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.
NOVEMBER
13
1856
– LOUIS BRANDEIS, US SUPREME COURT JUSTICE
(1916-1939)
“The goose that lays golden eggs has been
considered a most valuable possession. But even more profitable is the
privilege of taking the golden eggs laid by somebody else's goose. The
investment bankers and their associates now enjoy that privilege. They control
the people through the people's own money.” Louis Brandeis, Other People's
Money and How the Bankers Use It (1913)
NOVEMBER 15
1637 – WAMPUM ACCEPTED AS CURRENCY
On November 15, 1637 the Massachusetts
General Court stated that wampum beads would pass at 6 to a penny and were to
be legal as payment in sums under 12 pence
http://www.coins.nd.edu/ColCoin/ColCoinIntros/Wampum.intro.html
NOVEMBER 16
1914 – US FEDERAL RESERVE OPENS FOR BUSINESS
“Commercial banks create checkbook money
whenever they grant a loan, simply by adding new deposit dollars in accounts on
their books in exchange for a borrower's IOU.” From I Bet
You Thought, Federal Reserve Bank of New York
2006
–
DEATH OF MILTON FRIEDMAN, US ECONOMIST
"The Federal Reserve definitely
caused the Great Depression by contracting the amount of currency in
circulation by one-third from 1929 to 1933."
circulation by one-third from 1929 to 1933."
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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.
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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