Monday, September 5, 2011
MONETARY HISTORY CALENDAR - September 5-11
1943- DEATH OF RICHARD MCKENNA, FORMER PRESIDENT, 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." (From a 1924 speech)
1867 – BIRTH OF J.P.MORGAN JR, BANKER
In response to legislation increasing regulation over monopolies pushed through Congress by President Theodore Roosevelt, Morgan led an effort by major bankers to harm the economy. The combination of his manipulation of the stock market and calling in all loans and not issuing new ones caused the public to hoard their money. An economic panic was on – the “Panic of 1907.” Morgan proposed to Congress that he would save the economy by having his banks issue $200 million (out of thin air with interest) to prime the economic pump. Congress agreed. The public stopped hoarding their money. The panic was over. The entire incident led Congress to investigate creating, once more, a central bank. The eventual creation of the Federal Reserve System can be traced back to the Panic of 1907.
1999 – DEATH OF HERBERT STEIN, FORMER CHAIRMAN OF PRESIDENT’S COUNCIL OF ECONOMIC ADVISORS
"If something cannot go on forever, it will stop."
[Sounds like our current debt-based money system – an unsustainable system which can only continue if more debt is issued, which happens by banks when they issue loans and purchase treasury bonds, bills and notes]
1828 – BIRTH OF LEO TOLSTOY, RUSSIAN WRITER AND SOCIAL REFORMER
"Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, there is no human relation between master and slave. "
1890 – BIRTH OF MARRINER S. ECCLES, FORMER CHAIRMAN AND GOVERNOR OF THE FEDERAL RESERVE SYSTEM
"That is what our money system is. If there were no debts in our money system, there wouldn't be any money. "
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 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.
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Posted by Greg Coleridge at 5:46 PM