MONETARY HISTORY CALENDAR: July 19 - 25
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Greg Coleridge
Jul 19, 2020, 8:58:58 AM7/19/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
July 19 - 25
--------------------------------
JULY 19
1844 – PASSAGE OF BANK CHARTER ACT BY BRITISH PARLIAMENT
The Act curtailed and eventually ended the right of banks to issue banknotes. The right to issue paper money became the sole authority of the Bank of England. NOTE: They could still create money via lending (fractional reserve lending).
2013 – PUBLISHED ARTICLE, THE PUBLIC VS. PRIVATE DIALECTIC, OR: MONEY AS PART OF THE COMMONS" BY ANTHONY MIGCHELS
"Surely it’s a no-brainer to say that the Government at this stage must urgently retake the monopoly on currency from the Money Power. The US Government pays 450 billion per year in interest payments to international banks and other Governments to service its National Debt. With the BIS now openly calling for higher interest rates it will quickly get much worse. Government money allows for a reasonable financing of the State and is the very least monetary reform should aim for.
But to say something is better is not to say something is ideal. And Government money can be designed in good and bad ways. The good ways decentralize power, the bad ways centralize power..."
2015 – ARTICLE “THE FEDERAL RESERVE – WHICH CREATED QUANTITATIVE EASING – ADMITS QE DOESN’T WORK.”
Stephen Williamson, the Vice President of the Federal Reserve Bank of St Louis, writes in a new Fed white paper published on July 9 the following:
“There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation.
“Thus, the Fed’s forward guidance experiments after the Great Recession would seem to have done more to sow confusion than to clarify the Fed’s policy rule.”
JULY 20
1903 – DEATH OF POPE LEO XIII
“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.”
- Statement on usury, 1898
JULY 21
1899 – BIRTH OF ERNEST HEMINGWAY, AUTHOR
"How did you go bankrupt?"
"Two ways. Gradually, then suddenly."
From The Sun Also Rises
[The same may be true of our nation today.]
1911 -- DEATH OF MARSHALL MCLUHAN, CANDADIAN PHILOSOPHER OF COMMUNICATION THEORY
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
Exactly. The general public is unwilling or unable to believe that the vast majority of the money of our nation isn’t created by our public government, but by private financial entities out of thin air as debt.
2010 – PRESIDENT OBAMA SIGNS THE “DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT”
“…Dodd-Frank does not solve the TBTF (“too big to fail” financial institutions) problem. Congress did not adequately strengthen statutory limits on the ability of large complex financial institutions ("LCFIs") to grow through mergers and acquisitions. The enhanced prudential standards to be imposed on SIFIs under Dodd-Frank rely heavily on capital-based regulation, which has repeatedly failed to prevent financial crises in the past. Moreover, the success of Dodd-Frank's supervisory reforms will depend heavily on many of the same federal agencies that failed to stop excessive risk-taking by LCFIs in the past and, in the process, showed their vulnerability to political influence wielded by LCFIs and their trade associations.”
https://scholarship.law.gwu.edu/faculty_publications/985/
2011 – REPORT BY US SENATOR BERNIE SANDERS ON AUDIT OF THE US FEDERAL RESERVE
“The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. ‘This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else.’ “
http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit
JULY 22
1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48.
"Once a nation parts with the control of its currency and credit, it matters not who makes the nations’ laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile.... The Liberal Party believes that credit is a public matter, not of interest to bankers only, but of direct concern to every citizen. The Liberal Party declares itself in favor of the immediate establishment of a duly constituted national bank for the control of the issue of money in terms of public needs. The flow of money must be in relation with the domestic, social, and industrial needs of the Canadian people...If my party is returned to power, we shall make good our monetary policy in the greatest battle between the money power and the people Canada has ever seen." Mackenzie King won re-election. The private Bank of Canada, which had been a private corporation, was converted to a "Crown Corporation," belonging to the people of Canada.
2012 – PUBLISHED ARTICLE IN BLOOMBERGVIEW BY NEIL BAROVSKY, FORMER TROUBLED ASSETS RELIEF PROGRAM (TARP) INSPECTOR GENERAL
“Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.”
[The same captured politicians by the banking corporations prevents any serious monetary reform – and will no doubt continue until banking corporations and, in fact, all corporations no longer possess the inalienable first amendment constitutional “right to free speech” to lobby and donate/invest in elections]
2015 – TALK BY CONGRESSMAN JEB HENSARLING (R, TEXAS) ON THE FAILURE OF THE POST-FINANCIAL IMPLOSION DODD-FRANK “REFORM”
“The Dodd-Frank architecture, first of all, has made us less financially stable,” he said. “Since the passage of Dodd-Frank, the big banks are bigger and the small banks are fewer. But because Washington can control a handful of big established firms much easier than many small and zealous competitors, this is likely an intended consequence of the Act. Dodd-Frank concentrates greater assets in fewer institutions. It codifies into law ‘Too Big to Fail’ and taxpayer-funded bailouts.”
http://www.mpamag.com/news/on-its-fifth-anniversary-hensarling-slams-doddfrank-23302.aspx
JULY 23
2012 – PUBLISHED ARTICLE, “SEVEN LARGEST U.S. BANKS HAVE CREATED THOUSANDS OF SUBSIDIARIES TO AVOID TAXES: FED REPORT”
“America's seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.”
JULY 24
1862 – DEATH OF MARTIN VAN BUREN, 8TH PRESIDENT OF THE UNITED STATES
"It can only be when the agriculturalists abandon the implements and the field of their labor and become, with those who now assist them, shopkeepers, manufacturers, carriers, and traders, that the Republic will be brought in danger of the influences of the MONEY POWER"
2012 – COMMENTS BY NEIL BAROFKSY, FORMER INSPECTOR GENERAL OF THE TROUBLED ASSETS RELIEF PROGRAM (TARP)
Neil Barofksy says on "Morning Joe" on MSNBC that Treasury Secretary Timothy Geithner said that the Treasury Department's housing policies were "Foaming The Runway For The Banks." More TARP money went to help American Express than all the struggling homeowners.
JULY 25
1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people of the United States for the benefit of themselves and their foreign customers...The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."
--------------------------------
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 19 - 25
--------------------------------
JULY 19
1844 – PASSAGE OF BANK CHARTER ACT BY BRITISH PARLIAMENT
The Act curtailed and eventually ended the right of banks to issue banknotes. The right to issue paper money became the sole authority of the Bank of England. NOTE: They could still create money via lending (fractional reserve lending).
2013 – PUBLISHED ARTICLE, THE PUBLIC VS. PRIVATE DIALECTIC, OR: MONEY AS PART OF THE COMMONS" BY ANTHONY MIGCHELS
"Surely it’s a no-brainer to say that the Government at this stage must urgently retake the monopoly on currency from the Money Power. The US Government pays 450 billion per year in interest payments to international banks and other Governments to service its National Debt. With the BIS now openly calling for higher interest rates it will quickly get much worse. Government money allows for a reasonable financing of the State and is the very least monetary reform should aim for.
But to say something is better is not to say something is ideal. And Government money can be designed in good and bad ways. The good ways decentralize power, the bad ways centralize power..."
2015 – ARTICLE “THE FEDERAL RESERVE – WHICH CREATED QUANTITATIVE EASING – ADMITS QE DOESN’T WORK.”
Stephen Williamson, the Vice President of the Federal Reserve Bank of St Louis, writes in a new Fed white paper published on July 9 the following:
“There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation.
“Thus, the Fed’s forward guidance experiments after the Great Recession would seem to have done more to sow confusion than to clarify the Fed’s policy rule.”
JULY 20
1903 – DEATH OF POPE LEO XIII
“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.”
- Statement on usury, 1898
JULY 21
1899 – BIRTH OF ERNEST HEMINGWAY, AUTHOR
"How did you go bankrupt?"
"Two ways. Gradually, then suddenly."
From The Sun Also Rises
[The same may be true of our nation today.]
1911 -- DEATH OF MARSHALL MCLUHAN, CANDADIAN PHILOSOPHER OF COMMUNICATION THEORY
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
Exactly. The general public is unwilling or unable to believe that the vast majority of the money of our nation isn’t created by our public government, but by private financial entities out of thin air as debt.
2010 – PRESIDENT OBAMA SIGNS THE “DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT”
“…Dodd-Frank does not solve the TBTF (“too big to fail” financial institutions) problem. Congress did not adequately strengthen statutory limits on the ability of large complex financial institutions ("LCFIs") to grow through mergers and acquisitions. The enhanced prudential standards to be imposed on SIFIs under Dodd-Frank rely heavily on capital-based regulation, which has repeatedly failed to prevent financial crises in the past. Moreover, the success of Dodd-Frank's supervisory reforms will depend heavily on many of the same federal agencies that failed to stop excessive risk-taking by LCFIs in the past and, in the process, showed their vulnerability to political influence wielded by LCFIs and their trade associations.”
https://scholarship.law.gwu.edu/faculty_publications/985/
2011 – REPORT BY US SENATOR BERNIE SANDERS ON AUDIT OF THE US FEDERAL RESERVE
“The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. ‘This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else.’ “
http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit
JULY 22
1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48.
"Once a nation parts with the control of its currency and credit, it matters not who makes the nations’ laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile.... The Liberal Party believes that credit is a public matter, not of interest to bankers only, but of direct concern to every citizen. The Liberal Party declares itself in favor of the immediate establishment of a duly constituted national bank for the control of the issue of money in terms of public needs. The flow of money must be in relation with the domestic, social, and industrial needs of the Canadian people...If my party is returned to power, we shall make good our monetary policy in the greatest battle between the money power and the people Canada has ever seen." Mackenzie King won re-election. The private Bank of Canada, which had been a private corporation, was converted to a "Crown Corporation," belonging to the people of Canada.
2012 – PUBLISHED ARTICLE IN BLOOMBERGVIEW BY NEIL BAROVSKY, FORMER TROUBLED ASSETS RELIEF PROGRAM (TARP) INSPECTOR GENERAL
“Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.”
[The same captured politicians by the banking corporations prevents any serious monetary reform – and will no doubt continue until banking corporations and, in fact, all corporations no longer possess the inalienable first amendment constitutional “right to free speech” to lobby and donate/invest in elections]
2015 – TALK BY CONGRESSMAN JEB HENSARLING (R, TEXAS) ON THE FAILURE OF THE POST-FINANCIAL IMPLOSION DODD-FRANK “REFORM”
“The Dodd-Frank architecture, first of all, has made us less financially stable,” he said. “Since the passage of Dodd-Frank, the big banks are bigger and the small banks are fewer. But because Washington can control a handful of big established firms much easier than many small and zealous competitors, this is likely an intended consequence of the Act. Dodd-Frank concentrates greater assets in fewer institutions. It codifies into law ‘Too Big to Fail’ and taxpayer-funded bailouts.”
http://www.mpamag.com/news/on-its-fifth-anniversary-hensarling-slams-doddfrank-23302.aspx
JULY 23
2012 – PUBLISHED ARTICLE, “SEVEN LARGEST U.S. BANKS HAVE CREATED THOUSANDS OF SUBSIDIARIES TO AVOID TAXES: FED REPORT”
“America's seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.”
JULY 24
1862 – DEATH OF MARTIN VAN BUREN, 8TH PRESIDENT OF THE UNITED STATES
"It can only be when the agriculturalists abandon the implements and the field of their labor and become, with those who now assist them, shopkeepers, manufacturers, carriers, and traders, that the Republic will be brought in danger of the influences of the MONEY POWER"
2012 – COMMENTS BY NEIL BAROFKSY, FORMER INSPECTOR GENERAL OF THE TROUBLED ASSETS RELIEF PROGRAM (TARP)
Neil Barofksy says on "Morning Joe" on MSNBC that Treasury Secretary Timothy Geithner said that the Treasury Department's housing policies were "Foaming The Runway For The Banks." More TARP money went to help American Express than all the struggling homeowners.
JULY 25
1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people of the United States for the benefit of themselves and their foreign customers...The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."
--------------------------------
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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