Monetary History Calendar MARCH 18 – 22

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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