MONETARY HISTORY CALENDAR: June 7 - 13
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Greg Coleridge
Jun 7, 2020, 9:43:02 AM6/7/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
June 7 - 13
---------------------------------
JUNE 7
2013 – PUBLISHED ARTICLE, "THE WAY MONEY IS CREATED IS AT THE ROOT OF THE ENVIRONMENTAL AND ECONOMIC CRISIS" BY BRUCE NIXON
"Do you know how our money is created? Most people don’t…
“97% of our money is created by commercial banks when they make loans, i.e. interest bearing debt…Only 3% is created in the form of notes and coins. Thus the profits of creating money go to the commercial banks rather than the public coffers…
“The current way of creating money gives the big banks enormous power…It means that the commercial banks, not our government, control one of the key levers of our economy. So it is one of the ways we let big banks subvert democracy…
“The way money is created is at the root of the environmental and economic crisis.
“Firstly, it drives unsustainable growth and consumption. Corporations must produce and sell more to pay interest and repay loans. Easy credit encourages more and more unsustainable consumption.
“Secondly, this way of creating money increases the cost of everything and fuels the nation’s escalating debt…
“We are encouraged to worship great god growth (GDP) rather than the creation of wellbeing.
“Meanwhile millions of people suffer unemployment and needless austerity through so-called “Neo-Liberal” policies, which have never worked…
“It does not have to be this way...
“There is a growing realization that fresh ideas are needed if these crises are to be avoided...
“Under proposed monetary reforms, commercial banks would be prohibited from creating money. That would be the sole responsibility of national reserve banks: to provide the money supply required for national objectives, decided by democratically elected government. Meanwhile, commercial banks would continue to fulfill their proper role of providing both the traditional bank services that individuals and businesses require and investment services…
“Ordinary people, so-called, know that something is wrong; it’s up to us to inform ourselves and demand radical reform. Otherwise governments will continue with fixes that won’t work rather than the radical change that is needed."
JUNE 8
1042 – REIGN OF KING EDWARD OF ENGLAND BEGINS
Taking any interest on loaned money was considered a sin in early England. Under King Edward’s reign, those who charged interest (usurers) were declared outlaws and banished from the country.
1809 – DEATH OF THOMAS PAINE, COLONIAL REVOLUTIONARY
Commenting on the value of colonial-issued money, the “Continental”...
"Every stone in the Bridge, that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten."
1845 – DEATH OF ANDREW JACKSON, PRESIDENT OF THE UNITED STATES
"The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people, should they be deluded into a perpetuation of this institution or the establishment of another like it."
"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."
JUNE 9
2014 – PUBLICATION OF REPORT "WHO PAYS FOR BANK REGULATION" BY GOLDMAN SACHS CORPORATION
"In the wake of the financial crisis, a wide range of new and revised rules, regulations and practices have been imposed on the US banking industry. While many of these steps are designed to strengthen the safety and soundness of the banking system, they also act as a tax on banks: by changing relative prices, regulation makes some activities more expensive and others cheaper…While there is some added subtlety to the results of our analysis, we find in general that low-income consumers and small businesses – which generally have fewer or less effective alternatives to bank credit – have paid the largest price for increased bank regulation."
How thoughtful of Goldman Sachs corporate leadership to be concerned about the plight of low-income consumers and small businesses in banking reform. One wonders if the corporation, which Rolling Stone's Matt Taibbi called the "great vampire squid" for its ability to suck money instead of blood, had similar sympathies when it received $12.9 billion in bailout money related to AIG, or an additional $10 billion in federal TARP bailout funds (which shortly afterwards in the later case they decided to pay 953 employees bonuses of at least $1 million) -- all of which served to increase its own economic solvency and political power. Goldman Sachs' political power is demonstrated by its $5.8 million in political contributions/investments and $3.2 million in lobbying during the 2016 election cycle -- funds used to water down or gut existing financial regulations. It's this political influence, and the influence of other financial corporations, that also makes it nearly impossible to promote real monetary reform in Congress.
2018 – "A VOTE TO END BANKING AS WE KNOW IT?" POSTED ARTICLE BY HOWARD SWITZER
"Would such a policy upend banking as we know it? Many bankers are unaware of how the money system works as well and are fearful of any change in the system despite this actually only amounting to a small change in bookkeeping rules. However, in general the banks would gain just as the people and their government would gain as prosperity would be the natural result of such policy. Banks would operate as people believe they do so “banking as we know it” would not actually change. What would change is the ability of government to fund ways for the needed goods and services that polls have shown for decades what the people want; healthcare, education, a 21st century energy and transportation infrastructure and the re-building of the local food networks and economies where we all live."
http://www.alpheus.org/a-vote-to-upend-banking-as-we-know-it/?fbclid=IwAR1j13Cy0IYchXFnblJpg4m3jF0YHRB99v5pgxcs-g6G3cplwBA8geDXvfo
JUNE 10
1751 – BRITISH CURRENCY ACT PASSES
“The Act restricted New England colonies from creating paper money The colonies had issued paper fiat money known as "bills of credit" to help pay for the French and Indian Wars. The Act limited future issuance of bills of credit to certain circumstances (i.e. to pay public debts, such as taxes, but not private debts, such as to merchants).”
The issuance of paper money by colonies helped them prosper and become less economically depenent on the British. www.landofthebrave.info/1751-currency-act-words-and-text.htm
1932 – SPEECH BY LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE ON THE FLOOR OF CONGRESS
“The Federal Reserve (Banks) are one of the most corrupt institutions the world has ever seen…What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson’s day must be fought over again… The Federal Reserve Act should be repealed and the Federal Reserve Banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.”
2018 – SWISS VOTE ON RADICAL REFORM OF MONETARY SYSTEM
From a Press release Sunday, 10th June 2018
“A respectable result for the Sovereign Money Initiative (Vollgeld-initiative)”
“Despite the campaign of confusion and fear run by our opponents and the misinformation provided by the Federal Council and the Swiss National Bank, an estimated 26% voted for the Sovereign Money Initiative. This is a respectable outcome and shows that many Swiss people have realised that the creation of money by private commercial banks leads to numerous problems.
“The thousands of volunteers deserve recognition for their commitment, which has led to this respectable result. The people bringing the initiative naturally acknowledge the result of the referendum. However, from the viewpoint of the MoMo (the association behind the initiative), the referendum is only the starting point for a fundamental discussion about our monetary system. The two SRG polls taken before the referendum clearly showed that the majority of people do not want private commercial banks to create our Swiss francs, but rather, the Swiss National Bank should have this responsibility. Despite this being the goal of the Sovereign Money Initiative, the initiative did not win a majority. Due to limited resources and the complexity of the matter, the committee of the Sovereign Money Initiative has obviously not been able to provide the public with sufficient information. Additionally the fear campaign run by banking lobbyists contributed to the final result.
JUNE 11
2009 – POSTING ON "TAKE DOWN THE INTERNATIONAL MONETARY FUND" BLOG ENTITLED, "REFORM IS NECESSARY"
“The International Monetary Fund is a ploy for Western democracies to spread their influence and control over developing nations. Claiming to be philanthropic and economically supportive by providing loans, the IMF simply doles out Western currency in the form of loans with high interest rates to developing nations who could never possibly pay them back. This creates an unfair economic dependency of developing nations on Western countries.”
JUNE 12
2013 – "HISTORY TEACHES THAT WE HAVE THE POWER TO TRANSFORM THE NATION, HERE'S HOW,” ARTICLE PUBLISHED
“To achieve transformational change, we must proceed on two tracks: protesting what we oppose, and building alternative systems to create the world we want to see…
“Currently, people are building economic democracy - including worker-owned cooperatives, participatory budgeting, community supported agriculture, farmer’s markets, community banks and credit unions as well as local currencies and local investment networks, community land trusts, and more – so that people can strengthen their communities. In time, of course, national policies will need to be changed as well, in order to, for example: establish an open and transparent Federal Reserve that is democratically accountable, public rather than private creation of money, the end of corporate personhood, public funding of public campaigns, a new energy economy where every home, business and community uses energy efficiently and produces energy, the end of the destructive extraction economy, and so much more.”
https://www.popularresistance.org/history-teaches-that-we-have-the-power-to-transform-the-nation-heres-how/
JUNE 13
1933 – CONGRESSIONAL PASSAGE OF GLASS-STEAGALL ACT
Actual title was Banking Act of 1933. President Roosevelt signed it on June 16. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999.
2014 – "TO THE FUTURE PRIME MINISTER OF THE UK" BLOG POST CALLS FOR DEMOCRATIC MONEY CREATION
“To the future Prime Minister of the UK:
The same banks that caused the financial crisis currently have the power to create 97% of the UK’s money. They’ve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now they’re back to their old ways.
We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks.
When new money is created, it should be used to fund vital public services or provide finance to businesses, creating jobs where they’re needed, instead of being used to push up house prices or speculate on the financial markets.”
http://www.positivemoney.org/?mailing=1 / https://thomasattwood.wordpress.com/page/5/
---------------------------------
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/
June 7 - 13
---------------------------------
JUNE 7
2013 – PUBLISHED ARTICLE, "THE WAY MONEY IS CREATED IS AT THE ROOT OF THE ENVIRONMENTAL AND ECONOMIC CRISIS" BY BRUCE NIXON
"Do you know how our money is created? Most people don’t…
“97% of our money is created by commercial banks when they make loans, i.e. interest bearing debt…Only 3% is created in the form of notes and coins. Thus the profits of creating money go to the commercial banks rather than the public coffers…
“The current way of creating money gives the big banks enormous power…It means that the commercial banks, not our government, control one of the key levers of our economy. So it is one of the ways we let big banks subvert democracy…
“The way money is created is at the root of the environmental and economic crisis.
“Firstly, it drives unsustainable growth and consumption. Corporations must produce and sell more to pay interest and repay loans. Easy credit encourages more and more unsustainable consumption.
“Secondly, this way of creating money increases the cost of everything and fuels the nation’s escalating debt…
“We are encouraged to worship great god growth (GDP) rather than the creation of wellbeing.
“Meanwhile millions of people suffer unemployment and needless austerity through so-called “Neo-Liberal” policies, which have never worked…
“It does not have to be this way...
“There is a growing realization that fresh ideas are needed if these crises are to be avoided...
“Under proposed monetary reforms, commercial banks would be prohibited from creating money. That would be the sole responsibility of national reserve banks: to provide the money supply required for national objectives, decided by democratically elected government. Meanwhile, commercial banks would continue to fulfill their proper role of providing both the traditional bank services that individuals and businesses require and investment services…
“Ordinary people, so-called, know that something is wrong; it’s up to us to inform ourselves and demand radical reform. Otherwise governments will continue with fixes that won’t work rather than the radical change that is needed."
JUNE 8
1042 – REIGN OF KING EDWARD OF ENGLAND BEGINS
Taking any interest on loaned money was considered a sin in early England. Under King Edward’s reign, those who charged interest (usurers) were declared outlaws and banished from the country.
1809 – DEATH OF THOMAS PAINE, COLONIAL REVOLUTIONARY
Commenting on the value of colonial-issued money, the “Continental”...
"Every stone in the Bridge, that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten."
1845 – DEATH OF ANDREW JACKSON, PRESIDENT OF THE UNITED STATES
"The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people, should they be deluded into a perpetuation of this institution or the establishment of another like it."
"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."
JUNE 9
2014 – PUBLICATION OF REPORT "WHO PAYS FOR BANK REGULATION" BY GOLDMAN SACHS CORPORATION
"In the wake of the financial crisis, a wide range of new and revised rules, regulations and practices have been imposed on the US banking industry. While many of these steps are designed to strengthen the safety and soundness of the banking system, they also act as a tax on banks: by changing relative prices, regulation makes some activities more expensive and others cheaper…While there is some added subtlety to the results of our analysis, we find in general that low-income consumers and small businesses – which generally have fewer or less effective alternatives to bank credit – have paid the largest price for increased bank regulation."
How thoughtful of Goldman Sachs corporate leadership to be concerned about the plight of low-income consumers and small businesses in banking reform. One wonders if the corporation, which Rolling Stone's Matt Taibbi called the "great vampire squid" for its ability to suck money instead of blood, had similar sympathies when it received $12.9 billion in bailout money related to AIG, or an additional $10 billion in federal TARP bailout funds (which shortly afterwards in the later case they decided to pay 953 employees bonuses of at least $1 million) -- all of which served to increase its own economic solvency and political power. Goldman Sachs' political power is demonstrated by its $5.8 million in political contributions/investments and $3.2 million in lobbying during the 2016 election cycle -- funds used to water down or gut existing financial regulations. It's this political influence, and the influence of other financial corporations, that also makes it nearly impossible to promote real monetary reform in Congress.
2018 – "A VOTE TO END BANKING AS WE KNOW IT?" POSTED ARTICLE BY HOWARD SWITZER
"Would such a policy upend banking as we know it? Many bankers are unaware of how the money system works as well and are fearful of any change in the system despite this actually only amounting to a small change in bookkeeping rules. However, in general the banks would gain just as the people and their government would gain as prosperity would be the natural result of such policy. Banks would operate as people believe they do so “banking as we know it” would not actually change. What would change is the ability of government to fund ways for the needed goods and services that polls have shown for decades what the people want; healthcare, education, a 21st century energy and transportation infrastructure and the re-building of the local food networks and economies where we all live."
http://www.alpheus.org/a-vote-to-upend-banking-as-we-know-it/?fbclid=IwAR1j13Cy0IYchXFnblJpg4m3jF0YHRB99v5pgxcs-g6G3cplwBA8geDXvfo
JUNE 10
1751 – BRITISH CURRENCY ACT PASSES
“The Act restricted New England colonies from creating paper money The colonies had issued paper fiat money known as "bills of credit" to help pay for the French and Indian Wars. The Act limited future issuance of bills of credit to certain circumstances (i.e. to pay public debts, such as taxes, but not private debts, such as to merchants).”
The issuance of paper money by colonies helped them prosper and become less economically depenent on the British. www.landofthebrave.info/1751-currency-act-words-and-text.htm
1932 – SPEECH BY LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE ON THE FLOOR OF CONGRESS
“The Federal Reserve (Banks) are one of the most corrupt institutions the world has ever seen…What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson’s day must be fought over again… The Federal Reserve Act should be repealed and the Federal Reserve Banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.”
2018 – SWISS VOTE ON RADICAL REFORM OF MONETARY SYSTEM
From a Press release Sunday, 10th June 2018
“A respectable result for the Sovereign Money Initiative (Vollgeld-initiative)”
“Despite the campaign of confusion and fear run by our opponents and the misinformation provided by the Federal Council and the Swiss National Bank, an estimated 26% voted for the Sovereign Money Initiative. This is a respectable outcome and shows that many Swiss people have realised that the creation of money by private commercial banks leads to numerous problems.
“The thousands of volunteers deserve recognition for their commitment, which has led to this respectable result. The people bringing the initiative naturally acknowledge the result of the referendum. However, from the viewpoint of the MoMo (the association behind the initiative), the referendum is only the starting point for a fundamental discussion about our monetary system. The two SRG polls taken before the referendum clearly showed that the majority of people do not want private commercial banks to create our Swiss francs, but rather, the Swiss National Bank should have this responsibility. Despite this being the goal of the Sovereign Money Initiative, the initiative did not win a majority. Due to limited resources and the complexity of the matter, the committee of the Sovereign Money Initiative has obviously not been able to provide the public with sufficient information. Additionally the fear campaign run by banking lobbyists contributed to the final result.
JUNE 11
2009 – POSTING ON "TAKE DOWN THE INTERNATIONAL MONETARY FUND" BLOG ENTITLED, "REFORM IS NECESSARY"
“The International Monetary Fund is a ploy for Western democracies to spread their influence and control over developing nations. Claiming to be philanthropic and economically supportive by providing loans, the IMF simply doles out Western currency in the form of loans with high interest rates to developing nations who could never possibly pay them back. This creates an unfair economic dependency of developing nations on Western countries.”
JUNE 12
2013 – "HISTORY TEACHES THAT WE HAVE THE POWER TO TRANSFORM THE NATION, HERE'S HOW,” ARTICLE PUBLISHED
“To achieve transformational change, we must proceed on two tracks: protesting what we oppose, and building alternative systems to create the world we want to see…
“Currently, people are building economic democracy - including worker-owned cooperatives, participatory budgeting, community supported agriculture, farmer’s markets, community banks and credit unions as well as local currencies and local investment networks, community land trusts, and more – so that people can strengthen their communities. In time, of course, national policies will need to be changed as well, in order to, for example: establish an open and transparent Federal Reserve that is democratically accountable, public rather than private creation of money, the end of corporate personhood, public funding of public campaigns, a new energy economy where every home, business and community uses energy efficiently and produces energy, the end of the destructive extraction economy, and so much more.”
https://www.popularresistance.org/history-teaches-that-we-have-the-power-to-transform-the-nation-heres-how/
JUNE 13
1933 – CONGRESSIONAL PASSAGE OF GLASS-STEAGALL ACT
Actual title was Banking Act of 1933. President Roosevelt signed it on June 16. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999.
2014 – "TO THE FUTURE PRIME MINISTER OF THE UK" BLOG POST CALLS FOR DEMOCRATIC MONEY CREATION
“To the future Prime Minister of the UK:
The same banks that caused the financial crisis currently have the power to create 97% of the UK’s money. They’ve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now they’re back to their old ways.
We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks.
When new money is created, it should be used to fund vital public services or provide finance to businesses, creating jobs where they’re needed, instead of being used to push up house prices or speculate on the financial markets.”
http://www.positivemoney.org/?mailing=1 / https://thomasattwood.wordpress.com/page/5/
---------------------------------
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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