June 25 – July 1

JUNE 25

1903 – BIRTH OF GEORGE ORWELL, AUTHOR OF “1984”

“War is peace, Freedom is slavery, Ignorance is strength.”

[NOTE: We are being gaslighted and propagandized on a daily basis by the power elite. This includes being told we aren’t capable of understanding how our money system works — and, thus, to leave it to the “experts” — and that we have no power and responsibility to create a money system that promotes justice and a livable world.]

2007 – STATEMENT BY SHEILA BAIR, FORMER HEAD OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

“There are strong reasons for believing that banks left to their own devices would maintain less capital — not more — than would be prudent. The fact is, banks do benefit from implicit and explicit government safety nets…In short, regulators can’t leave capital decisions totally to the banks.” Bair cautioned against lowering capital requirements (the amount of money banks have to hold compared to their loans)

JUNE 26

1009 BC – BIRTH OF KING SOLOMON, SON OF DAVID

“The rich rules over The poor, and The borrower is The slave of The lender.” Proverbs (of Solomon) 7:22

1908 – BIRTH OF SALVADOR ALLENDE, DEMOCRATICALLY ELECTED PRESIDENT OF CHILE, OVERTHROWN BY A CIA-LED COUP IN 1973

“We won the revolution but we did not win the power.”

[NOTE: We may win elections and any number of legislative and regulatory changes, but if those victories don’t increase the ability of people to ultimately rule themselves, those changes aren’t meaningful and likely won’t last long. Winning the ability to create and distribute public money for public purposes is power. Financial corporations should not possess the power to create money out of thin air as debt and decide where it’s lent.]

JUNE 27

1992 – UPDATED PUBLICATION SOMETIME THIS MONTH OF MODERN MONEY MECHANICS BY THE FEDERAL RESERVE BANK OF CHICAGO

“The actual process of money creation takes place in commercial banks. Banks can build up deposits by increasing loans and investments…This unique attribute of the banking business was discovered several centuries ago…At one time, bankers were merely middlemen. They made a profit by accepting gold and coins for safekeeping and lending them to borrowers. But they soon found that the receipts (bank notes or IOUs) they issued were being used as if they were a means of payment. “These receipts were acceptable as if they were money since whoever held them could go to the banker and exchange them for metallic money…Then bankers discovered…that they could make loans merely by giving borrowers their promises to pay (bank notes). In this way banks began to create money…More notes (IOUs) could be issued than the gold and coin on hand, because only a portion of the notes outstanding would be presented for payment at any one time…Demand deposits (checks) are the modern counterpart of bank notes. It was a small step from printing notes to making book entries to the credit of borrowers, which the borrowers in turn, could ‘spend’ by writing checks.”

JUNE 28

1836 – DEATH OF JAMES MADISON, 4TH PRESIDENT OF THE UNITED STATES

Madison signed into law a bank bill in 1816 creating the Second National Bank of the United States. Chartered for 20 years, the bank amassed economic power that threatened the nation. Its charter was abolished in 1836.

JUNE 29

1795 – DEATH OF JOHN JAY, FIRST CHIEF JUSTICE OF THE US SUPREME COURT

“Those who own the country ought to govern it.”  Becker, Carl (1920). “The Quarterly Journal of the New York State Historical Association” 1. p. 2.

[Note: Short, sweet and clear as can be of the thinking of one of our nation’s original power elitists.]

1858 – DEATH OF EDWARD KELLOGG, BUSINESSMAN AND ECONOMIST. HIS IDEAS INFLUENCED THE POLICIES OF THE POPULIST AND GREENBACK PARTIES

“Legal value belongs to anything which represents actual value, or capital. Its existence depends upon actual value. The worth of things of legal value depends upon their capability to be exchanged for things of actual value. Since money is our monetary system is created as debt, the ‘legal value’ of money includes both the principal debt and interest — which exceeds the ‘actual value’ of a nation’s real wealth or claims on collateral at any point in time. The only means to close this gap and cover interest payments is to create additional collateral (goods and services) via economic growth. Of course, this additional debt-based money used to pay the previous interest has its own interest. Thus the downward debt cycle never ends until it collapses.

2022 – ANNUAL FEAST OF SAINT PETER AND PAUL

“And having food and raiment let us be therewith content.  But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.  For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”  — The Apostle Paul in 1 Timothy 6: 8-10

JUNE 30

1812 – FIRST US TREASURY NOTES AUTHORIZED BY THE UNITED STATES CONGRESS

Treasury notes are promise to pay notes to borrowers to raise revenue. The US needed funds to fund the War of 1812. Rather than print US money (such as “Continentals” – an interest- and debt-free money issued by the Continental Congress to pay for the Revolutionary War), the US government followed a different course – to issue notes to borrowers with promises to pay the principal with interest at a later date. The original interest rate was 5.4%. Wars cause indebtedness. Bankers tend to like wars since they tend to create financial dependency of nations to bankers. Thomas Edison would later say about Treasury bonds, “If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good…”

1997 – PUBLICATION OF ARTICLE “BEYOND GREED AND SCARCITY” BY BERNARD LIETAER IN YES MAGAZINE

“While economic textbooks claim that people and corporations are competing for markets and resources, I claim that in reality they are competing for money – using markets and resources to do so. Greed and fear of scarcity are being continuously created and amplified as a direct result of the kind of money we are using. For example, we can produce more than enough food to feed everybody, and there is definitely enough work for everybody in the world, but there is clearly not enough money to pay for it all. In fact, the job of central banks is to create and maintain that currency scarcity.”

2005 – PUBLICATION OF “A MATTER OF INTEREST” BY WILLIAM HIXSON, ECONOMIST

“The very idea of a government that can create money for itself, allowing banks to create money that the government then borrows, and pays interest on, is so preposterous that it staggers the imagination. Either everyone in government in charge of the procedure is lacking in intelligence or they have been bought and paid for by those who profit from their skullduggery and their infidelity to the public interest.”

2014 — BANKING 101 – 6 videos by Positive Money

1 – 5:03 – Misconceptions around Banking – Banking 101 (Part 1 of 6)

2 – 8:23 – What’s wrong with the money multiplier? – Banking 101 (Part 2 of 6)

3 – 20:06 – How is money really made by banks? – Banking 101 (Part 3 of 6)

4 – 13:57 – How much money can banks create – Banking 101 (Part 4 of 6)

5 – 5:23b-bDo banks create money or just credit? – Banking 101 (Part 5 of 6)

6 – 3:19 – How money gets destroyed – Banking 101 (Part 6 of 6)

2020 — FEDERAL RESERVE CHAIR JEROME POWELL ON DEBT

US Rep. Gregory Meek (NY State) to Federal Reserve Bank Chairman Powell at a Congressional Hearing on this date:

“…small business can’t qualify for debt. They need equity, not debt.”

FED Chairman Powell: “More debt may not be the answer, but debt is what we do.”

JULY 1

1818 – SECOND NATIONAL BANK OF US TRIGGERS RECESSION/DEPRESSION

The Second National Bank of the United States (a private financial institution) on this day reversed its financial course from monetary expansion to contraction. They called in loans and cut future loans. They required payments from state banks in gold alone. This caused deflation, leading to a two-year recession/depression – called the “Panic of 1819.” This is what happens time and again when private financial corporations control a nation’s money system instead of We the People through their government.

1926 — DEATH OF ALEXANDER DEL MAR, AMERICAN POLITICAL ECONOMIST, HISTORIAN, NUMISMATIST AND AUTHOR

“I would advise a return to the coinage laws prior to 1873 and the retirement of bank notes, to be replaced by greenbacks.

“These reforms will not only benefit the great mass of our people, they will save the commercial classes from what will otherwise end in widespread bankruptcy and perhaps even more serious results.

“Unfortunately the commercial classes are too greedy to accept reforms that do not promise them unfair advantages.”

– Alexander Del Mar, History of Monetary Crimes, (1899)

1944 – BRETTON WOODS CONFERENCE BEGINS

The United Nations Monetary and Financial Conference, known as the Bretton Woods Conference was a meeting of 44 Allied nations where the International Monetary Fund, IMF and World Bank were established. The agreement stated “The nations should consult and agree on international monetary changes which affect each other. They should outlaw practices which are agreed to be harmful to world prosperity, and they should assist each other to overcome short-term exchange difficulties.” Participants agreed to adopt a monetary policy maintaining an exchange rate of their currency within a fixed value in terms of gold. Bretton Woods centralized monetary and financial power among the richest nations, especially the U.S. Underdeveloped nations became dependent on overdevelopd nations for funding – having to agree to environmentally destructive and unjust policies toward workers and citizens to receive loans.

1983 – DEATH OF BUCKMINSTER FULLER, US ARCHITECT, SYSTEMS THEORIST, AUTHOR, DESIGNER, INVENTOR AND FUTURIST

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”

This is what proponents of a democratic monetary system are doing – calling for the creation of US money (rather than borrowing from banks) to rebuild our national infrastructure, fund the Green New Deal, democratizing the Federal Reserve system, eliminating “fractional reserve banking” (which allows banks to loan out more than their deposits) and other provisions.

1967 – US POSTAL SAVING SYSTEM ENDS

Opposition from commercial banks prevented the postal savings system from fully developing. The United States Postal Savings System was a postal savings system operated by the United States Postal Service from January 1, 1911 until July 1, 1967

June 18 – 24

JUNE 18

1926 – BIRTH OF CHARLES WALTERS, FOUNDER OF ACRES MAGAZINE, A VOICE FOR ECO-AGRICULTURE

“[O]ur forefathers took steps to protect the economic freedom of the United States by giving to Congress, elected by the people, the power to provide a monetary system independent of the monetary systems of other countries, and to regulate the value of the dollar, adopted as our monetary unit, or measure of value. This power automatically gave Congress the right to determine the value of the United States production in terms of United States money.”

2008 – CHRIS DODD PROPOSED HOUSING BAILOUT

As the chairman of the Senate Banking Committee Connecticut’s Christopher Dodd proposes a housing bailout to the Senate floor that would assist troubled subprime mortgage lenders such as Countrywide Bank, Dodd admitted that he received special treatment, perks, and campaign donations from Countrywide, who regarded Dodd as a “special” customer and a “Friend of Angelo.” Dodd received a $75,000 reduction in mortgage payments from Countrywide. The Chairman of the Senate Finance Committee Kent Conrad and the head of Fannie Mae Jim Johnson also received mortgages on favorable terms due to their association with Countrywide CEO Angelo R. Mozilo.

2022 – “HOW TO RELATE MONETARY REFORM TO CBDC with Edgar Wortman” video

“Dutch monetary reformer, Edgar Wortmann, got his kick-start at American Monetary Institute’s Chicago 2013 conference. Steven Zarlenga, Michael Kumhof and Steve Keen provided him with essential information to co-create the monetary reform movement in The Netherlands. This movement, Ons Geld (Our Money),  was inspired by digitization of money. It considers digitization essential to providing sound money, outside the credit system. But digital money, such as Central Bank Digital Currency (CBDC) or a digital euro, can do harm too.”

JUNE 19

1902 – DEATH OF LORD ACTON, ENGLISH HISTORIAN, POLITICIAN, AND WRITER

“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

1946 – DEATH OF HENRY SIMONS, PROFESSOR OF ECONOMICS, UNIVERSITY OF CHICAGO

“The mistake lies in fearing money and trusting debt.”

JUNE 20

1756 – BIRTH OF WILLIAM RICHARDSON DAVIE, NORTH CAROLINA DELEGATE TO THE 1787-8 CONSTITUTIONAL CONVENTION AND GOVERNOR OF N. CAROLINA

“So low and hopeless are the finances of the United States, that, the year before last Congress was obliged to borrow money even, to pay the interest of the principal which we had borrowed before. This wretched resource of turning interest into principal, is the most humiliating and disgraceful measure that a nation could take, and approximates with rapidity to absolute ruin:

Yet it is the inevitable and certain consequence of such a system as the existing Confederation.”

JUNE 21

1940 — DEATH OF SMEDLEY BUTLER, MARINE CORP MAJOR GENERAL (MOST DECORATED MARINE IN US HISTORY AT THE TIME OF HIS DEATH)

“I spent thirty-three years and four months in active military service as a member of this country’s most agile military force, the Marine Corps. I served in all commissioned ranks from Second Lieutenant to Major-General. And during that period, I spent most of my time being a high-class muscle man for Big Business, for Wall Street and for the Bankers. In short, I was a racketeer, a gangster for capitalism…I wouldn’t go to war again, as I have done, to protect some lousy investment of the bankers. There are only two things that we should fight for. One is the defense of ouR homes and the other is the Bill of Rights. War for any other reason is simply a racket…. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912…”

2012 – DEATH OF ANNA SCHWARTZ, CO-AUTHOR OF “A MONETARY HISTORY OF THE UNITED STATES”

“A Monetary History of the United States” contributed to a new consensus on monetary issues, including the sources of the Great Depression. The 888-page book asserts that the 1929 stock market crash and subsequent Great Depression was caused by mistakes by the Federal Reserve. . Former Federal Reserve Chairman Ben Bernanke called the work, ‘the leading and most persuasive explanation of the worst economic disaster in American history.’ ‘You’re right; we [the Fed] did it. We’re very sorry. But thanks to you, we won’t do it again.’

A month after the collapse of Lehman Brothers, Schwartz said in the Wall Street Journal interview the insolvent financial firms should not be bailed out, but rather shut down.

JUNE 22

1911 – SPEECH OF PRESIDENT WILLIAM HOWARD TAFT BEFORE NEW YORK STATE BANKERS’ ASSOCIATION

“There is no legislation, I care not what it is, tariff, railroad, corporation, or of a general political character, that at all equals in importance the putting of our banking and currency system on a sound basis.”

Of course, Taft’s definition of a “sound” banking and currency system was the plan being pushed by major bankers – the creation of a private central bank (which basically defines the Federal Reserve) and the ability of banking corporations to create our nation’s money – as debt.

1949 – BIRTH OF ELIZABETH WARREN, US SENATOR, MASSACHUSETTS

“What we need is a system that puts an end to the boom and bust cycle. A system that recognizes we don’t grow this country from the financial sector; we grow this country from the middle class.”                        “Powerful interests will fight to hang on to every benefit and subside they now enjoy. Even after exploiting consumers, larding their books with excessive risk, and making bad bets that brought down the economy and forced taxpayer bailouts, the big Wall Street banks are not chastened. They have fought to delay and hamstring the implementation of financial reform, and they will continue to fight every inch of the way.”

2009 –  “NATIONALIZE THE FED – END BANKS POWER TO CREATE MONEY” VIDEO PRESENTATION BY STEPHEN ZARLENGA

“Stephen Zarlenga works with Rep. Kucinich on The American Monetary Act, designed to resolve the banking crisis. This clip from a longer film defines 3 steps: In addition to nationalizing the Fed. and removing the power of banks to create money as debt out of thin air, the Act reminds us of the Constitution, Article I, Sec. 8, that states that our government has the sovereign power to issue money and spend it into circulation. Whatever you think about point 3 –  the government could not possibly do any worse than the banks.”

JUNE 23

1948 – WEST INTRODUCES NEW CURRENCY IN W. BERLIN, SOVIETS RESPOND WITH BLOCKADE

Several factors led to the blockade of W. Berlin by the Soviet Union. These included the unification of the French, British and US sectors into a West German government and the issuance of a currency in the new country. It was the issuance of a new currency in W. Berlin on June 23. The next day the Soviets imposed a complete blockade on Berlin.

2016 – BREXIT VOTE

Citizens in the United Kingdom vote in a national referendum to withdraw from the European Union. British voters felt their sovereignty, including economic sovereignty, was in peril by remaining in the EU. [Note: The British maintained their authority to issue and circulate their currency, the Pound, despite being EU members, unlike other members.]

JUNE 24

1982 – LEWIS V UNITED STATES (AMENDED DECISION OF THE US COURT OF APPEALS, NINTH CIRCUIT)

“Federal Reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors. Federal Reserve banks…are locally controlled by their member banks; banks are listed neither as “wholly owned” government corporations nor as “mixed ownership” corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names . . ..”

1946 – BIRTH OF ROBERT REICH, FORMER US LABOR SECRETARY

“The dirty little secret is that both houses of Congress are irrelevant.  … America’s domestic policy is now being run by Alan Greenspan and the Federal Reserve…America’s foreign policy, meanwhile, is now being run by the International Monetary Fund [IMF] with some coaching from the Treasury Department.”

2021 – “TOP U.S. OFFICIALS CONSULTED WITH BLACKROCK AS MARKETS MELTED DOWN” PUBLISHED ARTICLE

“Laurence D. Fink, the chief executive of BlackRock, the world’s largest asset manager, was in frequent touch with Mr. Mnuchin and Mr. Powell in the days before and after many of the Fed’s emergency rescue programs were announced in late March. Emails obtained by The New York Times through a records request, along with public releases, underscore the extent to which Mr. Fink planned alongside the government for parts of a financial rescue that his firm referred to in one message as ‘the project’ that he and the Fed were ‘working on together.’

“While some conversations were previously disclosed, the newly released emails, together with public calendar records, show the extent to which economic policymakers worked with a private company as they were drawing up a response to the financial meltdown and how intertwined BlackRock has become with the federal government.”https://www.nytimes.com/2021/06/24/business/economy/fed-blackrock-pandemic-crisis.html?smid=fb-share&fbclid=IwAR27QFCX-GVv7K6QqhSmb4HwqKtVRwCzeh347rmBg3ccxW5t-7vGSTIQGxc

June 11 – 17

JUNE 11

2009 – POSTING ON “TAKE DOWN THE INTERNATIONAL MONETARY FUND” BLOG ENTITLED, “REFORM IS NECESSARY”

“The International Monetary Fund is a ploy for Western democracies to spread their influence and control over developing nations. Claiming to be philanthropic and economically supportive by providing loans, the IMF simply doles out Western currency in the form of loans with high interest rates to developing nations who could never possibly pay them back. This creates an unfair economic dependency of developing nations on Western countries.”

2017 – “WHO CONTROLS ALL OF OUR MONEY?’ VIDEO

Short (21 min) video produced by ColdFusion TV

JUNE 12

2013 – “HISTORY TEACHES THAT WE HAVE THE POWER TO TRANSFORM THE NATION, HERE’S HOW,” ARTICLE PUBLISHED

“To achieve transformational change, we must proceed on two tracks: protesting what we oppose, and building alternative systems to create the world we want to see…

“Currently, people are building economic democracy – including worker-owned cooperatives, participatory budgeting, community supported agriculture, farmer’s markets, community banks and credit unions as well as local currencies and local investment networks, community land trusts, and more – so that people can strengthen their communities. In time, of course, national policies will need to be changed as well, in order to, for example: establish an open and transparent Federal Reserve that is democratically accountable, public rather than private creation of money, the end of corporate personhood, public funding of public campaigns, a new energy economy where every home, business and community uses energy efficiently and produces energy, the end of the destructive extraction economy, and so much more.”

https://www.popularresistance.org/history-teaches-that-we-have-the-power-to-transform-the-nation-heres-how/

JUNE 13

1933 – CONGRESSIONAL PASSAGE OF GLASS-STEAGALL ACT

Actual title was Banking Act of 1933. President Roosevelt signed it on June 16. Considered one of the most important post Depression laws, the legislation created the Federal Deposit Insurance Corporation, which protected bank deposits. It also instituted several bank reforms to curb speculation that caused the Depression. One important provision was to create a firewall between Main Street depository banks and Wall Street investment banks. The Act was repealed by the Gramm-Leach-Bliley Act in 1999.

2014 – “TO THE FUTURE PRIME MINISTER OF THE UK” BLOG POST CALLS FOR DEMOCRATIC MONEY CREATION

“To the future Prime Minister of the UK:

The same banks that caused the financial crisis currently have the power to create 97% of the UK’s money. They’ve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now they’re back to their old ways.

We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks.

When new money is created, it should be used to fund vital public services or provide finance to businesses, creating jobs where they’re needed, instead of being used to push up house prices or speculate on the financial markets.”

http://www.positivemoney.org/?mailing=1  / https://thomasattwood.wordpress.com/page/5/

JUNE 14

2013 — FACEBOOK MESSAGE TO BILL MOYERS ON MONETARY REFORM

“Dear Mr. Moyers;

An extremely interesting conversation with Richard Wolf today on WAMC @ 2:30. He spoke of the critical problem with capitalism, but failed to say what the problem actually was and I found it interesting that even he decided not to speak of this critical problem.

I urge you to go to Stephen Zarlenga @ http://www.ami.org and read his book The Lost Science of Money. The critical problem with Capitalism is the private ownership of Money by the Federal Reserve since the beginning of our country and the fractional reserve system basing money as debt. I could go on and on but thought you would be better informed by reading this book. If you get a chance, tell me what you think.

Thank You

Henry A. Kirchdorfer III”  https://www.facebook.com/moyersandcompany/posts/610306285654053

2017 – “THE IMF CONFIRMS THAT ‘TRICKLE-DOWN’ ECONOMICS IS, INDEED, A JOKE” ARTICLE POSTED

“Few people know, however, that the phrase was actually coined by American humorist Will Rogers, who mocked President Herbert Hoover’s Depression-era recovery efforts…

“Rogers’ joke became economic dogma within two generations, thanks in large part to Reagan…

“Now, nearly 80 years later, Rogers’ quip is getting the punchline it deserves…

“‘Specifically, if the income share of the top 20 percent increases, then GDP growth actually declined over the medium term, suggesting that the benefits do not trickle down.'”

https://psmag.com/economics/trickle-down-economics-is-indeed-a-joke?fbclid=IwAR26YfyCK9zUiLq4_cpO20ofmebati-EOaj3gg3-46Ygh41NS1-yeRlX6gc

JUNE 15

1836 – CHARTER (LICENSE) FOR SECOND NATIONAL BANK OF THE UNITED STATES REPEALED

This was the third quasi national bank of the former British colonies — following the Bank of North America (1781-1785, chartered by the Continental Congress) and Bank of the United States (1791-1811, chartered by the US Congress). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly. Early on, it issued a huge amount of money (more than 20 times its reserves) as loans that led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply. This led to massive bankruptcies and the Panic of 1819. When President Andrew Jackson threatened to repeal its charter, the Bank’s leaders used its power to restrict money circulation to cause another depression. Bank President Nicolas Biddle wrote, “Nothing but widespread suffering will produce any effect on Congress…Our only safety is in pursuing a steady course of firm restriction – and I have no doubt that such a course will ultimately lead to restoration of the currency and the recharter of the Bank.”

President Andrew Jackson said this about the bank; “The immense capital and peculiar privileges bestowed upon it enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them, which might incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and it undoubtedly possessed) the power to make money plenty or scarce at its pleasure, at any time and in any quarter of the Union, by controlling the issues of other banks and permitting an expansion or compelling a general contraction of the circulating medium, according to its own will.”

2018 –  “NOMI PRINS: THE CENTRAL BANKING HEIST HAS PUT THE WORLD AT RISK,” PUBLISHED ARTICLE

“The 2008 financial crisis was the consequence of a loosely regulated banking system in which power was concentrated in the hands of too limited a cast of speculators…And after the crisis, the way the US government and the Federal Reserve dealt with this corrupt and criminal banking system was to give them a subsidy.” https://unherd.com/2018/06/nomi-prins-central-banking-heist-put-world-risk/

2019 – “MICHAEL KUMHOF: BANKS ARE NOT INTERMEDIARIES OF LOANABLE FUNDS” VIDEO

“Banks are not intermediaries of loanable funds – Facts, Theory and Evidence

“Michael Kumhof is Senior Research Advisor in the Research Hub of the Bank of England. Before that, he was Deputy Division Chief, at the Modeling Division in the Research Department at the International Monetary Fund (IMF) (2004 to 2015). Kumhof was responsible for developing the Global Integrated Monetary and Fiscal Model of the IMF which is used at several central banks, for IMF policy and scenario analyses, for the World Economic Outlook, and for G20 work. Before that, he was Assistant Professor at Stanford University (1998 to 2004). His research focuses on the role of banks in the economy and on different monetary systems.

“Filmed in “The Future of Money” conference in Stockholm 15 June 2019. The conference discusses about the problems of our current monetary system, CBDC aka Central Bank Digital Currency, and about alternative systems and different solutions beyond a CBDC.

2021 – “WE’RE NOT IN A REAL ESTATE BUBBLE: IT’S FAR WORSE THAN THAT” POSTED ARTICLE

“The first day of real estate college, our professor made a joke:

“’Mortgage comes from two Latin root words: Mort meaning death, and gage meaning grip.’

“It’s not a funny joke.

“It’s actually quite sobering.

“A mortgage is a death grip.

“And it’s a raw deal, too: You put up real cash as a down payment, plus your house and your credit as collateral, and what does the bank do? It literally creates credit — fake money — out of thin air, which you then have to pay back, with interest and hard-earned real money. And if you miss just 3–6 payments in a row in a 25–40 year window, they take your house away, ruin your credit, and make you start again.”

https://survivingtomorrow.org/were-not-in-a-real-estate-bubble-38c09ddc74f9

JUNE 16

1929 – DEATH OF VERNON PARRINGTON, HISTORIAN

“The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole.”

2021 – “LOCALIZING MONETARY REFORM” posted article by Greg Coleridge and Steve Norris

“Organizing for any solution to a national problem presents multiple challenges, among them is to make the proposed solution relevant locally to people’s lives.

“Bigger problems require proportionally bigger solutions, but those solutions can be difficult for individuals to relate to unless there are tangible ways presented to both understand the problem and solution and to take actions to bring change.

“Educating on our destructive monetary system and proposing ways to democratize it to benefit people, places and the planet certainly falls into this category of a big problem needing a big solution. But how to localize it?

“There are multiple strategies available to monetary reformers…”https://www.monetaryalliance.org/localizing-monetary-reform/

June 4 – 10

JUNE 4

1910 – BIRTH OF ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT DWIGHT D. EISENHOWER

“When a bank makes a loan it simply adds to the borrowers’ deposit account in the bank by the amount of the loan.  The money is not taken from anyone else’s deposit; it was not previously paid in to the bank by anyone.  It’s new money, created by the bank for the use of the borrower.”

2019 – ONLINE POSTING OF “THE MAJOR PROBLEMS WITH BANK MONEY CREATION” BY TIM DI MUZIO

“Let’s take a closer at the problems with how we create most new money.

“The vast majority of the money supply in modern economies is created by commercial banks when they make loans to willing borrowers (individuals, businesses and governments). While there are other limitations we could consider, what this already suggests is that the money supply in capitalist economies is already limited by the amount of willing borrowers in the economy and the bank’s assessment of the risks associated with lending. Obviously the banks want most of their loans paid back with interest. Credit cards are likely the most important exception here (and possibly mortgages now) since commercial banks adore what they call ‘revolvers’ – those who go into debt on their credit cards, pay at least the minimum monthly payment but never fully pay off their credit card(s). The interest is a constant flow of income to commercial banks. So the first problem is that the money supply is largely dependent on willing borrowers and the bank’s assessment of risk…

“The Need for Monetary Reform

“So based on the deficiencies in the way we produce money there is a clear need for monetary reform. But this will be a Herculean task, as it demands no less than reimagining the monetary and fiscal system that is the legacy of the creation of the first ‘national’ debt in England. As I see it there are three chief obstacles in correcting the present way in which we produce new money.”

The Major Problems with Bank Money Creation

JUNE 5

1883 – BIRTH OF JOHN MAYNARD KEYNES, ECONOMIST

“Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some…As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

“Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

Also,

“I sympathize therefore, with those who would minimize, rather than those who would maximize, economic entanglement between nations. Ideas, knowledge, art, hospitality, travel–these are the things which should of their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible; and, above all, let finance be primarily national.”

2013 – STATEMENT BY POPE FRANCIS

“Man is not in charge today, money is in charge, money rules. God our Father did not give the task of caring for the earth to money, but to us, to men and women: we have this task! Instead, men and women are sacrificed to the idols of profit and consumption: it is the ‘culture of waste.”

JUNE 6

1934 – CHICAGO PLAN INTRODUCED IN THE US CONGRESS

The “Chicago Plan” was a proposal developed by several prominent economists directed at President Roosevelt to end the Great Depression. One hundred and fifty academic economists signed the Plan; another 40 approved it with reservations. Main features: 1. Only the government would create money. 2. The Plan separated the loan-making function, which can belong in private banks, from the money-creation function, which belongs in government. 3. The proposal recognized the distinction between money and credit. Senator Bronson Cutting (R, NM) introduced The Plan in Congress (S. 3744). In several respects, it was the precursor to the National Emergency Employment Act (HR 6550) introduced by Rep. Dennis Kucinich in 2010, and reintroduced as HR 2990 in 2011.

2019 – ONLINE POSTING OF “THE COMING MONETARY TRANSFORMATION: REVOLUTION OR EVOLUTION?” BY JOE BONGIOVANNI

“Surely the answer to that question must depend on your personal views, like beauty – lying in the eye of the beholder. But your particular answer matters not. A complete money-change is coming. If you’re paying attention, you can feel it in the air. So, call it what you want.

“Many involved today in central banking, monetary policy, politics and, yes, business-economic journalism in all media, are gathering their understandings of this ‘something very new’ happening about our money. What formation this new money system construct ultimately takes remains to be determined. It’s completely up to us. Indeed, a new National Monetary Commission might again be in order – to help us sort things out.”

The Coming Monetary Transformation: Revolution or Evolution?

JUNE 7

2013 – PUBLISHED ARTICLE, “THE WAY MONEY IS CREATED IS AT THE ROOT OF THE ENVIRONMENTAL AND ECONOMIC CRISIS” BY BRUCE NIXON

“Do you know how our money is created? Most people don’t…

“97% of our money is created by commercial banks when they make loans, i.e. interest bearing debt…Only 3% is created in the form of notes and coins. Thus the profits of creating money go to the commercial banks rather than the public coffers…

“The current way of creating money gives the big banks enormous power…It means that the commercial banks, not our government, control one of the key levers of our economy. So it is one of the ways we let big banks subvert democracy…

“The way money is created is at the root of the environmental and economic crisis.

“Firstly, it drives unsustainable growth and consumption. Corporations must produce and sell more to pay interest and repay loans. Easy credit encourages more and more unsustainable consumption.

“Secondly, this way of creating money increases the cost of everything and fuels the nation’s escalating debt…

“We are encouraged to worship great god growth (GDP) rather than the creation of wellbeing.

“Meanwhile millions of people suffer unemployment and needless austerity through so-called “Neo-Liberal” policies, which have never worked… 

“It does not have to be this way…

“There is a growing realization that fresh ideas are needed if these crises are to be avoided…

“Under proposed monetary reforms, commercial banks would be prohibited from creating money. That would be the sole responsibility of national reserve banks: to provide the money supply required for national objectives, decided by democratically elected government. Meanwhile, commercial banks would continue to fulfill their proper role of providing both the traditional bank services that individuals and businesses require and investment services…

“Ordinary people, so-called, know that something is wrong; it’s up to us to inform ourselves and demand radical reform. Otherwise governments will continue with fixes that won’t work rather than the radical change that is needed.”

2020 – LAST DAY OF VOTING: GREEN PARTY US ENDORSES BY CONSENSUS THE ALLIANCE FOR JUST MONEY RESOLUTION CALLING FOR A NATIONAL MONETARY COMMISSION

“For over 100 years monetary reformers have called for fundamental change from our private, debt-based money system which concentrates wealth and power, to a democratic, equity-based money that circulates permanently and equitably in the real economy.

Congress needs to legislate this change, but they don’t know it. Since the 1930’s money systems have been a taboo topic and we all suffer a terrible ignorance about how powerfully they affect our lives.

“AFJM Resolution #1 is a first step to remedy our serious problem. Green Party US endorsement will help the BMRC [Banking and Monetary Reform Committee] to build public awareness and pressure Congress for the formal inquiry. Resolution #1 presents the reasons for taking this necessary first step to clip the vestiges of the private international bankers’ money system. It also addresses how we can replace this system with a constitutionally congruent system of Public Money creation, ownership, administration, and gain.”

https://gp.org/cgi-bin/vote/propdetail?pid=1010&fbclid=IwAR1T0IW8vbpDpCtZMQrveepGXMzBoeg50lza5Goijbk4ChHbixA0-ZIlHtk

JUNE 8

1042 – REIGN OF KING EDWARD OF ENGLAND BEGINS

Taking any interest on loaned money was considered a sin in early England. Under King Edward’s reign, those who charged interest (usurers) were declared outlaws and banished from the country. 

1809 – DEATH OF THOMAS PAINE, COLONIAL REVOLUTIONARY

Commenting on the value of colonial-issued money, the “Continental”…
“Every stone in the Bridge, that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten.”

1845 – DEATH OF ANDREW JACKSON, PRESIDENT OF THE UNITED STATES

“The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people, should they be deluded into a perpetuation of this institution or the establishment of another like it.”

“If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.”

2010 – DENNIS KUCINICH SPEAKS ON THE AMERICAN MONETARY ACT IN HOUSE OF REPRESENTATIVES

“Dennis Kucinich speaking on the American Monetary and Financial Security Act on the floor of the House of Representatives.”

2020 – “HOW IS MONEY CREATED? – EVERYTHING YOU NEED TO KNOW.” VIDEO

A fine production, 30 minutes

“With trillions of dollars being printed around the world, it’s time we take a look into how money is created.”

JUNE 9

2014 – PUBLICATION OF REPORT “WHO PAYS FOR BANK REGULATION” BY GOLDMAN SACHS CORPORATION

“In the wake of the financial crisis, a wide range of new and revised rules, regulations and practices have been imposed on the US banking industry. While many of these steps are designed to strengthen the safety and soundness of the banking system, they also act as a tax on banks: by changing relative prices, regulation makes some activities more expensive and others cheaper…While there is some added subtlety to the results of our analysis, we find in general that low-income consumers and small businesses – which generally have fewer or less effective alternatives to bank credit – have paid the largest price for increased bank regulation.”

[NOTE: How thoughtful of Goldman Sachs corporate leadership to be concerned about the plight of low-income consumers and small businesses in banking reform.  One wonders if the corporation, which Rolling Stone’s Matt Taibbi called the “great vampire squid” for its ability to suck money instead of blood, had similar sympathies when it received $12.9 billion in bailout money related to AIG, or an additional $10 billion in federal TARP bailout funds (which shortly afterwards in the later case they decided to pay 953 employees bonuses of at least $1 million)  — all of which served to increase its own economic solvency and political power. Goldman Sachs’ political power is demonstrated by its $5.8 million in political contributions/investments and $3.2 million in lobbying during the 2016 election cycle — funds used to water down or gut existing financial regulations. It’s this political influence, and the influence of other financial corporations, that also makes it nearly impossible to promote real monetary reform in Congress.]

2018 – “A VOTE TO END BANKING AS WE KNOW IT?” POSTED ARTICLE BY HOWARD SWITZER

“Would such a policy upend banking as we know it? Many bankers are unaware of how the money system works as well and are fearful of any change in the system despite this actually only amounting to a small change in bookkeeping rules. However, in general the banks would gain just as the people and their government would gain as prosperity would be the natural result of such policy. Banks would operate as people believe they do so “banking as we know it” would not actually change. What would change is the ability of government to fund ways for the needed goods and services that polls have shown for decades what the people want; healthcare, education, a 21st century energy and transportation infrastructure and the re-building of the local food networks and economies where we all live.”

A vote to upend banking as we know it?

JUNE 10

1751 – BRITISH CURRENCY ACT PASSES

“The Act restricted New England colonies from creating paper money The colonies had issued paper fiat money known as “bills of credit” to help pay for the French and Indian Wars. The Act limited future issuance of bills of credit to certain circumstances (i.e. to pay public debts, such as taxes, but not private debts, such as to merchants).”

The issuance of paper money by colonies helped them prosper and become less economically depenent on the British. www.landofthebrave.info/1751-currency-act-words-and-text.htm

1816 – DELEGATES CONVENE CONSTITUTIONAL CONVENTION IN INDIANA

The original Indiana Constitution in 1816 and the Illinois Constitution in 1818 banned private banking corporations altogether. Voters in Wisconsin, plus four other states, rewrote existing constitutions requiring popular votes on every bank charter recommended by their legislatures as a result of corrupt banking practices associated with issuing bank notes. Only private banks that didn’t issue money (bank notes) operated in these states. 

Article X from the 1816 Indiana Constitution states: “There shall not be established or incorporated, in this state, any Bank or Banking company or monied institution, for the purpose of issuing bills of credit, or bills payable to order or bearer; Provided that nothing herein contained shall be so construed as to prevent the General assembly from establishing a State Bank, and branches, not exceeding one branch for any three Counties, and be established at such place, within such Counties, as the directors of the State Bank may select…”

https://www.in.gov/iara/2778.htm

1932 – SPEECH BY LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE ON THE FLOOR OF CONGRESS

“The Federal Reserve (Banks) are one of the most corrupt institutions the world has ever seen…What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson’s day must be fought over again… The Federal Reserve Act should be repealed and the Federal Reserve Banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.”

2018 – SWISS VOTE ON RADICAL REFORM OF MONETARY SYSTEM

From a Press release Sunday, 10th June 2018

“A respectable result for the Sovereign Money Initiative (Vollgeld-initiative)”

“Despite the campaign of confusion and fear run by our opponents and the misinformation provided by the Federal Council and the Swiss National Bank, an estimated 26% voted for the Sovereign Money Initiative. This is a respectable outcome and shows that many Swiss people have realised that the creation of money by private commercial banks leads to numerous problems.

“The thousands of volunteers deserve recognition for their commitment, which has led to this respectable result. The people bringing the initiative naturally acknowledge the result of the referendum. However, from the viewpoint of the MoMo (the association behind the initiative), the referendum is only the starting point for a fundamental discussion about our monetary system. The two SRG polls taken before the referendum clearly showed that the majority of people do not want private commercial banks to create our Swiss francs, but rather, the Swiss National Bank should have this responsibility. Despite this being the goal of the Sovereign Money Initiative, the initiative did not win a majority. Due to limited resources and the complexity of the matter, the committee of the Sovereign Money Initiative has obviously not been able to provide the public with sufficient information. Additionally the fear campaign run by banking lobbyists contributed to the final results.