Archive for July 2012

MONETARY HISTORY CALENDAR July 23 – 29

07/25/2012

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” [Emphasis in original].

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 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.”

JULY 26
1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE

“We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business.  I stand with Jefferson…and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business…When we have restored the money of the Constitution, all other necessary reforms will be possible, and … until that is done there is no reform that can be accomplished.”

JULY 27
1694 – BANK OF ENGLAND CREATED

A private central bank, England began to borrow all of its money from corporate banks rather than simply creating it debt-free as it had for hundreds of years.

JULY 28
1919 – BANK OF NORTH DAKOTA FOUNDED

The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government. No tax dollars are used to pay interest to bond holders since the state has no debt.
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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 theplanet. 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 a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com<http://www.blogger.com/monetarycalendar@yahoo.com>  For more information, visit http://www.afsc.net/economiccrisis.html

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Justice Roberts’ health-care decision consistent (but bad)

07/13/2012

John Howell
Letters
Athens News
July 11, 2012

To the Editor:

Chief Justice John Roberts has gotten a lot of attention since he went with the Supreme Court liberals in upholding the Affordable Care Act. Folks on the right are furious with Roberts for his inconsistency in supporting the conservative agenda.

In at least one sense, however, Roberts has been very consistent. He has been consistent in supporting corporate interests over public interest. Just as the Citizens United decision, supported by Roberts, opened the way for corporations to pour money into election campaignsTags in order to make sure that elected officials look after their interests (bribery made legal), the Affordable Care Act also favors corporate over public interest. As Arlene Sheak pointed out in her letter of July 5, private insurance companies will make over $1 trillion under the features of this plan that requires everyone to purchase insurance.

There are two ways to reduce health-care costs in the country: 1) change the way medicine is practiced, and 2) get the insurance companies out of the health-care business.

We spend about twice as much on health care compared to other countries (as a fraction of GDP) without getting better health care. Other countries have state-run insurance systems like our Medicare system to cover everyone, not just the elderly. This keeps private insurers and their high overheads on the sidelines.

If we want the public to be served in health care, and to cut costs, we need a single-payer plan, not the Affordable Care Act. A single-payer plan doesn’t force anyone to purchase insurance from a private insurer, but it does require payment via taxes, just as Social Security does. Health care would be extended to all, and total costs would decrease.

While many on the right are upset with Chief Justice Roberts for finding a way to support the Act, many others are relieved that the high court upheld the Act, simply because it will provide insurance coverage for many who are currently uninsured. The right wants to repeal the Act, which would be fine, if it’s replaced with a reasonable system, such as the single-payer plan. To repeal it without replacing it would be tantamount to murder, as many more people will die prematurely from lack of access to health care.

John Howell
Democracy Over Corporations
Clarks Chapel Road
Athens

NOTE: The caption on the letter, Justice Roberts’ health-care decision consistent (but bad), was the editor’s, not mine.

As the letter points out, the decision was good in that it permits expansion of health care coverage, but it also has a dark side, namely continued welfare for the health insurance industry, and failure to provide 1) the much broader coverage, and 2) the total savings that would come from adoption of a single payer plan.

The “but bad” put in by the editor is unfortunate; it oversimplifies, as the media is prone to do.