool that should be serving us, rather than being our master. And since it is a man-made construct, it can be re-thought, re-imagined, and redesigned.”
-- from Rethinking Money: How New Currencies Turn Scarcity into Prosperity
FEBRUARY 5
1953 – BIRTH OF GIANNINA BRASCHI, PUERTO RICAN POET, NOVELIST AND ESSAYIST
“Banks are the temples of America.”
FEBRUARY 6
1756 – BIRTH OF AARON BURR, POLITICIAN, BUSINESSPERSON, VICE-PRESIDENT OF THE UNITED STATES
Burr and others convinced New York City council to charter the Manhattan Corporation in 1799. Its purpose was to raise dams and divert water throughout the city in response to the outbreak of yellow fever. A provision of the charter allowing the company to divert its excess capital in any activity “not inconsistent with the Constitution and laws of the United States.” This vague clause enabled the company to engage in banking activities. Alexander Hamilton (who later Burr killed in a famous duel) said, "He (Burr) has latterly, by a trick, established a bank -- a perfect monster in its principles, but a very convenient instrument of profit and influence." The Manhattan Corporation was the predecessor of what is now the J.P. Morgan Chase bank – one of the largest financial institutions in the U.S.
2013 – TALK BY ADAIR TURNER ON "DEBT, MONEY AND MEPHISTOPHELES: HOW DO WE GET OUT OF THIS MESS?"
In this speech Turner discussed an alternative to Quantitative Easing, which he termed Overt Money Finance (also known as Sovereign Money or Public Money or Government Money).
http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf?mccid=a1ec1750c1&mc_eid=[UNIQID]
2014 – PUBLISHED ARTICLE, “CHANGE TO UK’S MONEY SYSTEM COULD SOLVE OUR LONG-TERM ECONOMIC PROBLEMS”
“Now imagine if we updated the laws so that banks were prohibited from creating both paper and electronic money. Instead, electronic money could be created directly by the Bank of England and added to the central government's bank account. The government would then put that money into the real economy, through government spending or tax rebates…
“Some economists will worry about the effects of newly created money on inflation. But they forget that money is currently created every time a new loan is made, by bankers who have no interest in the effect of their lending on inflation. In contrast, the Bank of England would watch inflation and would hold off on creating money if it started to feed through into higher prices…
“These changes could also reduce household debt. In the current system, new money is only created when banks lend. Banks will only lend if someone is willing to go into debt. That is why the government wants to fuel growth by encouraging more household borrowing. But with household debt at its highest level in history, any further increase could lay the foundations for another financial crisis. Only the Bank of England has the ability to create new money without having to wait for someone to go into debt.”
https://www.theguardian.com/business/economics-blog/2014/feb/06/change-uk-money-system-solve-long-term-economic-problems?fbclid=IwAR0N07aPtmLcOaPJO6t6Gi3ps6Uje8k_MtkLCEPGJQSrtGvbIwb8JH1ZIaU
1870 – HEPBURN V GRISWOLD US SUPREME COURT DECISION
The Court declared that certain parts of the passed Congressional Legal Tender acts in the 1860’s were unconstitutional. The Legal Tender acts authorized the government to issue paper money, “Greenbacks”, and recognized it as legal to meet financial obligations. The Court concluded, however, that a party to a contract could not use paper money as payment for a debt if the contract stipulated gold or silver as payment. The Court explained how the US Congress possessed the power to coin money, but that that power was different than the power to make paper money legal.
FEBRUARY 8
2010 – PUBLICATION THIS MONTH OF PAPER, "THE BANK LENDING CHANNEL REVISITED" BY PITI DISYATAT, BANK FOR INTERNATIONAL SETTLEMENTS
"This paper contends that the emphasis on policy-induced changes in deposits is misplaced. If anything, the process actually works in reverse, with loans driving deposits. In particular, it is argued that the concept of the money multiplier is flawed and uninformative in terms of analyzing the dynamics of bank lending. Under a fiat money standard and liberalized financial system, there is no exogenous constraint on the supply of credit except through regulatory capital requirements. An adequately capitalized banking system can always fulfill the demand for loans if it wishes to."
2016 – A CRITIQUE AND ANALYSIS OF MODERN MONETARY THEORY (MMT)
This took place at the annual conference of the American Monetary Institute
https://www.youtube.com/watch?v=htSzqlsLq4Q&fbclid=IwAR3F_iySx7KK7i1b7R2NgwEygI45-VdYdh3PukKvMkPcAZrd9v7JZ2CU2I8
---------------------------------
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/
February 2 - 8
---------------------------------
FEBRUARY 2
Every year – GROUNDHOG DAY
The 1993 film, Groundhog Day, tells the story of a TV weatherman who is caught in a time loop -- repeating the same day over and over. This is similar to how most nation's respond to being in debt: by borrowing more money and going into more debt -- over and over. It's an economically destructive loop that forces nations to impose austerity on the majority of its citizens while enriching the elite. Only when the weatherman in the film acts with compassion is the loop broken. And only when nations understand that money can be created not as debt but as assets interest- and inflation-free to meet the physical and human needs of people will the debt loop be broken.
FEBRUARY 3
1690 – FIRST PAPER CURRENCY IN BRITISH COLONIES ISSUED
Massachusetts becomes the first British colony to issue paper money. The money was used to facilitate economic transactions in the absence of British money.
1913 – RATIFICATION OF THE 16TH AMENDMENT, ESTABLISHMENT OF THE US FEDERAL INCOME TAX
The income tax provides a guaranteed and consistent source of income for the payment of any federal government function, including payment of interest on national debt. It was ratified earlier in the same year as passage of the Federal Reserve Act, which turned over the nation’s money power to a private central bank. Many economists believe the dollar holds its value better than the Euro in times of economic crisis since US interest payments from debt can be covered by US income taxes. There is no equivalent European income tax to cover Euro debts. This provides investors greater confidence in the dollar over the Euro.
2018 – POSTED ARTICLE, “POPE FRANCIS: ‘USURY HUMILIATES AND KILLS”
“Speaking to members of an Italian National Anti-Usury Group, Pope Francis condemned financial exploitation and called for education to confront usury and corruption.
“’Usury humiliates and kills,” the Pope said. “Usury is a grave sin. It kills life, stomps on human dignity, promotes corruption, and sets up obstacles to the common good.’
“He said this type of financial exploitation – which involves lending money at unreasonably high rates of interest – is an ancient evil that must be prevented through education.”
https://www.vaticannews.va/en/pope/news/2018-02/pope-francis-usury-financial-exploitation.html?fbclid=IwAR3D2R5cvsqMmrlhn1EMT1Mng_pFVoXKl44BQHLcj6sHuNigcQbzRRWGouE
FEBRUARY 4
2013 – BANKING REFORM BILL INTRODUCED IN UNITED KINGDOM
The "Banking Reform Bill" was introduced in the House of Commons. It "would provide regulators with new authority to break up a bank if its investment activities put deposits at risk. The legislation goes a step beyond previously proposed policies that would merely require banks to separate retail banking from investment banking. Under the proposed legislation, in addition to requiring that institutions ring-fence deposits, the Bank of England could force an institution to sell off certain businesses if it determines that the institution has failed to protect retail banking activities from high-risk investments. The bill also would, among other things, provide depositors preference if a bank becomes insolvent, and set new leverage caps."
2019 – DEATH OF BERNARD LIETAER – ECONOMIST, AUTHOR AND PROFESSOR
“Our current monetary system was designed some 300 years ago, during an era that knew nothing of natural limits and had a completely different set of objectives and priorities. It’s a tool that should be serving us, rather than being our master. And since it is a man-made construct, it can be re-thought, re-imagined, and redesigned.”
-- from Rethinking Money: How New Currencies Turn Scarcity into Prosperity
FEBRUARY 5
1953 – BIRTH OF GIANNINA BRASCHI, PUERTO RICAN POET, NOVELIST AND ESSAYIST
“Banks are the temples of America.”
FEBRUARY 6
1756 – BIRTH OF AARON BURR, POLITICIAN, BUSINESSPERSON, VICE-PRESIDENT OF THE UNITED STATES
Burr and others convinced New York City council to charter the Manhattan Corporation in 1799. Its purpose was to raise dams and divert water throughout the city in response to the outbreak of yellow fever. A provision of the charter allowing the company to divert its excess capital in any activity “not inconsistent with the Constitution and laws of the United States.” This vague clause enabled the company to engage in banking activities. Alexander Hamilton (who later Burr killed in a famous duel) said, "He (Burr) has latterly, by a trick, established a bank -- a perfect monster in its principles, but a very convenient instrument of profit and influence." The Manhattan Corporation was the predecessor of what is now the J.P. Morgan Chase bank – one of the largest financial institutions in the U.S.
2013 – TALK BY ADAIR TURNER ON "DEBT, MONEY AND MEPHISTOPHELES: HOW DO WE GET OUT OF THIS MESS?"
In this speech Turner discussed an alternative to Quantitative Easing, which he termed Overt Money Finance (also known as Sovereign Money or Public Money or Government Money).
http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf?mccid=a1ec1750c1&mc_eid=[UNIQID]
2014 – PUBLISHED ARTICLE, “CHANGE TO UK’S MONEY SYSTEM COULD SOLVE OUR LONG-TERM ECONOMIC PROBLEMS”
“Now imagine if we updated the laws so that banks were prohibited from creating both paper and electronic money. Instead, electronic money could be created directly by the Bank of England and added to the central government's bank account. The government would then put that money into the real economy, through government spending or tax rebates…
“Some economists will worry about the effects of newly created money on inflation. But they forget that money is currently created every time a new loan is made, by bankers who have no interest in the effect of their lending on inflation. In contrast, the Bank of England would watch inflation and would hold off on creating money if it started to feed through into higher prices…
“These changes could also reduce household debt. In the current system, new money is only created when banks lend. Banks will only lend if someone is willing to go into debt. That is why the government wants to fuel growth by encouraging more household borrowing. But with household debt at its highest level in history, any further increase could lay the foundations for another financial crisis. Only the Bank of England has the ability to create new money without having to wait for someone to go into debt.”
https://www.theguardian.com/business/economics-blog/2014/feb/06/change-uk-money-system-solve-long-term-economic-problems?fbclid=IwAR0N07aPtmLcOaPJO6t6Gi3ps6Uje8k_MtkLCEPGJQSrtGvbIwb8JH1ZIaU
FEBRUARY 7
The Court declared that certain parts of the passed Congressional Legal Tender acts in the 1860’s were unconstitutional. The Legal Tender acts authorized the government to issue paper money, “Greenbacks”, and recognized it as legal to meet financial obligations. The Court concluded, however, that a party to a contract could not use paper money as payment for a debt if the contract stipulated gold or silver as payment. The Court explained how the US Congress possessed the power to coin money, but that that power was different than the power to make paper money legal.
FEBRUARY 8
2010 – PUBLICATION THIS MONTH OF PAPER, "THE BANK LENDING CHANNEL REVISITED" BY PITI DISYATAT, BANK FOR INTERNATIONAL SETTLEMENTS
"This paper contends that the emphasis on policy-induced changes in deposits is misplaced. If anything, the process actually works in reverse, with loans driving deposits. In particular, it is argued that the concept of the money multiplier is flawed and uninformative in terms of analyzing the dynamics of bank lending. Under a fiat money standard and liberalized financial system, there is no exogenous constraint on the supply of credit except through regulatory capital requirements. An adequately capitalized banking system can always fulfill the demand for loans if it wishes to."
2016 – A CRITIQUE AND ANALYSIS OF MODERN MONETARY THEORY (MMT)
This took place at the annual conference of the American Monetary Institute
https://www.youtube.com/watch?v=htSzqlsLq4Q&fbclid=IwAR3F_iySx7KK7i1b7R2NgwEygI45-VdYdh3PukKvMkPcAZrd9v7JZ2CU2I8
---------------------------------
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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