MONETARY HISTORY CALENDAR December 17-23

 DECEMBER 17

1884 – BIRTH OF WILLIAM LYON MACKENZIE KING, 10^TH PRIME MINISTER OF CANADA (1935-1948)

"Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile."

2010 – NATIONAL EMERGENCY EMPLOYMENT DEFENSE (NEED) ACT, HR 6550, IS INTRODUCED IN CONGRESS

Congressman Kucinich (D-OH) introduced a dramatic new proposal to establish fiscal integrity, reassert Congressional sovereignty and regain control of monetary policy from private banks.  The NEED Act would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt.  The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.

Congressman Kucinich stated, “The staggeringly bad employment and economic numbers represent a massive problem which cries out for bold action.  Rather than crossing our fingers and hoping that banks will finally lend some of the billions of public dollars they haven’t thus far seen fit to lend, we can take action. My bill would replace the Federal Reserve System’s dependence on private banks to create credit.  In its place, a Monetary Authority under the Treasury Department would directly inject liquidity into the economy by purchasing much needed public infrastructure repair. Today, we have idle capital, millions of able-bodied but unemployed workers, unused equipment, and record low interest rates. These conditions are the best possible time to make a long-term investment in our nation’s infrastructure. My bill would do exactly that.”

The bill was reintroduced in 2011, (HR 2990)

DECEMBER 18

1977 - DEATH OF MARRINER S. ECCLES, FORMER CHAIRMAN AND GOVERNOR OF THE FEDERAL RESERVE SYSTEM

"That is what our money system is. If there were no debts in our money system, there wouldn't be any money. "

DECEMBER 20

1666 - FREE COINAGE LAW PASSED, ENGLAND

Charles II placed control of the nation’s money supply in private (bankers) hands following passage of this act. Up until that time, the Sovereign had exclusive power over the issuance of money creation.

DECEMBER 21

2012 - END OF THE MAYAN CALENDAR

The Mayans did not believe the end of their 5,125 year calendar marked the end of the world, but rather the end of an old order. In its place would be people with a higher degree of awareness and consciousness.

Part of any such awareness and consciousness will surely include enlightenment and eventual replacement of the unsustainable Ponzi scheme which is the global financial system of credit and debt. The massive and ever-growing debts world-wide, a result of debt-based money systems, cannot be repaid. The system requires continual plundering of non-renewable resources which is transformed into “stuff” (much of it simply not needed) with its waste (pollution) externalized to acquire the money to pay off the ever growing debt which initially funded the plundering.

The end is near alright – of this dangerous, disempowering and distorted financial system.

DECEMBER 23

1913 – FEDERAL RESERVE ACT PASSES CONGRESS – CREATING FEDERAL RESERVE SYSTEM

The Act created a largely corporate controlled national banking and currency system. It was a major coup for banking corporations through the establishment of a private central bank authorized to "monetize" government debt (i.e. to print their own money and exchange it for government securities or I.O.U.'s). The central banking system was composed of 12 regional private/corporate banks owned by participating commercial banks. All national banks were required to join the system. Banking corporations now controlled the issuance and circulation of our national currency. By controlling our national money faucet, they could create inflation and deflation. This corporate monopolization of our currency allowed for public regulation, but not control. It was now banking corporations, not the US government, that was in control of the national currency.

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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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