MONETARY HISTORY CALENDAR -- November 21-27

NOVEMBER 21

1944 – BIRTH OF DICK DURBIN, US SENATOR, ILLINOIS
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place." Interview on WJJG 1530 AM's "Mornings with Ray Hanania," April 2009

NOVEMBER 22

1879 – BIRTH of RALPH HAWTREY, FORMER SECRETARY OF TREASURY, ENGLAND
"Banks lend by creating credit. They create the means of payment out of nothing."

NOVEMBER 23

1910 – JEKYLL ISLAND MEETING TO PLAN FOR US PRIVATE CENTRAL BANK
Attending this secret meeting were US Senator Nelson Aldrich; A. Piatt Andrew, Assistant Secretary of the Treasury; Frank Vanderlip, president of the National City Bank of New York; Henry P. Davison, senior partner of J.P. Morgan Company; D. Norton, president of the Morgan-dominated First National Bank of New York; Benjamin Strong (a lieutenant of J.P. Morgan); and Paul Warburg, connected to the banking house of Kuhn, Loeb. The meeting would lead to the Aldrich bill, which eventually led to the Federal Reserve Act, passed in 1913.

NOVEMBER 25

1874 – GREENBACK PARTY FOUNDED
The Greenback Party was founded on this day at a convention in Indianapolis. Many of its members were farmers hurt by the financial Panic of 1873 (also known as the “Crime of ‘73”). The party supported “Greenback” paper money that was issued and spent into circulation by the Lincoln administration. They opposed all money systems backed by any precious metal, believing that those who owned gold or silver (banks and corporations) would possess the power to define the value of products and labor. Government control of the US money system would also ensure sufficient quantity of money was in circulation to help small businesses and farmers. Twenty one independent congressmen, mostly Greenbackers, were elected in 1878.

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
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