MONETARY HISTORY CALENDAR August 20 – 24

Posted 09/04/2014 by demovrcorps
Categories: Uncategorized

AUGUST 20

1935 – BIRTH OF RON PAUL, FORMER US CONGRESSMAN
Referring to the Federal Reserve, he stated, “maybe there’s too much power in the hands of those who control monetary policy?  The power to create the financial bubbles.  The power to maybe bring the bubble about.  The power to change the value of the stock market within minutes.  That to me is just an ominous power and challenges the whole concept of freedom and liberty and sound money.”

AUGUST 21

1824 –  DEATH OF JOHN TAYLOR OF CAROLINE, US SENATOR OF VIRGINIA IN THE 19TH CENTURY
“As we all know that a regular influx of wealth, from a majority to a minority, is a regular influx of power, the United States ought to estimate the quantity of each, they are pouring into a banking interest. If no new banks should be created afer 1808, nor the acquisition of the old increased, the five millions annually collected by the existing banks, at compound interest carry from the public to the corporations, in twenty years, above one hundred and eighty-four millions of dollars. Here is already a vast current of money and power running one way…”

AUGUST 23

1935 – PASSAGE OF BANKING ACT
The law made the FDIC a permanent agency and raised the deposit insurance level to $5,000.
The Federal Reserve System was reformed with the transformation of the Federal Reserve Board of Directors to the Board of Governors. All board members were appointed by the President with the advice and consent of the Senate and the term of service was expanded to 14 years. Open-market operations were formalized in the Federal Open Market Committee and the Governors were allowed to determine interest rates and bank reserve requirements. These “reforms,” however, were window dressing. The power and authority to issue money as debt was retained in the hands of the private Federal Reserve and private banking corporations. Keeping reserve requirement decisions in the hands of the Fed only invited speculation and risk (reserve requirements are the ratio of money banks lend in excess of money they actually possess “in reserve” to cover loans. Banks loan many times the amount of funds in their reserve).

AUGUST 24

1916 – BIRTH OF ROBERT DE FREMERY, AUTHOR, RIGHTS VS PRIVILEGES
“It is not obvious that there are serious defects in our banking system and our tax system that deprive most of us of fundamental rights and bestow enormous privileges on others? How many riots must we endure?  How many prisons must we build?  How many of our rights must we lose?  How many of our young people must be sent away to fight in foreign wars before we decide that enough is enough?”

1922 – BIRTH OF HOWARD ZINN, AUTHOR, PEOPLE’S HISTORY OF THE UNITED STATES
In response to the announcement that the Obama administration was going to give billions of tax dollars to the financial industry, he said:
“They’re really dedicated to keeping the financial system, which doesn’t mean us, doesn’t mean the people; it means the bankers, the banking industry, the lenders, the insurance companies keeping them afloat by giving them hundreds and hundreds of billions of dollars. Now, it’s amusing to me to see that suddenly, in this past week or so, there’s been this flurry of anger about the fact that some of these companies that have been given hundreds of billions of dollars are giving out several hundred millions in bonuses. And Obama has I think very cleverly joined the indignation against the bonuses. But, after all, these hundreds of millions of dollars in bonuses come out of the hundreds of billions that have been given to these financial institutions. So instead of pointing to that, to this huge bailout, Obama and other people and this goes for the press too, the media — the media have seized upon it, television, newspapers all indignant and congressmen all indignant about the hundreds of millions of bonuses. Well, what about the hundreds of billions, leading up to trillions, really, given to the banks?”

Visible steps in Washington toward a Constitutional amendment

Posted 07/08/2014 by demovrcorps
Categories: Uncategorized

Visible steps in Washington toward a Constitutional amendment that will reverse the Supreme Court’s Citizens United decision are welcome.

Last month Senator Durbin’s Subcommittee on The Constitution, Civil Rights and Human Rights approved a modified version of the Udall amendment proposal (Senate Bill 19). The original proposal addressed the “money in politics” matter by specifying that campaign contributions are not speech protected by the First Amendment, but fails to address the more general matter of “corporate personhood.” As pointed out in the attached Steering Committee notes, the Durbin modification does touch on this latter issue, but not in a direct way that Move To Amend (MTA) favors (House Joint Resolution 29). See an MTA letter at the following website: https://movetoamend.org/action-alert-contact-senate-subcommittee-constitution-civil-rights-and-human-rights-june-13.

At the local level, two County Democratic Party Committees have now adopted resolutions favoring amendment, namely Morgan County and Gallia County (not Athens!). People are urged to contact their local committee reps, of either party, urging their adoption of similar resolutions. (To find out who your rep is, contact the election board in your county.)

 

John Howell, DOC Coordinator

 

PS: If you would like to read arguments against the amendment proposals above, go to http://www.heritage.org/research/reports/2014/06/amending-the-first-amendment-how-the-campaign-finance-amendment-will-silence-free-speech. To my mind they boil down to the argument that limitation on campaign spending favor incumbents. Some truth perhaps, but the imbalance that now favors the wealthy seems far greater than the imbalance of incumbency under conditions where all voices can be heard without being drowned out by the voice of big money. The argument also made by the Heritage Foundation article, namely that any restriction on free speech is unacceptable, cannot be taken seriously. Speech is restricted already in ways that are not contested, i.e., don’t yell “fire” in a theater, speak the truth under oath, etc. The consequences of speech restrictions matter.

MONETARY HISTORY CALENDAR June 24 – July 6

Posted 07/07/2014 by demovrcorps
Categories: Uncategorized

JUNE 24

1996 – LEWIS V UNITED STATES (AMENDED DECISION OF THE US COURT OF APPEALS, NINTH CIRCUIT)
“Federal reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors. Federal Reserve banks…are locally controlled by their member banks; banks are listed neither as “wholly owned” government corporations nor as “mixed ownership” corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .”

1946 – BIRTH OF ROBERT REICH, FORMER US LABOR SECRETARY
“The dirty little secret is that both houses of Congress are irrelevant.  … America’s domestic policy is now being run by Alan Greenspan and the Federal Reserve…America’s foreign policy, meanwhile, is now being run by the International Monetary Fund [IMF] with some coaching from the Treasury Department.”

JUNE 25

2007 – STATEMENT BY SHEILA BAIR, FORMER HEAD OF THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
“There are strong reasons for believing that banks left to their own devices would maintain less capital — not more — than would be prudent. The fact is, banks do benefit from implicit and explicit government safety nets…In short, regulators can’t leave capital decisions totally to the banks.” Bair cautioned against lowering the capital requirements of banks (the amount of money banks have to hold compared to their loans).

JUNE 27

1836 – STATEMENT BY JOHN C. CALHOUN, FORMER US VICE-PRESIDENT
“A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.”

JUNE 29

1858 – DEATH OF EDWARD KELLOGG, BUSINESSMAN AND ECONOMIST. HIS IDEAS INFLUENCED THE POLICIES OF THE POPULIST AND GREENBACK PARTIES
“Legal value belongs to anything which represents actual value, or capital. Its existence depends upon actual value. The worth of things of legal value depends upon their capability to be exchanged for things of actual value. Since money is our monetary system is created as debt, the ‘legal value’ of money includes both the principal debt and interest — which exceeds the ‘actual value’ of a nation’s real wealth or claims on collateral at any point in time. The only means to close this gap and cover interest payments is to create additional collateral (goods and services) via economic growth. Of course, this additional debt-based money used to pay the previous interest has its own interest. Thus the downward debt cycle never ends until it collapses.”

JUNE 30

1812 – FIRST US TREASURY NOTES AUTHORIZED BY THE UNITED STATES CONGRESS
Treasury notes are promise to pay notes to borrowers to raise revenue. The US needed funds to fund the War of 1812. Rather than print US money (such as “Continentals” – an interest- and debt-free money issued by the Continental Congress to pay for the Revolutionary War), the US government followed a different course – to issue notes to borrowers with promises to pay the principal with interest at a later date. The original interest rate was 5.4%. Wars cause indebtedness. Bankers like wars since they create financial dependency of nations to bankers. Thomas Edison would later say about Treasury bonds, “If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good…”

2005 – PUBLICATION OF “A MATTER OF INTEREST” BY WILLIAM HIXSON, CANADIAN ECONOMIST
“The very idea of a government that can create money for itself, allowing banks to create money that the government then borrows, and pays interest on, is so preposterous that it staggers the imagination. Either everyone in government in charge of the procedure is lacking in intelligence or they have been bought and paid for by those who profit from their skullduggery and their infidelity to the public interest.”

JUNE (not certain of exact date)

1992- UPDATED PUBLICATION OF MODERN MONEY MECHANICS BY THE FEDERAL RESERVE BANK OF CHICAGO
“The actual process of money creation takes place in commercial banks. Banks can build up deposits by increasing loans and investments…This unique attribute of the banking business was discovered several centuries ago…At one time, bankers were merely middlemen. They made a profit by accepting gold and coins for safekeeping and lending them to borrowers. But they soon found that the receipts (bank notes or IOUs) they issued were being used as if they were a means of payment. These receipts were acceptable as if they were money since whoever held them could go to the banker and exchange them for metallic money…Then bankers discovered…that they could make loans merely by giving borrowers their promises to pay (bank notes). In this way banks began to create money…More notes (IOUs) could be issued than the gold and coin on hand, because only a portion of the notes outstanding would be presented for payment at any one time…Demand deposits (checks) are the modern counterpart of bank notes. It was a small step from printing notes to making book entries to the credit of borrowers, which the borrowers in turn, could ‘spend’ by writing checks.”

JULY 1

1818 – SECOND NATIONAL BANK OF US TRIGGERS RECESSION/DEPRESSION
The Second National Bank of the United States (a private financial institution) on this day reversed its financial course from monetary expansion to contraction. They called in loans and cut future loans. They required payments from state banks in gold alone. This caused deflation, leading to a two-year recession/depression – called the “Panic of 1819.” This is what happens time and again when private financial corporations control a nation’s money system instead of We the People through their government.

1944 – BRETTON WOODS CONFERENCE BEGINS
The United Nations Monetary and Financial Conference, known as the Bretton Woods Conference was a meeting of 44 Allied nations in New Hampshire, where the International Monetary Fund (IMF) and World Bank were created. Participant nations agreed to fix their currencies to a set value of gold. Debtor nations were to be helped with payments. The actual program was the use of loans (to be paid back with interest) to create political and economic dependence to loaning countries and their bankers. Agreements to receive further loans were often conditioned on “Structural Adjustment Programs” which called for privatization/corporatization of public services, wage cuts and perversion of economies to service debt payments.

1967 – US POSTAL SAVING SYSTEM ENDS
Because of opposition from the commercial banks the postal savings system does not develop in a substantial way. The United States Postal Savings System was a postal savings system operated by the United States Postal Service from January 1, 1911 until July 1, 1967

1983 – DEATH OF BUCKMINSTER FULLER, US ARCHITECT, SYSTEMS THEORIST, AUTHOR, DESIGNER, INVENTOR AND FUTURIST
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
This is what proponents of a democratic monetary system are doing – calling for the creation of US money (rather than borrowing from banks) to rebuild our national infrastructure, democratizing the Federal Reserve system, eliminating “fractional reserve banking” (which allows banks to loan out more than their deposits) and other provisions.

JULY 2

1787 – LETTER TO JAMES MADISON FROM GOUVENEUR MORRIS, ONE OF THE PRIMARY ARCHITECTS OF THE US CONSTITUTION
In describing the motives of the owners of the new Bank of North America, Morris stated,
“The rich will strive to establish their dominion and enslave the rest. They always did. They always will…They will have the same effect here as elsewhere, if we do not, by [the power of] government, keep them in their proper spheres.”

1881 – PRESIDENT JAMES A. GARFIELD SHOT. HE DIED 10 WEEKS LATER
“Whosoever controls the volume of money in any country is absolute master of all industry and commerce, and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”

1890 – SHERMAN ANTITRUST ACT BECOMES LAW
The Sherman Act was an attempt to prevent unlawful restraint of trade and commerce and prevent monopolies – including banking monopolies. The Act was more aggressively enforced under President Teddy Roosevelt, including against the corporate practices of JP Morgan, the most powerful banker, if not corporate titan, of the day. In response to this increased enforcement of the Sherman Act and the Hepburn Act, Morgan created a financial panic by having his banks and those he controlled call in loans and refuse to grant new ones. The economic crash of 1907 followed. The “Panic of 1907” was a direct cause for the creation of the Federal Reserve System several years later.

1961 – DEATH OF EARNEST HEMMINGWAY, AUTHOR
“How did you go bankrupt?”
“Two ways. Gradually, then suddenly.”
From The Sun Also Rises

JULY 4

1826 – DEATH OF JOHN ADAMS, SECOND PRESIDENT OF THE UNITED STATES
“ All of the perplexities, confusion, and distress in America arises, not from the defects 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.”

1826 – DEATH OF THOMAS JEFFERSON, THIRD PRESIDENT OF THE UNITED STATES
“I believe that banking institutions are more dangerous to our liberties than standing armies. . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

1892 – ADOPTION OF THE “OMAHA PLATFORM,” FOUNDING DOCUMENT OF THE POPULIST PARTY
“The national power to create money is appropriated to enrich bondholders; a vast public debt payable in legal tender currency has been funded into gold-bearing bonds, thereby adding millions to the burdens of the people…[The two political parties] propose to drown the outcries of a plundered people with the uproar of a sham battle over the tariff, so that capitalists, corporations, national banks, rings, trusts, watered stock, the demonetization of silver and the oppressions of the usurers may all be lost sight of.
PLATFORM
We demand a national currency, safe, sound, and flexible, issued by the general government only, a full legal tender for all debts, public and private, and that without the use of banking corporations, a just, equitable, and efficient means of distribution direct to the people, at a tax not to exceed 2 per cent. per annum, to be provided as set forth in the sub-treasury plan of the Farmers’ Alliance, or a better system; also by payments in discharge of its obligations for public improvements….We demand that postal savings banks be established by the government for the safe deposit of the earnings of the people and to facilitate exchange

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.”

NOTE:  Several individuals have inquired about the June 24 posting from last week. On that date in 1996, the US Supreme Court ruled, in Lewis v. United States that Federal Reserve banks are not federal agencies. Below is background on the case from http://nesara.org/court_summaries/lewis_v_united_states.htm

John L. Lewis was injured by a vehicle owned and operated by a federal reserve bank, and brought action alleging jurisdiction under the Federal Tort Claims Act. The District Court dismissed the case by ruling that the Federal Reserve Bank was not a federal agency within meaning of the Federal Tort Claims Act and the court therefore lacked subject-matter jurisdiction. The Appeals court affirmed the decision.

The court stated “Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities for purpose of the FTCA, but are independent, privately owned and locally controlled corporations.”

However, this does not imply, as so many wrongly interpret, that private individuals own the banks for the court also stated “Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stockholding commercial banks elect two thirds of each Bank’s nine-member board of directors. The Federal Reserve Board appoints the remaining three directors. The Federal Reserve Board regulates the Reserve Banks, but its board of directors exercises direct supervision and control of each Bank. 12 U.S.C. Sect. 301. The directors enact by-laws regulating the manner of conducting general Bank business, 12 U.S.C. Sect. 341, and appoint officers to implement and supervise daily Bank activities. These activities include collecting and clearing checks, making advances to private and commercial entities, holding reserves for member banks, discounting the notes of member banks, and buying and selling securities on the open market. See 12 U.S.C. Sub-Sect. 341–361.

 

MONETARY HISTORY CALENDAR APRIL 29 – MAY 18

Posted 06/06/2014 by demovrcorps
Categories: Uncategorized

 

APRIL 29

1947 – DEATH OF IRVING FISHER, PROFESSOR AND ECONOMIST
“Thus our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess. “

2006 – DEATH OF JOHN KENNETH GALBRAITH, AMERICAN ECONOMIST, PUBLIC OFFICIAL AND DIPLOMAT
“In numerous years following the Civil War, the Federal Government ran a heavy surplus.  But it could not pay off its debt, retire its securities, because to do so meant there would be no more bonds to back the national bank notes.  To pay off the debt was to destroy the money supply.”

The same is true today. Since most money is created as debt via loans (to individuals, corporations and the government), paying off the debt would reduce the money supply. A severe depression would inevitable result since not enough money would exist to permit all our economic transactions. The solution is not to “reform” our debt-based money system, but to replace it with a system where money is created debt-free.

MAY 1

1871 — KNOX V LEE US SUPREME COURT DECISION

This decision was one of several popularly known “Legal Tender Cases” during this period (the others were Hepburn v. Griswold and Julliard v Greenman). The Supreme Court reversed their earlier decision in Hepburn v. Griswold (1870). The decision upheld the Legal Tender Act declaring that making paper money legal tender did not conflict with US Constitution (Article 1). The decision allowed debtors to repay debts in Greenbacks rather than gold or silver.

MAY 12

1948 – 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. If we borrow from a lender (i.e. a bank), we are servants to that bank – be it an individual, state or nation. Nations that receive IMF or World Bank know this. “First World” nations are beholden to their private central banks.

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, c1948.)

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.

MAY 17

1787 – LAUNCH OF SHAYS’ REBELLION
A revolt of farmers in Western Massachusetts, spread to other states, fueled by the rise of personal and public taxes and debt and the collapse of any legitimate federal currency.

1901 – FINANCIAL PANIC
Large investors speculating on railroad stocks caused the first stock market crash in the US. Thousands of small investors were ruined.

1930 – BANK OF INTERNATIONAL SETTLEMENTS ESTABLISHED
This is the central bank of all central banks, established as an international financial institution to “foster international monetary and financial cooperation.” Its headquarters are in Basel, Switzerland. The BIS serves to strengthen the international private banking system, not national economies. The BIS advocates the establishment of a global currency, building on the International Monetary Fund “Special Drawing Rights” – a quasi currency, which has a value, based on a basket of 4 major currencies (the dollar, euro, pound and yen).

2002 – TALK BY WILLIAM HUMMEL, AUTHOR, MONETARY RESEARCHER
“Banks are not ordinary intermediaries, like non-banks, they also borrow, but they do not lend the deposits they acquire. They lend by crediting the borrowers account with a new deposit… The accounts of other depositors remain intact and their deposits fully available for withdrawal.  Thus a bank loan increases the total of bank deposits, which means an increase in the money supply.”

MAY 18

1846 – STATE OF IOWA CONSTITUTION ADOPTED
Article IX of the original constitution prohibited banking by individuals or corporations. Preceding statehood, the Territorial legislature passed an act in 1838 banning the issue of bank bills or notes by individuals or firms with a penalty of $1000 for each offense.

MONETARY HISTORY CALENDAR APRIL 10 – 13

Posted 04/09/2014 by demovrcorps
Categories: Uncategorized

 
 
APRIL 10
 
1816 – CHARTER APPROVED FOR INCORPORATING THE SECOND NATIONAL BANK OF THE UNITED STATES
As with the earlier Bank of the United States, the Second National Bank of the United States was private with many of the largest investors foreigners and those representing great wealth. Congress chartered (licensed) the bank for 20 years. It’s worth remembering that corporate charters are democratic tools once used by sovereign people (that would be We the People) to control and define corporate actions. As a result of bank practices geared to serving the interests of banks/bankers, (including limiting the issuance of money into the economy – which triggered economic stagnation), President Jackson pledged that the bank would not be issued a new charter after its 20-year charter ended. Without a charter – which provides those forming corporations certain legal protections (then and now) – corporations cannot exist.

1858 – DEATH OF THOMAS BENTON, US SENATOR FROM MISSOURI
“I object to the renewal of the charter of the Bank of the United States, because I look upon the bank as an institution too great and powerful to be tolerated in a government of free and equal laws. Its power is that of the purse, a power more potent than that of the sword; and this power it possesses to a degree and extent that will enable this bank to draw to itself too much of the political power of this Union and too much of the individual property of the citizens of these States. The money power of the bank is both direct and indirect.” http://yamaguchy.com/library/benton/benton_187.html

APRIL 11

1932 – PECORA COMMISSION HEARINGS BEGIN – INVESTIGATE CAUSE OF US DEPRESSION
The investigation was launched by a majority-Republican Senate, under the Banking Committee’s chairman, Senator Peter Norbeck. Hearings began on April 11, 1932, but were criticized by Democratic Party members and their supporters as being little more than an attempt by the Republicans to appease the growing demands of an angry American public suffering through the Great Depression. Two chief counsels were fired for ineffectiveness, and a third resigned after the committee refused to give him broad subpoena power. In January 1933, Ferdinand Pecora, an assistant district attorney for New York County was hired to write the final report. Discovering that the investigation was incomplete, Pecora requested permission to hold an additional month of hearings. His exposé of the National City Bank (now Citibank) made banner headlines and caused the bank’s president to resign. Democrats had won the majority in the Senate, and the new President, Franklin D. Roosevelt, urged the new Democratic chairman of the Banking Committee, Senator Duncan U. Fletcher, to let Pecora continue the probe. So actively did Pecora pursue the investigation that his name became publicly identified with it, rather than the committee’s chairman. Pecora not only documented a litany of abuses, but also paved the way for remedial legislation. The Securities Act of 1933, the Glass-Steagall Act of 1933 and the Securities Exchange Act of 1934 — all addressed abuses exposed by Pecora. It was only poetic justice when Roosevelt tapped him as a commissioner of the newborn Securities and Exchange Commission. http://en.wikipedia.org/wiki/Pecora_Commission

APRIL 12

1866 – CONGRESS PASSES THE CONTRACTION ACT
The Act authorized the Secretary of the Treasury to begin retiring Greenbacks (public debt-free money first issued by the Lincoln Administration) in circulation and to contract the money supply. By 1876, two-thirds of the nation’s money had been called in by the bankers. A contraction of the money supply when demand is high causes depressions, which is what happened from 1873-79.

1910 – DEATH OF WILLIAM GRAHAM SUMNER, PROFESSOR, YALE UNIVERSITY, MONETARY THEORIST
“For as the currency question is of first importance and we cannot solve it or escape it by ignoring it. We have got to face it and the best way to begin is not by wrangling about speculative opinions as to untried schemes but to go back to history and try to get hold of some firmly established principles.”

1945 – DEATH OF PRESIDENT FRANKLIN D. ROOSEVELT
“The real truth is…that a financial element in the large centers has owned the government ever since the days of Andrew Jackson.”

APRIL 13

1743 – BIRTH OF THOMAS JEFFERSON, THIRD PRESIDENT OF THE UNITED STATES
“This institution (the Bank of England) is one of the most deadly hostility against the principles of our Constitution…suppose an emergency should occur…an institution like this…in a critical moment might overthrow the government.”
“And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
“Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”

 
 
 
 
 

Collapse and Creation

Posted 03/23/2014 by demovrcorps
Categories: Uncategorized

Scientists at NASA’s Goddard Space Center recently released a report on the potential collapse of our civilization.

The report analyzes past collapses and identifies the shared factors, which bring on collapse: population, climate, water, agriculture, and energy. Collapse begins when only two of these factors fail. The report goes on to draw comparisons between the state of our current civilization and past ones. Based on their historical analysis, the scientists summarized that we are heading straight for collapse in coming decades. 

We see some characteristics of a society in collapse already. The elites in power turn a blind eye to the coming disaster in order to protect their status, power and wealth, while the poor and middle class face the horrors of food and water shortages brought on by climate disruption and economic instability brought on by the inequitable distribution of wealth and resources.

It isn’t all bad news, though. The report also indicates that it is not too late for us to save ourselves. “The two key solutions are to reduce economic inequality so as to ensure fairer distribution of resources, and to dramatically reduce resource consumption by relying on less intensive renewable resources and reducing population growth.”

No report to date gives us more reason to continue organizing for a democracy movement with enough power to demand an economic system that works for all of us, protects the natural world which supports all life on this planet, and recognizes the equality of all human beings. We at Move to Amend understand that transnational corporate hegemony is at the root of all that ails us.

The starting point to stave off collapse and create a functioning society is to abolish Corporate Personhood and money as protected political speech.

And, it all begins with the Motion to Amend. Will you find ten people to sign the Motion to Amend petition this week? Share the link online or find blank petitions for printing and sharing here

We are all the ones the world is waiting for!

Daniel Lee, David Cobb, Egberto Willies, George Friday, Jerome Scott, Kaitlin Sopoci-Belknap, Laura Bonham, Nancy Price, Richard Monje
Move to Amend National Leadership Team

PS — Already shared the Motion to Amend petition with everyone you know? Please make a donation to support our work to build a grassroots movement.

 

Monetary History Calendar MARCH 18 – 22

Posted 03/23/2014 by demovrcorps
Categories: Uncategorized

MARCH 18

1837 – BIRTH OF PRESIDENT GROVER CLEVELAND
The President reportedly stated,“the banks have got the country by the throat” in response to a raid on US gold reserves  in 1893 caused when European banks sold millions of US Treasury securities and demanded payment in gold. To replenish the gold supplies, the government issued Treasury bonds exclusively to JP Morgan and August Belmont (two major bankers) in a sweetheart deal for gold. Two years later when the US gold supply had been raided again, Morgan, Belmont and others sold gold to the government, pocketing a large profit.

1869 – PASSAGE OF US LAW THAT ALL US MONETARY NOTES WOULD BE EVENTUALLY CONVERTED TO SPECIE
Specie means money in the form of coins rather than paper notes. Bankers hated Lincoln’s Greenbacks, which were debt-free and inflation-free US money created to avert financial crisis during the Civil War. Following Lincoln’s death, bankers pressured Congress to eliminate Greenbacks, base money creation on precious metals (preferably gold) and, if additional funds were needed by the government to borrow it from banks at interest. Basing the money supply on gold or silver meant that the money supply could only increase when the supply of gold or silver increased – regardless of the growing population or an expanding economy. A pure metal-based money system has historically resulted in depressions – not enough money to meet the economic needs.

1993 – DEATH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER “Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist. [Editor: the same goes for deb

MARCH 19

1860 – BIRTH OF WILLIAM JENNINGS BRYAN, SENATOR, SECRETARY OF STATE, PRESIDENTIAL CANDIDATE (DEMOCRAT/POPULIST)
Bryan had originally supported the 1913 Federal Reserve Act as Secretary of State under the Wilson administration. His position was crucial in gaining the support of many Congressional Democrats and Progressives. He later regretted his decision. “In my long career, the only thing I genuinely regret is my part in getting the banking and currency legislation enacted into law.”

2011– LIBYAN REBELS FORM CENTRAL BANK
In what may have been a first in history, the Libyan revolutionary rebels created a central bank while still fighting an established state power. The rebels designated the Central Bank of Benghazi as the new monetary authority. It would indicate how influential central bankers were over the rebels. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” said Robert Wenzel of the Economic Policy Journal.

MARCH 21

1821 – GREEK INDEPENDENCE DAY
Solon was an Athenian statesman and lawmaker (presumably, the city in Cuyahoga County is named after him). He became the first effective advocate for democracy in roughly 594 BC when he decentralized power politically in the judiciary and, most importantly, in the Athenian money system. Many in Greece today are advocating exiting the Eurozone, claiming that returning to the Drachma (their original currency) and democratizing its issuance and circulation by the government as opposed to private Greek banks is the path to economic prosperity and political sovereignty. In the name of “austerity”, Greeks are being asked by international bankers, among other things, to privatize national assets and treasures, including Greek islands. Massive popular resistance has followed. Seeing what’s happening in Greece, many in Europe are now calling for the creation of “sovereign money” systems at the nation state level, compared to the current top-down system where monetary matters are determined by the European Central Bank, which is controlled by the largest and wealthiest banks on the continent.

1975 – DEATH OF RALPH HAWTREY, BRITISH ECONOMIST, FRIEND OF JOHN MAYNARD KEYNES
“Banks lend by creating credit. They create the means of payment out of nothing.”

MARCH 22

1832 – DEATH OF JOHANN WOLFGANG VON GOETHE, GERMAN WRITER
“None are more enslaved than those who falsely believe they are free.”


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