Monday, March 7, 2011
Fracking Democracy
http://www.opednews.com/articles/Fracking-Democracy-by-Greg-Coleridge-110307-981.html
MONETARY HISTORY CALENDAR March 7-13
MARCH 7
1976 – DEATH OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money... I am saying to you in all sincerity, and with all the earnestness that I possess, it is absolutely wrong for the Government to issue interest-bearing obligations. It is not only wrong: it is extravagant. It is not only extravagant, it is wasteful. It is absolutely unnecessary.
“Now, I believe the system should be changed. The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks.
“I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.
“We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is, because it says `Federal Reserve'. It belongs to the private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that is owned exclusively, wholly, 100 percent by the private banks — we have farmed out to them the privilege of issuing the Government's money. If we were to take this privilege back from them, we could save the amount of money that I have indicated in enormous interest charges.”
- Congressional Record, 1941
MARCH 9
1933 – EMERGENCY BANKING ACT PASSED
The bill authorized the President to regulate or prohibit the exporting, hoarding, melting or earmarking gold and silver coin and bullion during time of war or other emergency. The act compelled all individuals to pay and deliver all gold coin, bullion, and certificates to the Secretary of the Treasury and required payment in an equivalent amount of coin or currency. for those coerced deposits in any equivalent amount of coin or currency. The act in effect terminated the gold standard.
2005 – MSNBC REPORT ON US INFRASTRUCTURE
MSNBC reported that the American Society of Civil Engineers gave the nations infrastructure an overall grade of D, including its roads, bridges, drinking water systems and other public works. “We need to establish a comprehensive, long-term infrastructure plan. We need to but we can't because government at every level is broke." MSNBC report
The Kucinich plan to democratize the US money system, (H.R. 6550 in the last Congress) calls for creating US debt- and interest-free dollars to employee people to address this infrastructure crisis.
MARCH 11
1893 – PUBLICATION OF “PANIC CIRCULAR” BY THE AMERICAN BANKERS ASSOCIATION [Note: Many individuals, including several US public officials, claimed they received the document. The American Bankers Association denied its authenticity].
The document calls on member banks to incite a financial panic to prevent greater public controls of banks, to counter increased public sentiment toward government-issued money and as a means to oppose silver (as opposed to gold) being used as a backing for currency.
The alleged document stated,
“You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary [emergency] among your patrons, especially among influential businessmen…
“The future life of national banks, as fixed and safe investments, depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage.”
** BONUS: Here’s a link to a wonderful 4-minute video from the United Kingdom calling for “One Good Cut.” It advocates cutting the greatest government subsidy of them all — the license to banking corporations to print money. http://www.onegoodcut.org/
______________________________________________________________________________________________
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 Previous calendar entries are posted at http://afsc.net/monetaryhistorycalendar.html
1976 – DEATH OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money... I am saying to you in all sincerity, and with all the earnestness that I possess, it is absolutely wrong for the Government to issue interest-bearing obligations. It is not only wrong: it is extravagant. It is not only extravagant, it is wasteful. It is absolutely unnecessary.
“Now, I believe the system should be changed. The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks.
“I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.
“We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is, because it says `Federal Reserve'. It belongs to the private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that is owned exclusively, wholly, 100 percent by the private banks — we have farmed out to them the privilege of issuing the Government's money. If we were to take this privilege back from them, we could save the amount of money that I have indicated in enormous interest charges.”
- Congressional Record, 1941
MARCH 9
1933 – EMERGENCY BANKING ACT PASSED
The bill authorized the President to regulate or prohibit the exporting, hoarding, melting or earmarking gold and silver coin and bullion during time of war or other emergency. The act compelled all individuals to pay and deliver all gold coin, bullion, and certificates to the Secretary of the Treasury and required payment in an equivalent amount of coin or currency. for those coerced deposits in any equivalent amount of coin or currency. The act in effect terminated the gold standard.
2005 – MSNBC REPORT ON US INFRASTRUCTURE
MSNBC reported that the American Society of Civil Engineers gave the nations infrastructure an overall grade of D, including its roads, bridges, drinking water systems and other public works. “We need to establish a comprehensive, long-term infrastructure plan. We need to but we can't because government at every level is broke." MSNBC report
The Kucinich plan to democratize the US money system, (H.R. 6550 in the last Congress) calls for creating US debt- and interest-free dollars to employee people to address this infrastructure crisis.
MARCH 11
1893 – PUBLICATION OF “PANIC CIRCULAR” BY THE AMERICAN BANKERS ASSOCIATION [Note: Many individuals, including several US public officials, claimed they received the document. The American Bankers Association denied its authenticity].
The document calls on member banks to incite a financial panic to prevent greater public controls of banks, to counter increased public sentiment toward government-issued money and as a means to oppose silver (as opposed to gold) being used as a backing for currency.
The alleged document stated,
“You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary [emergency] among your patrons, especially among influential businessmen…
“The future life of national banks, as fixed and safe investments, depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage.”
** BONUS: Here’s a link to a wonderful 4-minute video from the United Kingdom calling for “One Good Cut.” It advocates cutting the greatest government subsidy of them all — the license to banking corporations to print money. http://www.onegoodcut.org/
______________________________________________________________________________________________
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 Previous calendar entries are posted at http://afsc.net/monetaryhistorycalendar.html
Saturday, March 5, 2011
Facts on Wealth and Power in America
The majority of these figures are based on 2007 results. The information was retrieved on 2/11/2011 from http://sociology.ucsc.edu/whorulesamerica/power/wealth.html, a website by Professor G. William Domhoff, Sociology Dept., University of California at Santa Cruz. The entire document is worth a read. Here's a summary of the high/low points...
Percent of income from work for those making over $10 million: 19%
Percent of drop in wealth (marketable assets) for average households since 2007: 36.1%
Percent of drop in wealth (marketable assets) for the top 1% of households since 2007: 11.1%
Percent of all privately held wealth owned by the top 1%: 34.6
Percent of all privately held wealth owned by the top 20%: 85%
Percent of all privately held wealth owned by the bottom 80%: 15%
Percent of Americans who inherited $100,000 or more: 1.6%
Percent of American who inherited nothing: 91.9%
Percent of adults worldwide who control 85% of global household wealth: 10%
As an indicator of power, percent of all stock owned by the top 20% of world stock owners: 91.1%
As an indicator of power, percent of all stock owned by the bottom 80% of world stock owners: 8.9%
Percent of federal, state, and local taxes paid by the lowest 20% of income earners: 16%
Percent of federal, state, and local taxes paid by the top 1% of income earners: 30.8%
Ratio of CEO pay to factory worker pay in the U.S.: 344 to 1
Ratio of CEO pay to factory worker pay in Europe: 25 to 1
Average CEO salary increase between 1990 to 2005 compared to average workers increase for the same period: 300% v. 4.3%
Percent of income from work for those making over $10 million: 19%
Percent of drop in wealth (marketable assets) for average households since 2007: 36.1%
Percent of drop in wealth (marketable assets) for the top 1% of households since 2007: 11.1%
Percent of all privately held wealth owned by the top 1%: 34.6
Percent of all privately held wealth owned by the top 20%: 85%
Percent of all privately held wealth owned by the bottom 80%: 15%
Percent of Americans who inherited $100,000 or more: 1.6%
Percent of American who inherited nothing: 91.9%
Percent of adults worldwide who control 85% of global household wealth: 10%
As an indicator of power, percent of all stock owned by the top 20% of world stock owners: 91.1%
As an indicator of power, percent of all stock owned by the bottom 80% of world stock owners: 8.9%
Percent of federal, state, and local taxes paid by the lowest 20% of income earners: 16%
Percent of federal, state, and local taxes paid by the top 1% of income earners: 30.8%
Ratio of CEO pay to factory worker pay in the U.S.: 344 to 1
Ratio of CEO pay to factory worker pay in Europe: 25 to 1
Average CEO salary increase between 1990 to 2005 compared to average workers increase for the same period: 300% v. 4.3%
Thursday, March 3, 2011
Fracking in Ohio's State Parks, Good News, Next Move to Amend Ohio Conference Call
Fracking in Ohio’s Parks
Industrial horizontal drilling with massive slick water hydraulic fracturing (also known as “fracking”) not only fractures natural bedrock (to obtain natural gas) but also fractures the bedrock of our democracy. In 2004, the decision to drill (basically a local zoning issue) was taken away from local communities and placed in the hands of a state “regulatory” agency. The budget of that regulatory agency (the Ohio Department of Natural Resources, ODNR) is directly tied to the number of permits issued — meaning the more permits approved, the more money to ODNR. The actions of out-of-state drilling corporations are shielded by the ODNR and compliant state officials who ripped the local right-to-decide authority from local communities. The state how wants to engage in this hightly risky procedure in the state’s parks. Below is info (and a sign-on letter) calling for a moratorium of drilling.
Friends of Environmental Justice ...
An issue that is facing many other states across the country has reached Ohio ... fracking. We ask that you consider taking action on two fronts. Time is critical .... please respond ASAP.
1. gathering/signing the fracking moratorium letter (copied below)
An effort by a coalition of local citizen groups and statewide organizations has resulted in the creation of a fracking moratorium letter.
It is vital that we get as many signatures as possible on this letter. DEADLINE MARCH 5 by close of business.
The letter will not be on anyone’s letterhead. Organizational sign-on’s will be listed first and individuals listed second (both in alphabetical order)
To sign on just “forward” this e-mail or send to Tmills@chej.or
Fill in the information below:
Organization name:
Your name:
City and State:
Are you signing on for the organization?
Are you signing on only for yourself?
Please forward this e-mail to others you think would be interested in supporting this effort. Thank you.
2. call your representatives about HB 133, which will threaten ALL land owned or controlled by the state, will “create the Oil and Gas Leasing Board and to establish a procedure by which the Board may enter into leases for oil and gas production on land owned or under the control of a state agency”
The State of Ohio owns thousands of acres: state forests, state nature preserves (as the park system collapses, they've downgraded management to nature preserves), mental hospitals, which were originally founded as farms to defray expenses and provide rehabilitiation. Some of the rural state prisons also began as farm operations and there is excess acreage associated with some of them. It also implicitly authorizes offshore drilling in Lake Erie on state-owned submerged lands. Even the OSU experimental farm west of downtown Columbus could be drilled upon the way this is written. All that is OURS, NOT THEIRS. And parks, too.
(1) It makes it state policy not only to permit, but to promote and support the exploitation of oil and gas on state lands – a terrible and dangerous policy.
(2) It sets up a Oil and Gas Leasing Board, made up of 3 members appointed by the Governor, 2 industry reps, and one environmental representative. Decisions on leases can be made by a quorum of 3 members – so, what possible influence or power will one lone environmental member have? NONE! And, where is the representation from communities? Public health? Local government?
(3) In order to encourage lease bid submissions and the consequent development of all oil and gas reserves, all of the information contained in the bid is confidential and may not be released. So, land held in public trust can be exploited, drilled, covered with pipelines, cleared, etc. with no knowledge about who is being given a lease to do what, under what conditions, and no opportunity to be heard in the decision making.
The bill can be found at
http://www.legislature.state.oh.us/bills.cfm?ID=129_HB_133
It's been some time since we've sent out info, but we have been hard at work. An official announcement will be sent out in the near future, but for now, we would like you to know that as the board of OHEJ has worked on creating an independent statewide 501(C)3 organization, one of the changes that occurred was a name change ... from Ohioans for Health, Environment and Justice to Ohioans for People and Environment (OAPE). Most of the same people who have helped with the efforts of OHEJ continue to work as OAPE.
Vickie Askins
Wood County Citizens Opposed to Factory Farms
vaaskins@wcnet.org
Sherry Fleming
Williams County Alliance
wmscoa@yahoo.com
---------
Ohio General Assembly
Statehouse
Columbus, OH 43215
March 7, 2011
Dear Members of the 129th Ohio General Assembly:
The plans for industrial-scale drilling in the Marcellus and Utica formations of Ohio pose a direct and material threat to the interests of the undersigned organizations and our tens of thousands of individual members throughout the State of Ohio.
The use of high volume hydraulic fracturing with horizontal drilling of the deep shale formation presents significant risk to public health, safety and the environment. As the use of this relatively new technology has increased nationally, the number of documented spills, blowouts, leaking wells, and other accidents is shocking and the environmental and human consequences have been very serious. For example:
· An explosion and fire at the Chesapeake Appalachia LLC Powers gas well site in Avella, PA, injured three workers on February 23, 2011. DEP investigators reportedly found the fire started as a result of fumes escaping five tanks capable of holding a total of 21,000 gallons of flammable fluid known as wet gas or condensate, contained in natural gas.
· Methane and other toxins contaminated an aquifer serving 19 families in Dimock, Pennsylvania, resulting in a $4.1 million dollar settlement against Cabot Oil and Gas.
· Wells in Sublette County, Wyoming, contaminated with a variety of toxic compounds used in hydraulic fracturing, including benzene, a toxic chemical known to cause leukemia and aplastic anemia, at 1500 times the safe level for people. Similarly, 1.6 million gallons of hydraulic fracturing fluids escaped into the ground water in Parachute, Colorado
· A study by the Texas Commission on Environmental Quality found that pollutants from natural gas drilling in the Barnett Shale field were greater than those produced by all of the vehicular traffic in the Dallas-Ft. Worth area.
In addition, the withdrawal of millions of gallons of fresh water required for such operations’ hydraulic fracturing cycle will not only significantly impact Ohio’s water resources, but seriously infringe upon the constitutionally protected property rights in groundwater for an untold number of landowners. Further, due to the absence of local zoning and surface property protections, and use of mandatory pooling, landowners face losing essential property interests.
--------------------------------------------------
Now for Some Good News!
The Richmond, California City Council just voted unanimously for the Resolution to Free Democracy from Corporate Control
http://www.tinyurl.com/FreeDemocracy
Supreme Court: Corporations don’t have ‘personal privacy’ rights
http://www.rawstory.com/rs/2011/03/02/supreme-court-corporations-dont-have-personal-privacy-rights/
--------------------------------------------------
MOVE TO AMEND OHIO
Monthly Conference Call
Saturday, March 5, 11:00 AM
Call in #: 1-218-862-7200
Access Code: 744213
http:// www.movetoamendohio.org
Industrial horizontal drilling with massive slick water hydraulic fracturing (also known as “fracking”) not only fractures natural bedrock (to obtain natural gas) but also fractures the bedrock of our democracy. In 2004, the decision to drill (basically a local zoning issue) was taken away from local communities and placed in the hands of a state “regulatory” agency. The budget of that regulatory agency (the Ohio Department of Natural Resources, ODNR) is directly tied to the number of permits issued — meaning the more permits approved, the more money to ODNR. The actions of out-of-state drilling corporations are shielded by the ODNR and compliant state officials who ripped the local right-to-decide authority from local communities. The state how wants to engage in this hightly risky procedure in the state’s parks. Below is info (and a sign-on letter) calling for a moratorium of drilling.
Friends of Environmental Justice ...
An issue that is facing many other states across the country has reached Ohio ... fracking. We ask that you consider taking action on two fronts. Time is critical .... please respond ASAP.
1. gathering/signing the fracking moratorium letter (copied below)
An effort by a coalition of local citizen groups and statewide organizations has resulted in the creation of a fracking moratorium letter.
It is vital that we get as many signatures as possible on this letter. DEADLINE MARCH 5 by close of business.
The letter will not be on anyone’s letterhead. Organizational sign-on’s will be listed first and individuals listed second (both in alphabetical order)
To sign on just “forward” this e-mail or send to Tmills@chej.or
Fill in the information below:
Organization name:
Your name:
City and State:
Are you signing on for the organization?
Are you signing on only for yourself?
Please forward this e-mail to others you think would be interested in supporting this effort. Thank you.
2. call your representatives about HB 133, which will threaten ALL land owned or controlled by the state, will “create the Oil and Gas Leasing Board and to establish a procedure by which the Board may enter into leases for oil and gas production on land owned or under the control of a state agency”
The State of Ohio owns thousands of acres: state forests, state nature preserves (as the park system collapses, they've downgraded management to nature preserves), mental hospitals, which were originally founded as farms to defray expenses and provide rehabilitiation. Some of the rural state prisons also began as farm operations and there is excess acreage associated with some of them. It also implicitly authorizes offshore drilling in Lake Erie on state-owned submerged lands. Even the OSU experimental farm west of downtown Columbus could be drilled upon the way this is written. All that is OURS, NOT THEIRS. And parks, too.
(1) It makes it state policy not only to permit, but to promote and support the exploitation of oil and gas on state lands – a terrible and dangerous policy.
(2) It sets up a Oil and Gas Leasing Board, made up of 3 members appointed by the Governor, 2 industry reps, and one environmental representative. Decisions on leases can be made by a quorum of 3 members – so, what possible influence or power will one lone environmental member have? NONE! And, where is the representation from communities? Public health? Local government?
(3) In order to encourage lease bid submissions and the consequent development of all oil and gas reserves, all of the information contained in the bid is confidential and may not be released. So, land held in public trust can be exploited, drilled, covered with pipelines, cleared, etc. with no knowledge about who is being given a lease to do what, under what conditions, and no opportunity to be heard in the decision making.
The bill can be found at
http://www.legislature.state.oh.us/bills.cfm?ID=129_HB_133
It's been some time since we've sent out info, but we have been hard at work. An official announcement will be sent out in the near future, but for now, we would like you to know that as the board of OHEJ has worked on creating an independent statewide 501(C)3 organization, one of the changes that occurred was a name change ... from Ohioans for Health, Environment and Justice to Ohioans for People and Environment (OAPE). Most of the same people who have helped with the efforts of OHEJ continue to work as OAPE.
Vickie Askins
Wood County Citizens Opposed to Factory Farms
vaaskins@wcnet.org
Sherry Fleming
Williams County Alliance
wmscoa@yahoo.com
---------
Ohio General Assembly
Statehouse
Columbus, OH 43215
March 7, 2011
Dear Members of the 129th Ohio General Assembly:
The plans for industrial-scale drilling in the Marcellus and Utica formations of Ohio pose a direct and material threat to the interests of the undersigned organizations and our tens of thousands of individual members throughout the State of Ohio.
The use of high volume hydraulic fracturing with horizontal drilling of the deep shale formation presents significant risk to public health, safety and the environment. As the use of this relatively new technology has increased nationally, the number of documented spills, blowouts, leaking wells, and other accidents is shocking and the environmental and human consequences have been very serious. For example:
· An explosion and fire at the Chesapeake Appalachia LLC Powers gas well site in Avella, PA, injured three workers on February 23, 2011. DEP investigators reportedly found the fire started as a result of fumes escaping five tanks capable of holding a total of 21,000 gallons of flammable fluid known as wet gas or condensate, contained in natural gas.
· Methane and other toxins contaminated an aquifer serving 19 families in Dimock, Pennsylvania, resulting in a $4.1 million dollar settlement against Cabot Oil and Gas.
· Wells in Sublette County, Wyoming, contaminated with a variety of toxic compounds used in hydraulic fracturing, including benzene, a toxic chemical known to cause leukemia and aplastic anemia, at 1500 times the safe level for people. Similarly, 1.6 million gallons of hydraulic fracturing fluids escaped into the ground water in Parachute, Colorado
· A study by the Texas Commission on Environmental Quality found that pollutants from natural gas drilling in the Barnett Shale field were greater than those produced by all of the vehicular traffic in the Dallas-Ft. Worth area.
In addition, the withdrawal of millions of gallons of fresh water required for such operations’ hydraulic fracturing cycle will not only significantly impact Ohio’s water resources, but seriously infringe upon the constitutionally protected property rights in groundwater for an untold number of landowners. Further, due to the absence of local zoning and surface property protections, and use of mandatory pooling, landowners face losing essential property interests.
--------------------------------------------------
Now for Some Good News!
The Richmond, California City Council just voted unanimously for the Resolution to Free Democracy from Corporate Control
http://www.tinyurl.com/FreeDemocracy
Supreme Court: Corporations don’t have ‘personal privacy’ rights
http://www.rawstory.com/rs/2011/03/02/supreme-court-corporations-dont-have-personal-privacy-rights/
--------------------------------------------------
MOVE TO AMEND OHIO
Monthly Conference Call
Saturday, March 5, 11:00 AM
Call in #: 1-218-862-7200
Access Code: 744213
http:// www.movetoamendohio.org
Monday, February 28, 2011
MONETARY HISTORY CALENDAR February 28-March5
FEBRUARY 28
1856 – BIRTH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATES
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.” (1911)
MARCH 3
1863 - LEGAL TENDER ACT PASSED
Congress authorizes the Government to print no more than $400,000 million Greenbacks to pay for the Civil War. This was interest-free and debt-free money. The Lincoln Administration didn’t want to borrow money from corporate banks to pay for the war.
1865 – NATIONAL CURRENCY ACT AMENDED BY CONGRESS
The act amended the National Currency Act of 1864. State banks were no longer permitted to issue bank notes (currency).
1884 – JULLIARD V. GREENMAN ( 110 U.S. 421 ) SUPREME COURT DECISION
US Supreme Court ruling upholding the legality of US Government issued money (Greenbacks) created following the Legal Tender Acts of 1862 and 1863. The Court ruled that the government possessed the authority under the Constitution to issue a national currency and that that currency could be used to pay debts.
2003 - WARREN BUFFET, SECOND RICHEST PERSON ON EARTH, IN HIS ANNUAL LETTER TO BERKSHIRE HATHWAY SHAREHOLDERS
“Derivatives are financial weapons of mass destruction."
MARCH 4
1789 – US GOVERNMENT UNDER NEW CONSTITUTION BEGINS OPERATION
The Constitution replaced the Articles of Confederation as the overarching legal document of the nation. The new Constitution provides the federal legislature the power “[t]o coin money [and] regulate the value thereof.”
MARCH 6
1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." In a speech to the Economic Club of New York, 1988
1933 – PRESIDENT FRANKLIN ROOSEVELT ISSUES EXECUTIVE PROCLAMATION 2039 DECLARING A BANK “HOLIDAY”
The “holiday” meant that all banks would be closed from March 6-9 to prevent further runs. Bank failures were a result in earlier speculative investments and banks loaning out more money than they actually possessed (fractural reserve). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system.
______________________________________________________________________________________________
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
1856 – BIRTH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATES
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.” (1911)
MARCH 3
1863 - LEGAL TENDER ACT PASSED
Congress authorizes the Government to print no more than $400,000 million Greenbacks to pay for the Civil War. This was interest-free and debt-free money. The Lincoln Administration didn’t want to borrow money from corporate banks to pay for the war.
1865 – NATIONAL CURRENCY ACT AMENDED BY CONGRESS
The act amended the National Currency Act of 1864. State banks were no longer permitted to issue bank notes (currency).
1884 – JULLIARD V. GREENMAN ( 110 U.S. 421 ) SUPREME COURT DECISION
US Supreme Court ruling upholding the legality of US Government issued money (Greenbacks) created following the Legal Tender Acts of 1862 and 1863. The Court ruled that the government possessed the authority under the Constitution to issue a national currency and that that currency could be used to pay debts.
2003 - WARREN BUFFET, SECOND RICHEST PERSON ON EARTH, IN HIS ANNUAL LETTER TO BERKSHIRE HATHWAY SHAREHOLDERS
“Derivatives are financial weapons of mass destruction."
MARCH 4
1789 – US GOVERNMENT UNDER NEW CONSTITUTION BEGINS OPERATION
The Constitution replaced the Articles of Confederation as the overarching legal document of the nation. The new Constitution provides the federal legislature the power “[t]o coin money [and] regulate the value thereof.”
MARCH 6
1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." In a speech to the Economic Club of New York, 1988
1933 – PRESIDENT FRANKLIN ROOSEVELT ISSUES EXECUTIVE PROCLAMATION 2039 DECLARING A BANK “HOLIDAY”
The “holiday” meant that all banks would be closed from March 6-9 to prevent further runs. Bank failures were a result in earlier speculative investments and banks loaning out more money than they actually possessed (fractural reserve). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system.
______________________________________________________________________________________________
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
Protect Workers' Rights Rally in Columbus - February 26
Teachers, firefighters, police officers and other public service employees joined with students, environmentalists and other citizens from across Ohio on Saturday, February 26 to rally in support of maintaining collective bargaining rights. The rally was the latest mass action over the last several weeks at the State House in Columbus organized against passage of Senate Bill 5. The roughly 500 people at the rally heard from a dozen speakers, mostly those representing public employees, talk about how the current $8 billion state budget deficit is being used as a pretext to eliminate the power of people in public unions to bargain collectively for wages and benefits.
I was one of the non-union speakers who addressed the crowd (the only person representing a religious organization) – focusing on the need to maintain unity despite our separate organizations and issues as well as to understand and work to link the immediate threat to collective bargaining with the larger issue of corporations wielding never-intended political power to influence elections and govern. Referencing the Wisconsin Wave, a new campaign to develop a broad democratic/self-governing platform (including the call for greater election integrity and an end to corporate personhood) I urged those in attendance to consider developing a similar platform in Ohio and to support the national effort, led by Move to Amend, to abolish corporate constitutional rights.
Among those in the crowd were several people from other parts of the state AFSC has worked with over the years – including Friends from Athens on democracy issues, student organizers in Columbus on antiwar issues and social workers from Columbus on affordable housing issues.
Also in the crowd was a brother and sister, Margo Kernan and Charlie Koester, from Akron whose mother Margie Koester, member of the Akron Friends Meeting, recently passed away. Margie was a longtime AFSC volunteer who rarely missed an AFSC organized or supported march and rally for peace or justice in Akron or DC. In small but noticeable letters on the edges of their “Defeat Issue 5” signs were written “Hi Mom!” “We’re here because of the issue but also because of her,” they said. “She’s here today in spirit.”
A march was held following the rally. It circled the State House grounds. Those on the streets and drivers in passing cars showed their support for worker rights with thumps up signs and a din of honking horns.
p.s. The one picture of people holding the “We the People” sign was held in front of a statue of former President and Ohioan William McKinley on the statehouse grounds. During his 1896 election for President, McKinley’s campaign manager, Marc Hanna, said, “There are 2 things important in politics. The first is money. I can’t remember what the second one is.” This captures well the fact that government increasingly has been captured by large monied and corporate interests — with agendas including eliminating worker rights and programs supporting people who don’t donate (or invest) to political candidates.
Friday, February 25, 2011
TESTIMONY AT PEOPLES BUDGET HEARING
February 24, 2011 / Cleveland, Ohio
Greg Coleridge, Director, Northeast Ohio American Friends Service Committee
Increasing tensions in Ohio, other states and in Washington, DC between maintaining vital social and economic services and reducing budget deficits and debts appears irreconcilable. But are they? Not if our vision and understanding expands beyond the narrow construct we’ve been conditioned to accept – which has been reinforced by a distracting corporate media, an educational system designed to nurture the status quo rather than critical consciousness, and by either unaware or corporate-influenced public officials.
Three “off the table” solutions at the federal level to the economic and human crisis need to be placed on the table – for good.
1 Slash funding for military. The military/war budget consumes roughly 59% of the funds Congress can vote on. This includes a dizzying array of Cold War-era military weapons systems; more than 700 empire-reinforcing bases and installations world-wide; military aid to prop up dictators and regimes – many of which are now being challenged by popular democratic uprisings; and hot wars and occupations in Afghanistan, Iraq, Pakistan and to a lesser extend Yemen. Hundreds of billions of dollars could be saved – to be reinvested in economic conversion of our weapons plants, to balance the budget, to spend on vital social and economic needs, and to reduce taxes.
2 End the most destructive and debt-increasing federal subsidy of all – the license given to banks to print money. All other government subsidies pale in comparison to the subsidy the federal government has provided to banks for most of our nation’s history – the right to print money, which is loaned back to us and which must be repaid with interest. We the People should print our own money – debt and interest free – as stipulated in the Constitution. This would allow us to save roughly $200 billion alone this year in interest payments. It would also permit us to spend money to address vital needs without having to go into debt. Rep. Dennis Kucinich is set to reintroduce the National Emergency and Employment (NEED) Act – which calls for the government to print federal money to address the $2.2 trillion the American Association of Civil Engineers says is needed in infrastructure repair and billions more needed to address education and health care services.
3 Increase taxes on the superrich. Economist and Professor Richard D. Wolff computes that the 2.9 million High Net Worth Americans whose investible assets totaled $12.09 trillion in 2009, if taxed at just 15%, would have yielded more than total government borrowing of $1.7 trillion in 2009. Obama’s stimulus program would have required no deficit, no borrowing, and no additional taxes for 99% of US citizens. The same could be done for this year. There would be no need to even tax the earnings of the top 1% -- just the investible assets.
It’s time to discuss these options – those that would make our priorities more sane and humane. They would also increase democracy – of our own money system and of people and nations abroad.
Greg Coleridge, Director, Northeast Ohio American Friends Service Committee
Increasing tensions in Ohio, other states and in Washington, DC between maintaining vital social and economic services and reducing budget deficits and debts appears irreconcilable. But are they? Not if our vision and understanding expands beyond the narrow construct we’ve been conditioned to accept – which has been reinforced by a distracting corporate media, an educational system designed to nurture the status quo rather than critical consciousness, and by either unaware or corporate-influenced public officials.
Three “off the table” solutions at the federal level to the economic and human crisis need to be placed on the table – for good.
1 Slash funding for military. The military/war budget consumes roughly 59% of the funds Congress can vote on. This includes a dizzying array of Cold War-era military weapons systems; more than 700 empire-reinforcing bases and installations world-wide; military aid to prop up dictators and regimes – many of which are now being challenged by popular democratic uprisings; and hot wars and occupations in Afghanistan, Iraq, Pakistan and to a lesser extend Yemen. Hundreds of billions of dollars could be saved – to be reinvested in economic conversion of our weapons plants, to balance the budget, to spend on vital social and economic needs, and to reduce taxes.
2 End the most destructive and debt-increasing federal subsidy of all – the license given to banks to print money. All other government subsidies pale in comparison to the subsidy the federal government has provided to banks for most of our nation’s history – the right to print money, which is loaned back to us and which must be repaid with interest. We the People should print our own money – debt and interest free – as stipulated in the Constitution. This would allow us to save roughly $200 billion alone this year in interest payments. It would also permit us to spend money to address vital needs without having to go into debt. Rep. Dennis Kucinich is set to reintroduce the National Emergency and Employment (NEED) Act – which calls for the government to print federal money to address the $2.2 trillion the American Association of Civil Engineers says is needed in infrastructure repair and billions more needed to address education and health care services.
3 Increase taxes on the superrich. Economist and Professor Richard D. Wolff computes that the 2.9 million High Net Worth Americans whose investible assets totaled $12.09 trillion in 2009, if taxed at just 15%, would have yielded more than total government borrowing of $1.7 trillion in 2009. Obama’s stimulus program would have required no deficit, no borrowing, and no additional taxes for 99% of US citizens. The same could be done for this year. There would be no need to even tax the earnings of the top 1% -- just the investible assets.
It’s time to discuss these options – those that would make our priorities more sane and humane. They would also increase democracy – of our own money system and of people and nations abroad.
Subscribe to:
Posts (Atom)
