MONETARY HISTORY CALENDAR: July 5 - 11
2 views
Skip to first unread message
Greg Coleridge
Jul 5, 2020, 9:23:27 AM7/5/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
July 5 - 11
--------------------------------
JULY 5
2015 – GREEK PEOPLE REJECT EUROPEAN CREDITORS BAILOUT PLAN
The Greek government called for a national referendum vote on July 5 in response to a proposed deal by lenders (European Union, European Central Bank and the IMF) to bailout Greece. The Greek government claimed previous international lenders were irresponsible in providing loans to the Greek government that they knew could not be repaid. Greece, as virtually all nations in the European Union, is limited in their political and economic ability to react to economic crises when they gave up their authority to issue their own currency as a condition to join the European Union. The Greek people rejected the bailout plan 61% to 39%.
2016 – PUBLICATION THIS MONTH OF "THE NATURE OF MONEY IN MODERN ECONOMY - IMPLICATIONS AND CONSEQUENCES" BY STEPHEN ZARLENGA AND ROBERT POTEAT
"This paper discusses the great importance of the monetary question, and briefly examines some of the dominant erroneous concepts of money and their effects upon societies. It also points and links to the great progress currently being made by researchers in this field, so readers can examine them more fully. It presents very brief summaries of what some of the important new papers do. It also aims at helping instructors in outlining a reading curriculum to assist in a long overdue understanding of money power. Finally, the paper presents a money and banking system proposal which has evolved since the Great Depression of the 1930s, and is now ready for implementation and has even been introduced as potential legislation into the United States Congress." http://iei.kau.edu.sa/Files/121/Files/153818_29-02-04-Zarlenga.pdf
2019 – “GLOBAL PROBLEMS AND THE CULTURE OF CAPITALISM” BY GOVERT SCHULLER ARTICLE POSTED ONLINE
“When banks create loans and charge interest, they do not create the money to pay off the interest. This pushes the system into finding ways to grow the money supply by making ever more loans extended to consumers and businesses which need to find ever more ingenious ways to create or find things and services to be sold. ‘In other words, the money supply must grow if the economy is to remain healthy, and for the money supply to grow there must be a steady increase in the things or services that money can buy’ (4th edition, p. 11, italics in original). To keep the system going, Robbins argues, ‘there must be a constant conversion of things that have no money value into things that do–that is, there must be constant commodification’”.
https://www.monetaryalliance.org/blog-review-hybrid-on-richard-robbins-seminal-sociology-textbook-global-problems-and-the-culture-of-capitalism/
JULY 6
1863 – BIRTH OF RICHARD MCKENNA, FORMER PRESIDENT OF THE MIDLANDS BANK OF ENGLAND
"I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people."
JULY 7
1896 – REMARKS OF WILLIAM JENNINGS BRYAN BEFORE DEMOCRATIC NATIONAL CONVENTION, CHICAGO, IL (BRYAN WAS THE DEMOCRATIC PARTY CANDIDATE FOR PRESIDENT)
"We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson...and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business...When we have restored the money of the Constitution, all other necessary reforms will be possible, and ... until that is done, there is no reform that can be accomplished."
1947 – DEATH OF HENRY FORD, INDUSTRIALIST, FOUNDER, FORD MOTOR COMPANY
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
JULY 8
1839 – BIRTH OF JOHN D. ROCKEFELLER, OIL AND FINANCIAL CAPITALIST
“God gave me my money!”
JULY 9
1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION
Eight states signed the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if nine states agreed. The Articles comprised the original U.S. Constitution.
2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES
Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,
“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”
JULY 10
1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR
Many believe Calvin broke the ice on the legitimization of usury (interest on loans). The Catholic Church prohibited it, based on the Biblical passage, Deuteronomy 23, verses 19-20. Calvin was part of the Protestant Reformation. His response to the issue, which carried considerable influence, was: “usury is not now unlawful, expect insofar as it contravenes equity and brotherly union. Let each one, then, place himself before God’s judgment seat, and not do to his neighbor what he would not have done to himself, from whence a sure and infallible decision may be come to. To exercise the trade of usury…is much less tolerable among the children of God; but in what cases and how far it may be lawful to receive usury among loans, the law of equity will better prescribe than any lengthened discussions.” Benjamin Nelson, “The Idea of Usury, From Tribal Brotherhood to Universal Otherhood,” p 79.
1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES
“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?... Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.”
1983 – PUBLICATION OF “FISCAL POLICY AND RESOURCE ALLOCATION IN ISLAM” Edited by ZIAUDDIN AHMED, MUNAWAR IQBAL AND M. FAHIM KHAN
"Money creation is a social prerogative and hence the benefits of the process of money creation should accrue to the whole society which can best be achieved through 100 per cent reserve system."
JULY 11
1862 – LEGISLATIVE ACT AUTHORIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks. This is authorized in the U.S. Constitution, Article 1, Section 8.
2011 – STATEMENT BY STEVEN KEEN, ECONOMIST, ON QUANTITATIVE EASING
“This is the biggest transfer of wealth in history,” as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people.
2019 – “INSIDE THE BATTLE FOR THE NEXT GLOBAL MONETARY SYSTEM – FACEBOOK LIBRA VS CENTRAL BANKS” VIDEO
A description of the emergence of crytocurrencies, especially Facebook’s “Libra”
https://goldsilver.com/blog/inside-the-battle-for-the-next-global-monetary-system-facebook-libra-vs-central-banks/
--------------------------------
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/
July 5 - 11
--------------------------------
JULY 5
2015 – GREEK PEOPLE REJECT EUROPEAN CREDITORS BAILOUT PLAN
The Greek government called for a national referendum vote on July 5 in response to a proposed deal by lenders (European Union, European Central Bank and the IMF) to bailout Greece. The Greek government claimed previous international lenders were irresponsible in providing loans to the Greek government that they knew could not be repaid. Greece, as virtually all nations in the European Union, is limited in their political and economic ability to react to economic crises when they gave up their authority to issue their own currency as a condition to join the European Union. The Greek people rejected the bailout plan 61% to 39%.
2016 – PUBLICATION THIS MONTH OF "THE NATURE OF MONEY IN MODERN ECONOMY - IMPLICATIONS AND CONSEQUENCES" BY STEPHEN ZARLENGA AND ROBERT POTEAT
"This paper discusses the great importance of the monetary question, and briefly examines some of the dominant erroneous concepts of money and their effects upon societies. It also points and links to the great progress currently being made by researchers in this field, so readers can examine them more fully. It presents very brief summaries of what some of the important new papers do. It also aims at helping instructors in outlining a reading curriculum to assist in a long overdue understanding of money power. Finally, the paper presents a money and banking system proposal which has evolved since the Great Depression of the 1930s, and is now ready for implementation and has even been introduced as potential legislation into the United States Congress." http://iei.kau.edu.sa/Files/121/Files/153818_29-02-04-Zarlenga.pdf
2019 – “GLOBAL PROBLEMS AND THE CULTURE OF CAPITALISM” BY GOVERT SCHULLER ARTICLE POSTED ONLINE
“When banks create loans and charge interest, they do not create the money to pay off the interest. This pushes the system into finding ways to grow the money supply by making ever more loans extended to consumers and businesses which need to find ever more ingenious ways to create or find things and services to be sold. ‘In other words, the money supply must grow if the economy is to remain healthy, and for the money supply to grow there must be a steady increase in the things or services that money can buy’ (4th edition, p. 11, italics in original). To keep the system going, Robbins argues, ‘there must be a constant conversion of things that have no money value into things that do–that is, there must be constant commodification’”.
https://www.monetaryalliance.org/blog-review-hybrid-on-richard-robbins-seminal-sociology-textbook-global-problems-and-the-culture-of-capitalism/
JULY 6
1863 – BIRTH OF RICHARD MCKENNA, FORMER PRESIDENT OF THE MIDLANDS BANK OF ENGLAND
"I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people."
JULY 7
1896 – REMARKS OF WILLIAM JENNINGS BRYAN BEFORE DEMOCRATIC NATIONAL CONVENTION, CHICAGO, IL (BRYAN WAS THE DEMOCRATIC PARTY CANDIDATE FOR PRESIDENT)
"We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson...and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business...When we have restored the money of the Constitution, all other necessary reforms will be possible, and ... until that is done, there is no reform that can be accomplished."
1947 – DEATH OF HENRY FORD, INDUSTRIALIST, FOUNDER, FORD MOTOR COMPANY
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
JULY 8
1839 – BIRTH OF JOHN D. ROCKEFELLER, OIL AND FINANCIAL CAPITALIST
“God gave me my money!”
JULY 9
1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION
Eight states signed the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if nine states agreed. The Articles comprised the original U.S. Constitution.
2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES
Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,
“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”
JULY 10
1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR
Many believe Calvin broke the ice on the legitimization of usury (interest on loans). The Catholic Church prohibited it, based on the Biblical passage, Deuteronomy 23, verses 19-20. Calvin was part of the Protestant Reformation. His response to the issue, which carried considerable influence, was: “usury is not now unlawful, expect insofar as it contravenes equity and brotherly union. Let each one, then, place himself before God’s judgment seat, and not do to his neighbor what he would not have done to himself, from whence a sure and infallible decision may be come to. To exercise the trade of usury…is much less tolerable among the children of God; but in what cases and how far it may be lawful to receive usury among loans, the law of equity will better prescribe than any lengthened discussions.” Benjamin Nelson, “The Idea of Usury, From Tribal Brotherhood to Universal Otherhood,” p 79.
1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES
“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?... Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.”
1983 – PUBLICATION OF “FISCAL POLICY AND RESOURCE ALLOCATION IN ISLAM” Edited by ZIAUDDIN AHMED, MUNAWAR IQBAL AND M. FAHIM KHAN
"Money creation is a social prerogative and hence the benefits of the process of money creation should accrue to the whole society which can best be achieved through 100 per cent reserve system."
JULY 11
1862 – LEGISLATIVE ACT AUTHORIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks. This is authorized in the U.S. Constitution, Article 1, Section 8.
2011 – STATEMENT BY STEVEN KEEN, ECONOMIST, ON QUANTITATIVE EASING
“This is the biggest transfer of wealth in history,” as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people.
2019 – “INSIDE THE BATTLE FOR THE NEXT GLOBAL MONETARY SYSTEM – FACEBOOK LIBRA VS CENTRAL BANKS” VIDEO
A description of the emergence of crytocurrencies, especially Facebook’s “Libra”
https://goldsilver.com/blog/inside-the-battle-for-the-next-global-monetary-system-facebook-libra-vs-central-banks/
--------------------------------
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/
Reply all
Reply to author
Forward
0 new messages