MONETARY HISTORY CALENDAR - November 7-13

NOVEMBER 7

1931 – PUBLISHED LETTER TO THE EDITOR OF ALBERT EINSTEIN IN BERLINER TAGEBLATT
“The gold standard has, in my opinion, the serious disadvantage that a shortage in the supply of gold automatically leads to a contraction of credit and also of the amount of currency in circulation… The natural remedies to our troubles are, in my opinion...Control of the amount of money in circulation and of the volume of credit in such a way as to keep the price level steady, abolishing any monetary standard.”

NOVEMBER 9

1910 – BIRTHE OF CARROLL QUIGLEY, AMERICAN HISTORIAN AND THEORIST OF THE EVOLUTION OF CIVILIZATIONS
"The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds' central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups." Tragedy and Hope: A History of The World in Our Time

NOVEMBER 10

1796 - BIRTH OF WILLIAM GOUGE, EDITOR AND WRITER
Gouge edited the " Philadelphia Gazette" and other journals, and for thirty years contributed articles on banking to various periodicals. He was for thirty years connected with the treasury department at Washington. He published "History of the American Banking System" (1835); " Expediency of Dispensing with Bank Paper" (1837); and a "Fiscal History of Texas" (1852)
“As it is public credit that supports the Banks, and not the Banks that support public credit, as the deposits of the Banks are the property of the community generally and the profits derived from circulation come from the community generally they ought to go to the community generally and be used to lighten the burden of taxation."
"The banking system is the principal cause of social evil in the United States."

NOVEMBER 12

1999 – ENACTMENT OF FINANCIAL SERVICES MODERNIZATION ACT (ALSO KNOWN AS GRAMM-LEACH-BLILEY ACT)
The act removed many barriers contained in the Glass-Steagall Act of 1933, including those that separated banking, securities and insurance corporations. The result was massive combination and consolidation within the financial sector – creating enormously powerful institutions.. The bill was pushed for by leading Republicans in Congress, including Phil Gramm and signed by President Bill Clinton, a Democrat.

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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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