MONETARY HISTORY CALENDAR - October 10-16

OCTOBER 13

1879 – DEATH OF HENRY CAREY, CHIEF ECONOMIC ADVISOR TO PRESIDENT ABRAHAM LINCOLN
Carey was the major proponent in the Lincoln Adminstration of issueing debt-free US money, Greenbacks. In referencing the US economy under the Greenback system, he said, …”for the first time, too, in the history of the world, there has been presented a community in which nearly all business was done for cash, and in which debt has scarcely an existence…there has been a large and general diminution of the rate of interest…traders have therefore become more independent of the capitalist, while the country at large has become more independent of the ‘wealthy capitalists’ of Europe.”

OCTOBER 15

1908 – BIRTH OF JOHN KENNETH GALBRAITH, US ECONOMIST
“The study of money, above all other fields in economics, is on in which complexity is used to disguise or evade truth, not to reveal it.”
"The process by which banks create money is so simple that the mind is repelled.”

1982 – CONGRESS PASSES GARN-ST.GERMAIN DEPOSITORY INSTITUTIONS ACT
The act deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. Many believe it contributed to the savings and loan crisis of the late 1980s.

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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 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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