MAY
15
1915
– BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR
ECONOMICS)
“Few understand that all our money arises out
of debt and IOU operations. The banking system as a whole can do what each
small bank cannot do: it can expand its loans and investments many times the
new reserves of cash created for it, even though each small bank is lending out
only a fraction of its deposits.” Economics, An Introductory Analysis by
Professor Paul A. Samuelson. (Best selling college economics textbook of all
time, c1948.)
1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY
POPE PIUS XI
The Pope discusses
the ethical implications of economic and social order in this letter, warning,
of the dangers of unrestrained capitalism.
"Economic
dictatorship is being most forcibly excercised by the few who hold the money
and completely control it, control credit and the lending of money. Hence they regulate the flow of the
life-blood whereby the entire economic system lives, and have so firmly in
their grasp the soul of economics that no one can breathe against their
will."
MAY 16
1876 – SECOND GREENBACK NATIONAL CONVENTION
OPENS IN INDIANAPOLIS
May 16–18, 1876 —
Academy of Music, Indianapolis, Indiana. There were 239 delegates present from
17 states. Peter Cooper was nominated for President of the Greenback Party (calling for the creation of debt-free national money) with 352 votes to 119 for
three other contenders.
1912 – PUJO COMMITTEE HEARINGS BEGIN
A special subcommittee of the House Banking and Currency
Committee began hearings under its Chairman, Arsene P. Pujo. Its purpose was to
investigate the powers of the nation’s "money trust.” Its final report,
issued in 1913, concluded that the power over the nation’s money and credit was
concentrated in a small group of Wall
Street bankers. The report created a climate for reform. Unfortunately one of
the reform advocated for was the misnamed “Federal” Reserve Act which provided
the appearance that finances would become a public function.
MAY
17
1787
– LAUNCH OF SHAY’S REBELLION
A revolt of farmers in Western Massachusetts
which spread to other states fueled by the rise of personal and public taxes
and debt and the collapse of any legitimate federal currency.
1901
– FINANCIAL PANIC
The first stock market crash in the US. It
was caused by large investors speculating on railroad stocks. Thousands of
small investors were ruined.
1930
– BANK OF INTERNATIONAL SETTLEMENTS ESTABLISHED
This is the central bank of all central
banks, established as an international financial institution to "foster
international monetary and financial cooperation.” Its headquarters are in
Basel, Switzerland. The BIS serves to strengthen the international private
banking system, not national economies. The BIS advocates the establishment of
a global currency, building on the International Monetary Fund “Special Drawing
Rights” – a quasi currency which has a value based on a basket of 4 major
currencies (the dollar, euro, pound and yen).
2002
– TALK BY WILLIAM HUMMEL, AUTHOR, MONETARY RESEARCHER
"Banks are not ordinary
intermediaries, like non-banks, they also borrow, but they do not lend the
deposits they acquire. They lend by crediting the borrowers account with a new
deposit… The accounts of other depositors remain intact and their deposits
fully available for withdrawal. Thus a
bank loan increases the total of bank deposits, which means and increase in the
money supply."
------------------------
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.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
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.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
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