MONETARY HISTORY CALENDAR: February 16 - 22
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Greg Coleridge
Feb 16, 2020, 6:18:17 AM2/16/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
February 16 - 22
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FEBRUARY 16
1922 – BIRTH OF MARGARET DEVRIES, IMF HISTORIAN
"The extreme volatility of capital flows in response to interest rate difference or anticipation of exchange rate changes was in large part responsible for undermining the international monetary order that existed until the late 1960's."
FEBRUARY 17
1950 – TESTIMONY OF JAMES PAUL WARBURG BEFORE US SENATE
Warburg, son of Paul Warburg, the “father of the Federal Reserve," was a banker, advisor to FDR and member of the Council of Foreign Relations. Speaking before the Senate Committee on Foreign Relations, he stated: "We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest."
2020 – PRESIDENT’S DAY NATIONAL HOLIDAY IN THE US
In commemoration of today, here's what a few Oval Office occupants said about money and banking:
- John Adams: “All of the perplexities, confusion, and distress in America arises, not from the deflects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”
- Thomas Jefferson: "The bank mania is one of the most threatening of these imitations. It is raising up moneyed aristocracy in our country, which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. They have taken deep root in the hearts of that class from which our legislators are drawn..."
- Andrew Jackson: "If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations."
FEBRUARY 18
1546 – DEATH OF MARTIN LUTHER, MONK, PRIEST, KEY FIGURE IN PROTESTANT REFORMATION
Luther condemned anyone who charged usury (interest): "A thief, robber and murderer. Money is an unfruitful commodity which I cannot sell in such a way as to entitle me to a profit."
FEBRUARY 19
1473 – BIRTH OF NICOLAUS COPERNICUS, MATHEMATICIAN AND ASTRONOMER
"Among the countless evils that bring about the demise of whole states, these fours are surely the most critical: internal discord, high mortality, infertility of the soil, and deterioration of money.
The first three are so apparent that hardly anyone would contest them. The fourth evil, however, stemming from the nature of money, is noticed only by those few who think deeply, for it causes the states to crumble not at one fell swoop, but gradually, near invisibly."
1869 — CONGRESS PASSES BILL PROHIBITING USING UNITED STATES NOTES AS SECURITY OR COLLATERAL IN ANY LOAN MADE THROUGH A NATIONAL BANKING ASSOCIATION
“That no national banking association shall hereafter offer or receive United States notes or national bank notes as security or as collateral security for any loan of money…and any national banking association offending against the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof in any United States court having jurisdiction shall be punished by a fine…” Approved February 19 1869
This was one of many attacks by bankers on the Greenbacks -- public money issued by the Lincoln Administration. Public control of the money system meant banks couldn’t control it. Banking corporations wanted, as they had done prior to and after Greenbacks, to print money out of thin air and then charge interest on top of it (otherwise known as “debt money”). Banks pressured Congress in a variety of ways to delegitimize Greenbacks. This law was one such way.
FEBRUARY 20
1842 – BIRTH OF GEORG FRIEDRICH KNAPP, AUTHOR OF THE "STATE THEORY OF MONEY"
"Money is a creature of the Law…" (page 1)
“The most important achievement of economic civilizations, the chartalism (using tokens for money) of the means of payment.” (page 92)
1878 – REIGN OF POPE LEO XIII BEGINS
“On the one hand there is the party which holds the power because it holds the wealth, which has in its grasp all labor and all trade, which manipulates for its own benefit and its own purposes all the sources of supply, and which is powerfully represented in the councils of State itself. On the other side there is the needy and powerless multitude, sore and suffering. Rapacious usury, which, although more than once condemned by the Church, is nevertheless under a different form but with the same guilt, still practiced by avaricious and grasping men…so that a small number of very rich men have been able to lay upon the masses of the poor a yoke little better than slavery itself.” — Pope Leo XIII statement on usury.
FEBRUARY 21
2013 – RELEASE OF NEW VIDEO ON MONETARY REFORM IN CANADA
Monetary Reform – a simple solution to some major problems affecting everyone in society. In this short interview, William Abram explains how money is created and some solutions that will benefit everyone. http://www.positivemoney.org/2013/02/new-monetary-reform-video-from-canada/
FEBRUARY 22
1732 — BIRTH OF GEORGE WASHINGTON, FIRST PRESIDENT OF THE UNITED STATES
Washington's image is on the $1 bill, which has lost over 90% of its value since 1900. It's estimated that $100 in 2012 equals the purchasing power of $3.48 in 1900. That's a 96.4% decline. Inflation due to money printing for spending on unproductive purposes has been the major cause. The private Federal Reserve System has been the US central bank during for most of this period (since 1913).
1878 – FOUNDING OF GREENBACK-LABOR PARTY
The National (Greenback-Labor) Party was formed at a convention in Toledo, Ohio. Their platform declared that reform of the monetary system was necessary in order to "secure to the producers of wealth the results of their labor and skill, and muster out of service the vast army of idlers who, under the existing system, grow rich upon the earnings of others, that every man and woman may, by their own efforts, secure a competence, so that overgrown fortunes and extreme poverty will seldom be found within the limits of our Republic.”
---------------------------------
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 16 - 22
---------------------------------
FEBRUARY 16
1922 – BIRTH OF MARGARET DEVRIES, IMF HISTORIAN
"The extreme volatility of capital flows in response to interest rate difference or anticipation of exchange rate changes was in large part responsible for undermining the international monetary order that existed until the late 1960's."
FEBRUARY 17
1950 – TESTIMONY OF JAMES PAUL WARBURG BEFORE US SENATE
Warburg, son of Paul Warburg, the “father of the Federal Reserve," was a banker, advisor to FDR and member of the Council of Foreign Relations. Speaking before the Senate Committee on Foreign Relations, he stated: "We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest."
2020 – PRESIDENT’S DAY NATIONAL HOLIDAY IN THE US
In commemoration of today, here's what a few Oval Office occupants said about money and banking:
- John Adams: “All of the perplexities, confusion, and distress in America arises, not from the deflects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”
- Thomas Jefferson: "The bank mania is one of the most threatening of these imitations. It is raising up moneyed aristocracy in our country, which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. They have taken deep root in the hearts of that class from which our legislators are drawn..."
- Andrew Jackson: "If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations."
FEBRUARY 18
1546 – DEATH OF MARTIN LUTHER, MONK, PRIEST, KEY FIGURE IN PROTESTANT REFORMATION
Luther condemned anyone who charged usury (interest): "A thief, robber and murderer. Money is an unfruitful commodity which I cannot sell in such a way as to entitle me to a profit."
FEBRUARY 19
1473 – BIRTH OF NICOLAUS COPERNICUS, MATHEMATICIAN AND ASTRONOMER
"Among the countless evils that bring about the demise of whole states, these fours are surely the most critical: internal discord, high mortality, infertility of the soil, and deterioration of money.
The first three are so apparent that hardly anyone would contest them. The fourth evil, however, stemming from the nature of money, is noticed only by those few who think deeply, for it causes the states to crumble not at one fell swoop, but gradually, near invisibly."
1869 — CONGRESS PASSES BILL PROHIBITING USING UNITED STATES NOTES AS SECURITY OR COLLATERAL IN ANY LOAN MADE THROUGH A NATIONAL BANKING ASSOCIATION
“That no national banking association shall hereafter offer or receive United States notes or national bank notes as security or as collateral security for any loan of money…and any national banking association offending against the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof in any United States court having jurisdiction shall be punished by a fine…” Approved February 19 1869
This was one of many attacks by bankers on the Greenbacks -- public money issued by the Lincoln Administration. Public control of the money system meant banks couldn’t control it. Banking corporations wanted, as they had done prior to and after Greenbacks, to print money out of thin air and then charge interest on top of it (otherwise known as “debt money”). Banks pressured Congress in a variety of ways to delegitimize Greenbacks. This law was one such way.
FEBRUARY 20
1842 – BIRTH OF GEORG FRIEDRICH KNAPP, AUTHOR OF THE "STATE THEORY OF MONEY"
"Money is a creature of the Law…" (page 1)
“The most important achievement of economic civilizations, the chartalism (using tokens for money) of the means of payment.” (page 92)
1878 – REIGN OF POPE LEO XIII BEGINS
“On the one hand there is the party which holds the power because it holds the wealth, which has in its grasp all labor and all trade, which manipulates for its own benefit and its own purposes all the sources of supply, and which is powerfully represented in the councils of State itself. On the other side there is the needy and powerless multitude, sore and suffering. Rapacious usury, which, although more than once condemned by the Church, is nevertheless under a different form but with the same guilt, still practiced by avaricious and grasping men…so that a small number of very rich men have been able to lay upon the masses of the poor a yoke little better than slavery itself.” — Pope Leo XIII statement on usury.
FEBRUARY 21
2013 – RELEASE OF NEW VIDEO ON MONETARY REFORM IN CANADA
Monetary Reform – a simple solution to some major problems affecting everyone in society. In this short interview, William Abram explains how money is created and some solutions that will benefit everyone. http://www.positivemoney.org/2013/02/new-monetary-reform-video-from-canada/
FEBRUARY 22
1732 — BIRTH OF GEORGE WASHINGTON, FIRST PRESIDENT OF THE UNITED STATES
Washington's image is on the $1 bill, which has lost over 90% of its value since 1900. It's estimated that $100 in 2012 equals the purchasing power of $3.48 in 1900. That's a 96.4% decline. Inflation due to money printing for spending on unproductive purposes has been the major cause. The private Federal Reserve System has been the US central bank during for most of this period (since 1913).
1878 – FOUNDING OF GREENBACK-LABOR PARTY
The National (Greenback-Labor) Party was formed at a convention in Toledo, Ohio. Their platform declared that reform of the monetary system was necessary in order to "secure to the producers of wealth the results of their labor and skill, and muster out of service the vast army of idlers who, under the existing system, grow rich upon the earnings of others, that every man and woman may, by their own efforts, secure a competence, so that overgrown fortunes and extreme poverty will seldom be found within the limits of our Republic.”
---------------------------------
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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