MONETARY HISTORY CALENDAR October 22-28

OCTOBER 23

2008 – TESTIMONY OF ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN, BEFORE HOUSE COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM (NEW YORK TIMES ARTICLE)
“Do you feel that your ideology pushed you to make decisions that you wish you had not made?”
Mr. Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.” “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief.”

OCTOBER 24

2008 – PNC FINANCIAL SERVICES CORPORATION PURCHASES NATIONAL CITY CORPORATION
Using bank bailout funds under the federal TARP program, PNC, headquartered in Pittsburgh, purchases National City Corporation, a major Cleveland based bank. The transaction created the 5th largest U.S. banking corporation. TARP funds were intended to assist struggling banks. The funds ended up in many cases, like PNC, enlarging “too-big-to-fail” banking corporations.

OCTOBER 27

1945 – BIRTH OF LULA DE SILVA, PRESIDENT OF BRAZIL (2003-2010)
“The Third World War has already started. The war is tearing down Brazil, Latin America, and practically all the Third World. Instead of soldiers dying, there are children. It is a war over the Third World debt, one which has as its main weapon, interest, a weapon more deadly than the atom bomb, more shattering than a laser beam.”

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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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