MONETARY HISTORY CALENDAR February 3 – 9

FEBRUARY 3

1690 – FIRST PAPER CURRENCY IN BRITISH COLONIES ISSUED
Massachusetts becomes the first British colony to issue paper money. The money was used to facilitate economic transactions in the absence of British money.

1913 – RATIFICATION OF THE 16TH AMENDMENT, ESTABLISHMENT OF THE US FEDERAL INCOME TAX
The income tax provides a guaranteed and consistent source of income for the payment of any federal government function, including payment of interest on national debt. It was ratified earlier in the same year as passage of the Federal Reserve Act which turned over the nation’s money power to a private central bank. Many economists believe the dollar holds its value better than the Euro in times of economic crisis since US interest payments from debt can be covered by US income taxes. There is no equivalent European income tax to cover Euro debts. This provides investors greater confidence in the dollar over the Euro.

1924 – DEATH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATES AND SIGNER OF THE FEDERAL RESERVE ACT
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men, who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. (1911)
[Note: Despite such misgivings, Wilson signed the Federal Reserve Act two years later]

FEBRUARY 4

2005 – STATEMENT OF HANS SCHICHT, AUTHOR
“The fact that the Banker is allowed to extend credit several times his own capital base and that the Banking Cartels, the Central Banks, are licensed to issue fresh paper money in exchange for treasury paper, have provided them with free lunch for eternity. Thanks to the stupidity and corruption of the legislators. And thanks to the great pundits and journalists, that never understood the crux of fiat money and thus never managed to explain the blatant, ongoing legalized robbery of the people by means of the financial fiat system!

“For over 150 years this robbery has been going on, recently increasing hyperbolically and building to an ultimate crisis. Year after year the Banker’s slice of the world’s asset baskets has been growing and growing. The Banker has become almighty. Through a network of anonymous financial spider webbing only a handful of global King Bankers own and control it all. Big Brother has come to us in the striped suit of the Banker.” (from “The Death of Banking and Macro Politics” February 4, 2005)

FEBRUARY 6

1756 – BIRTH OF AARON BURR, POLITICIAN, BUSINESSPERSON, VICE-PRESIDENT OF THE UNITED STATES
Burr and others convinced New York City council to charter the Manhattan Corporation in 1799. Its purpose was to raise dams and divert water throughout the city in response to the outbreak of yellow fever. A provision of the charter allowing the company to divert its excess capital in any activity “not inconsistent with the Constitution and laws of the United States.” This vague clause enabled the company to engage in banking activities. Alexander Hamilton (who later Burr killed in a famous duel) said, “He (Burr) has latterly, by a trick, established a bank — a perfect monster in its principles, but a very convenient instrument of profit and influence.” The Manhattan Corporation was the predecessor of what is now the J.P. Morgan Chase bank – one of the largest financial institutions in the U.S.

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