MONETARY HISTORY CALENDAR: May 10 - 16
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Greg Coleridge
May 10, 2020, 10:01:57 AM5/10/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
May 10 - 16
---------------------------------
MAY 10
1775 – CONTINENTAL CONGRESS ISSUES “CONTINENTALS”
The Continental Congress voted to issue $200 million in paper money, “continental currency” or “continentals”, to finance the American Revolution. The money was essential since British pounds were in short supply. The currency lost much of their value during the war due to the flooding of British counterfeit “continentals” as a means to destroy the colonial economy. Inflation was also due to continentals being used to fund war purchases rather than socially and economically useful goods and services. Nevertheless, the colonial currency served its purpose in allowing the colonies to economically and militarily resist and defeat the most powerful nation on earth.
1837 – US FINANCIAL PANIC
Banks limited credit and starting calling on debtors to repay. This ignited the Financial Panic of 1837. Urban worker faced rising unemployment and food prices. A prolonged economic depression followed, including hundreds of bank failures. The economic depression that followed lasted nearly five years. This is the inevitable result of a debt-based money system – the lessons of which we never seem to learn.
1915 – BIRTH OF ROBERT HEMPHILL, CREDIT MANAGER, FEDERAL RESERVE BANK OF ATLANTA
“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”
MAY 11
2007 – PUBLISHED ARTICLE, "MONETARY REFORM AND HOW A NATIONAL MONEY SYSTEM SHOULD WORK" BY RICHARD COOK
"[T]he solution lies with the federal government taking back its constitutionally-authorized control of the credit of the nation from the financiers and managing it as previously stated—as a public utility… It is essential to realize that the central government of a sovereign nation has the right, the ability, and the responsibility to introduce ALL new credit into existence. This is totally different from having the central bank “print money” by relaxing lending policies, resulting in an infusion of cheap loans, which must still be repaid.
Sovereign creation of credit is not based on debt. It is and should be based on direct spending of money into circulation by the government itself. Obviously the government should do this in a way that promotes the best interests of the members of society while respecting the varying degrees of contribution by those of different levels of skill and achievement. It is quite possible to enact such a program with due regard to all established conventions of private property and the private ownership and control of existing wealth."
2018 – “WHAT IS THE REAL PURPOSE OF MONEY” GAP PSYCHOLOGY AND FAIRNESS. YOU MANY NEVER HAV THOUGHT OF IT THIS WAY” ARTICLE PUBLISHED.
“I propose that the primary purpose of money is to mediate the conflict between Gap Psychology and Fairness.
“Gap Psychology is the common desire to narrow the income/wealth/power (IWP) Gaps above you and to widen the Gaps below you.
“You wish to follow, mingle with, and know more about the rich and famous, while you wish to distance yourself from those poorer and less powerful than you…
“The purpose of money is to deal with two conflicting desires: Your desire to gain relative to other IWP levels, and your desire to achieve a fair distribution of IWP.”
https://mythfighter.com/2018/05/11/what-is-the-real-purpose-of-money-you-may-never-have-thought-of-it-this-way/?fbclid=IwAR2K1RirQdSvstCZgu6aine9dXG4UFUnbysoSm6LGHKAKPpv7MB05fkm-MA
MAY 12
1933 – THOMAS AMENDMENT BECOMES LAW - GIVES FDR POWER TO CREATE MONEY
Attached as Title III to the Agricultural Adjustment Act of May 12, 1933, the Thomas Amendment, drafted by Oklahoma Senator Elmer Thomas, provided New Deal relief to farmers suffering from low prices due to the Great Depression. The solution was to expand the currency.
“The amendment granted the president broad discretionary powers over monetary policy. It stated that whenever the president desired currency expansion, he first must authorize the open market committee of the Federal Reserve to purchase up to $3 billion of federal obligations. Should open market operations prove insufficient, the president had several options. He could have the U.S. Treasury issue up to $3 billion in greenbacks, reduce the gold content of the dollar by as much as 50 percent, or accept $100 million dollars in silver at a price not to exceed fifty cents per ounce in payment of World War I debts owed by European nations.”
http://www.okhistory.org/publications/enc/entry.php?entry=TH007
1948 – THE FORMATION OF THE STATE OF ISRAEL IS PROCLAIMED
Solomon, the son of David, was an early King of Israel from 970-931 BC. He was also the author of the Book of Proverbs in the Bible. From Proverbs 22:74: "The borrower is servant to the lender." What was true nearly 3000 years ago is still true today for individuals and organizations -- including governments.
2009 – BLOOMBERG ARTICLE: NY FEDERAL RESERVE BANK CLAIMS IT IS A PRIVATE INSTITUTION
“The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7 trillion of emergency lending programs. While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.”
MAY 13
2015 – THE CENTRAL PROBLEM WITH CENTAL BANKS: THEY BECOME THE GREATER FOOLS/BAG-HOLDERS" ARTICLE BY CHARLES HUGH SMITH
The central problem with central banks is their mandate now includes propping up all asset markets globally….Central banks have inflated the markets to such high valuations that no central bank can possibly buy enough to keep the bubble intact...But having succeeded in blowing another unprecedented global bubble in assets, central banks have backed themselves into a corner of direct asset purchases to prop up markets. http://www.oftwominds.com/blogmay15/no-bid5-15.html
MAY 14
2013 – ARTICLE, “MONEY HAS BEEN PRIVATIZED BY STEALTH" BY BEN DYSON
"It's common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty's police. Yet there's a small collection of companies that are authorized to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called "monetary and financial institutions", but you probably know them by their street name: "banks".
The money that they create, effectively out of nothing, isn't the paper money that bears the logo of the government-owned Bank of England. It's the electronic money that flashes up on the screen when you check your balance at an ATM. This electronic money currently represents over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched."
MAY 15
1915 – BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR ECONOMICS)
“Few understand that all our money arises out of debt and IOU operations. The banking system as a whole can do what each small bank cannot do: it can expand its loans and investments many times the new reserves of cash created for it, even though each small bank is lending out only a fraction of its deposits.” Economics, An Introductory Analysis by Professor Paul A. Samuelson. (Best selling college economics textbook of all time, c 1948.)
1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY POPE PIUS XI
The Pope discusses the ethical implications of economic and social order in this letter, warning of the dangers of unrestrained capitalism.
"Economic dictatorship is being most forcibly exercised by the few who hold the money and completely control it, control credit and the lending of money. Hence they regulate the flow of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul of economics that no one can breathe against their will."
MAY 16
1876 – SECOND GREENBACK NATIONAL CONVENTION OPENS IN INDIANAPOLIS
May 16–18, 1876 — Academy of Music, Indianapolis, Indiana. There were 239 delegates present from 17 states. Peter Cooper was nominated for President of the Greenback Party (calling for the creation of debt-free national money) with 352 votes to 119 for three other contenders.
1912 – PUJO COMMITTEE HEARINGS BEGIN
A special subcommittee of the House Banking and Currency Committee began hearings under its Chairman, Arsene P. Pujo. Its purpose was to investigate the powers of the nation’s "money trust.” Its final report, issued in 1913, concluded that the power over the nation’s money and credit was concentrated in a small group of Wall Street bankers. The report created a climate for reform. Unfortunately one of the reforms advocated for was the misnamed Federal Reserve Act, which provided the appearance that finances would become a public function.
2018 – “BIBLIOGRAPHY MONETARY THEORY AND REFORM” WEBSITE POSTING
A tremendous site containing listings organized in the following categories:
A. Proposed Legislations and Organizational Endorsements
B. Academic Studies on Sovereign Monetary Theory and Reform
C. Studies Critical of Sovereign Monetary Theory and Reform (including MMT section)
D. Non-academic Advocacy Pamphlets, Reports, Briefings and Books
E. Supporting Studies Addressing Monetary Issues
F. Journalistic Articles Addressing Monetary Reform
G. Educational and Promotional Videos
H. Other Relevant Background Studies
http://www.alpheus.org/bibliography-monetary-theory-and-reform/?fbclid=IwAR3Xoxucc3GU0Wnert4W4KU-XPHtNmL89T54-auxpiZF8nbI7L_-WOixteM
Check it out…
---------------------------------
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 10 - 16
---------------------------------
MAY 10
1775 – CONTINENTAL CONGRESS ISSUES “CONTINENTALS”
The Continental Congress voted to issue $200 million in paper money, “continental currency” or “continentals”, to finance the American Revolution. The money was essential since British pounds were in short supply. The currency lost much of their value during the war due to the flooding of British counterfeit “continentals” as a means to destroy the colonial economy. Inflation was also due to continentals being used to fund war purchases rather than socially and economically useful goods and services. Nevertheless, the colonial currency served its purpose in allowing the colonies to economically and militarily resist and defeat the most powerful nation on earth.
1837 – US FINANCIAL PANIC
Banks limited credit and starting calling on debtors to repay. This ignited the Financial Panic of 1837. Urban worker faced rising unemployment and food prices. A prolonged economic depression followed, including hundreds of bank failures. The economic depression that followed lasted nearly five years. This is the inevitable result of a debt-based money system – the lessons of which we never seem to learn.
1915 – BIRTH OF ROBERT HEMPHILL, CREDIT MANAGER, FEDERAL RESERVE BANK OF ATLANTA
“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”
MAY 11
2007 – PUBLISHED ARTICLE, "MONETARY REFORM AND HOW A NATIONAL MONEY SYSTEM SHOULD WORK" BY RICHARD COOK
"[T]he solution lies with the federal government taking back its constitutionally-authorized control of the credit of the nation from the financiers and managing it as previously stated—as a public utility… It is essential to realize that the central government of a sovereign nation has the right, the ability, and the responsibility to introduce ALL new credit into existence. This is totally different from having the central bank “print money” by relaxing lending policies, resulting in an infusion of cheap loans, which must still be repaid.
Sovereign creation of credit is not based on debt. It is and should be based on direct spending of money into circulation by the government itself. Obviously the government should do this in a way that promotes the best interests of the members of society while respecting the varying degrees of contribution by those of different levels of skill and achievement. It is quite possible to enact such a program with due regard to all established conventions of private property and the private ownership and control of existing wealth."
2018 – “WHAT IS THE REAL PURPOSE OF MONEY” GAP PSYCHOLOGY AND FAIRNESS. YOU MANY NEVER HAV THOUGHT OF IT THIS WAY” ARTICLE PUBLISHED.
“I propose that the primary purpose of money is to mediate the conflict between Gap Psychology and Fairness.
“Gap Psychology is the common desire to narrow the income/wealth/power (IWP) Gaps above you and to widen the Gaps below you.
“You wish to follow, mingle with, and know more about the rich and famous, while you wish to distance yourself from those poorer and less powerful than you…
“The purpose of money is to deal with two conflicting desires: Your desire to gain relative to other IWP levels, and your desire to achieve a fair distribution of IWP.”
https://mythfighter.com/2018/05/11/what-is-the-real-purpose-of-money-you-may-never-have-thought-of-it-this-way/?fbclid=IwAR2K1RirQdSvstCZgu6aine9dXG4UFUnbysoSm6LGHKAKPpv7MB05fkm-MA
MAY 12
1933 – THOMAS AMENDMENT BECOMES LAW - GIVES FDR POWER TO CREATE MONEY
Attached as Title III to the Agricultural Adjustment Act of May 12, 1933, the Thomas Amendment, drafted by Oklahoma Senator Elmer Thomas, provided New Deal relief to farmers suffering from low prices due to the Great Depression. The solution was to expand the currency.
“The amendment granted the president broad discretionary powers over monetary policy. It stated that whenever the president desired currency expansion, he first must authorize the open market committee of the Federal Reserve to purchase up to $3 billion of federal obligations. Should open market operations prove insufficient, the president had several options. He could have the U.S. Treasury issue up to $3 billion in greenbacks, reduce the gold content of the dollar by as much as 50 percent, or accept $100 million dollars in silver at a price not to exceed fifty cents per ounce in payment of World War I debts owed by European nations.”
http://www.okhistory.org/publications/enc/entry.php?entry=TH007
1948 – THE FORMATION OF THE STATE OF ISRAEL IS PROCLAIMED
Solomon, the son of David, was an early King of Israel from 970-931 BC. He was also the author of the Book of Proverbs in the Bible. From Proverbs 22:74: "The borrower is servant to the lender." What was true nearly 3000 years ago is still true today for individuals and organizations -- including governments.
2009 – BLOOMBERG ARTICLE: NY FEDERAL RESERVE BANK CLAIMS IT IS A PRIVATE INSTITUTION
“The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7 trillion of emergency lending programs. While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.”
MAY 13
2015 – THE CENTRAL PROBLEM WITH CENTAL BANKS: THEY BECOME THE GREATER FOOLS/BAG-HOLDERS" ARTICLE BY CHARLES HUGH SMITH
The central problem with central banks is their mandate now includes propping up all asset markets globally….Central banks have inflated the markets to such high valuations that no central bank can possibly buy enough to keep the bubble intact...But having succeeded in blowing another unprecedented global bubble in assets, central banks have backed themselves into a corner of direct asset purchases to prop up markets. http://www.oftwominds.com/blogmay15/no-bid5-15.html
MAY 14
2013 – ARTICLE, “MONEY HAS BEEN PRIVATIZED BY STEALTH" BY BEN DYSON
"It's common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty's police. Yet there's a small collection of companies that are authorized to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called "monetary and financial institutions", but you probably know them by their street name: "banks".
The money that they create, effectively out of nothing, isn't the paper money that bears the logo of the government-owned Bank of England. It's the electronic money that flashes up on the screen when you check your balance at an ATM. This electronic money currently represents over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched."
MAY 15
1915 – BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR ECONOMICS)
“Few understand that all our money arises out of debt and IOU operations. The banking system as a whole can do what each small bank cannot do: it can expand its loans and investments many times the new reserves of cash created for it, even though each small bank is lending out only a fraction of its deposits.” Economics, An Introductory Analysis by Professor Paul A. Samuelson. (Best selling college economics textbook of all time, c 1948.)
1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY POPE PIUS XI
The Pope discusses the ethical implications of economic and social order in this letter, warning of the dangers of unrestrained capitalism.
"Economic dictatorship is being most forcibly exercised by the few who hold the money and completely control it, control credit and the lending of money. Hence they regulate the flow of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul of economics that no one can breathe against their will."
MAY 16
1876 – SECOND GREENBACK NATIONAL CONVENTION OPENS IN INDIANAPOLIS
May 16–18, 1876 — Academy of Music, Indianapolis, Indiana. There were 239 delegates present from 17 states. Peter Cooper was nominated for President of the Greenback Party (calling for the creation of debt-free national money) with 352 votes to 119 for three other contenders.
1912 – PUJO COMMITTEE HEARINGS BEGIN
A special subcommittee of the House Banking and Currency Committee began hearings under its Chairman, Arsene P. Pujo. Its purpose was to investigate the powers of the nation’s "money trust.” Its final report, issued in 1913, concluded that the power over the nation’s money and credit was concentrated in a small group of Wall Street bankers. The report created a climate for reform. Unfortunately one of the reforms advocated for was the misnamed Federal Reserve Act, which provided the appearance that finances would become a public function.
2018 – “BIBLIOGRAPHY MONETARY THEORY AND REFORM” WEBSITE POSTING
A tremendous site containing listings organized in the following categories:
A. Proposed Legislations and Organizational Endorsements
B. Academic Studies on Sovereign Monetary Theory and Reform
C. Studies Critical of Sovereign Monetary Theory and Reform (including MMT section)
D. Non-academic Advocacy Pamphlets, Reports, Briefings and Books
E. Supporting Studies Addressing Monetary Issues
F. Journalistic Articles Addressing Monetary Reform
G. Educational and Promotional Videos
H. Other Relevant Background Studies
http://www.alpheus.org/bibliography-monetary-theory-and-reform/?fbclid=IwAR3Xoxucc3GU0Wnert4W4KU-XPHtNmL89T54-auxpiZF8nbI7L_-WOixteM
Check it out…
---------------------------------
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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