MONETARY HISTORY CALENDAR May 30 - June 5

MAY 30

1908 – ALDRICH-VREELAND ACT SIGNED BY PRESIDENT TEDDY ROOSEVELT
The Act established the National Monetary Commission recommending the Federal Reserve Act of 1913, creating the Federal Reserve System, the current private central bank (actually 12 banks to give the appearance of decentralization of economic power and control) of the US. The Aldrich-Vreeland Act was passed in response to the economic Panic of 1907 of bank failures. The Panic was manufactured by JP Morgan and other bankers who had been the target of Roosevelt’s trust busting efforts through more aggressive enforcement of the Sherman Anti-Trust Act. Through manipulating the stock market, calling in loans and not granting new ones, Morgan severely contracted the nation’s money supply. Thousands of banks were overextended. An economic crash followed. The Panic of ’07 was the pretext used to end the nation’s system of decentralized private banking by creating a system of centralized private banking – the Federal Reserve System.

JUNE 3

1864 – PASSAGE OF NATIONAL BANK ACT
This Act superceded the National Bank Act of 1863. Both Acts were pushed by bankers and their supporters to undercut Greenbacks. A system of nationally chartered, private/corporate banks was established and expanded. These new national banks were provided with virtually tax-free status and subsidized through purchasing of government bonds with discounted Greenbacks. These banks were permitted to then create “US Bank Notes” (debt-based money) which entered the money supply – to be used in payment of taxes and duties only. This system enriched banks and worked to wean the US away from Greenbacks (debt free money). The Act limited the issuance of Greenbacks to $300 million.

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."

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

Explaining Conservative Support Among “Ordinary People”.

Only 39.7% of voters, or 24% of the Canadian population supported the right wing Conservative Party in the last Canadian general election. The base for this party consists of religious extremists, but these make up only about 10% of the population. Then there are the five percent of the wealthy and near-wealthy who naturally vote Conservative, since their policies allow them to skim-off ever more of societies riches. Ideologically-rooted haters and greed creeps are the natural basis for far right parties. But how does one explain the support the remaining 9% of the population, neither cultists nor rich, give to the Conservatives? How to explain the support given by people who will be directly harmed by much right-wing legislation?

In order to explain this seeming contradiction we have to examine four factors:

1. education and culture

2. alienation

3. social psychology

4. age, gender and ethnic factors

Education and Culture

Regardless of the formal level of education, this is a group that is not well educated nor has a particularly high level of culture. Our schools do not teach people to think critically and to argue rationally. Thus, the uneducated do not discuss and debate, but mutually reinforce their prejudices. Anyone who steps out of line is either shouted down or ignored. They do not recognize a rational argument and thus are easily bamboozled by the strings of fallacies spouted by right-wing politicians. This is made doubly easy since these politicians pander to their prejudices.

Their culture consists of kitsch, corporate mass culture, or at best a philistine adoration of the “classics.” Anything beyond that is deemed “highbrow”. “modern”, or “intellectual” and thus not worthy of consideration. Attempts to raise the general cultural level or to introduce critical ideas are seen as a threat, and thus right-wing politicians who seek to cut back on government support for the arts get the backing of the culturally unsophisticated.

Alienation

Right-wing voters tend to be suburbanites. They do not live in communities, but are isolated in the suburbs, and even when connections are made, they tend to be with people similar to themselves. Isolated, with their only window of the world being the TV, they are subject to the fears and prejudices whipped up by the mass media. They don't encounter the people thus demonized, so only have the media stereotypes to go on. This situation, combined with prejudices they have inherited from their parents, leads to the creation of an unconscious “hate list”. We all know their list - tree huggers, anarchists, trade unionists, protesters, feminists, leftists, hippies, intellectuals etc. If a right-wing politician can tar his opponents as such or promise to harm the individuals on this list, he has the vote of the alienated suburbanite in his pocket. A certain amount of the right wing vote is simply a desire for revenge against other citizens deemed unworthy or a threat.

Social Psychology

Most of these people will have been brought up in an authoritarian manner. They react to this in two ways: They identify with the dominators, desire a “strong leader” and hence are open to someone as anti-democratic as Harper. Their attitude toward people deemed “beneath them” (remember the hate list) is that of the bully. (The idea that “these people ought to be suppressed.”)

One important result of an authoritarian upbringing is denial as a life-long procedure when faced with an unpleasant reality. Generally, their personal lives are ruled by denial, not just the political realm. Hence, when disasters result from right-wing policies, these are denied outright, or they latch on to a conspiracy theory to get them off the hook.

It seems that denial is not only a function of a repressive upbringing, but is inherent in the way we think. Neuroscientists have come up with a “theory of motivated reasoning” which helps explain the persistence of irrational beliefs. Our reasoning process is overlaid with emotional content. These emotions are what arise first, in advance of the reasoning process, when someone is confronted with an idea or situation. Our emotions bias us in advance. This works for everyone, progressive or reactionary. Since right-wingers have such a long and bitter catalogue of biases, I suggest that “motivated reasoning” leading to denial plays a much greater part in their decision making process than with left-wingers. (1)

Since the 1960's, old-fashioned authoritarianism has been augmented by narcissism. Old fashioned authoritarianism had the benefit of encouraging modesty and projecting an air of solidity and decency – even though those at the top were free to build their pretentious mansions and engage in their orgies. Today, modesty, solidity and decency fly out the door. Suburbanites simply must have their tacky McMansions and all the consumer goods that go with them. And they must have it all now, not ten years down the road like their parent's generation.

People who are insecure about themselves, something which authoritarian parenting mass produces - tend to substitute things to make up for that lost sense of worth. They will buy houses and cars that are more expensive than they can afford in order to project to the outside world that they are “somebody”.

All these obese houses and expensive toys mean a massive debt, which in turn creates a great deal of financial insecurity which right-wing demagogues freely prey upon.

Those of us who oppose this narcissistic consumer lifestyle are seen as a threat. Building houses for the less-fortunate or encouraging public transit are seen as “lowering property values” and “raising taxes.” Once again, the demagogues can read off their hate list of “cyclists, urban elitists, environmentalists” etc. and the narcissists gobble it up like Pablum.

Age, Gender and Ethnic Factors.

Polls taken during the election showed that youth aged 18-25 overwhelmingly rejected the Conservatives. Women too, though not to the same extent. Nor was there any of the much-touted “breakthrough” among “ethnic” groups. The real basis of Conservative support consists of white men over age 50, Micheal Moore's “Stupid White Men.” There is much sense to this rejection by youth, women and minorities. When these Stupid White Men are rotting in their graves, today's youth will be suffering the dire consequences of all the cut-backs and piratizations, not to mention climate change and peak oil. Women are generally raised to have empathy and are thus not so attracted to the sociopathic concept that only corporations matter and people don't. People of colour would be fools to support the party that contains most of Canada's racists, even though they pretend not to be.

A Couple of Fallacies to Clear Up

The Conservative support from the over-fifties seems to clash with the vision of the “radical Sixties Generation.” Some pundits will trot this fact out as an example of how people supposedly become conservative in their old age. But this is not the case at all, since the counter-culture and New Left radicals were only a minority of their generation. The vast majority of 60s rads are still there in the social movements or at least support them. Since the radicals got all the attention (and had all the fun) the conservative wing of the Sixties Generation has never forgiven its left-wing cohorts. Part of the present attack can be seen as a kind of revenge of the losers.

We will undoubtedly be told that today's NDP-supporting, anti-Conservative youth will go right when they get older. This ignores the fact that politics are based upon deeply-held values. These values, such as empathy or the lack of it, tend, in the case of the former, to direct one to a progressive stance, and the latter to reactionary politics. Furthermore, your moral compass is usually permanently aligned by about age 18 or 20. Thus, if you have empathy at 18, you are most likely to have empathy at age 50. If as a youth, you regard selfishness as a virtue, you are likely to do so in old age as well.

1. Cynics and reactionary apologists will claim that leftists are full of biases as well. But there are biases and biases. It is rational for a leftist to be biased toward Nazis – they are violent, racist, antisemitic brutes. It is not rational for a rightist to hate anti-war pacifists, people who wouldn't hurt a flea. Right wing hate lists are the result of the systematic demonizing of groups and individuals, and are not the result of rational analysis.

End of the World? It's Still Here, Sickos!

The Rupture, er Rapture, I mean, never came off. Must be a lot of weeping, wailing and gnashing of teeth among the Christofascist set. Imagine being upset because the World didn't end. Upset because billions of “non-believers”, plus all those innocent plants and animals, weren't destroyed by earthquake and fire. Has there ever been a more depraved and evil belief system than this? Even vicious dictators don't want to kill everyone and everything.

This belief system, rooted in hate, revenge and the most appalling sin of pride (I am saved, you aren't!) is nothing short of criminal insanity and ought to be treated as such.

MONETARY HISTORY CALENDAR May 16-29

MAY 17

1787 – LAUNCH OF SHAY’S REBELLION
A revolt of farmers in Western Massachusetts which spread to other states fueled by the rise of personal and public taxes and debt and the collapse of any legitimate federal currency.

1901 – FINANCIAL PANIC
The first stock market crash in the US. It was caused by large investors speculating on railroad stocks. Thousands of small investors were ruined.

1930 – BANK OF INTERNATIONAL SETTLEMENTS ESTABLISHED
This is the central bank of all central banks, established as an international financial institution to "foster international monetary and financial cooperation.” Its headquarters are in Basel, Switzerland. The BIS serves to strengthen the international private banking system, not national economies. The BIS advocates the establishment of a global currency, building on the International Monetary Fund “Special Drawing Rights” – a quasi currency which has a value based on a basket of 4 major currencies (the dollar, euro, pound and yen).

2002 – TALK BY WILLIAM HUMMEL, AUTHOR, MONETARY RESEARCHER
"Banks are not ordinary intermediaries, like non-banks, they also borrow, but they do not lend the deposits they acquire. They lend by crediting the borrowers account with a new deposit… The accounts of other depositors remain intact and their deposits fully available for withdrawal. Thus a bank loan increases the total of bank deposits, which means and increase in the money supply."

MAY 23

1933 – ARTICLES OF IMPEACHMENT PRESENTED IN THE US HOUSE OF REPRESENTATIVES AGAINST THE FEDERAL RESERVE BOARD OF GOVERNORS , THE OFFICERS AND DIRECTORS OF THE FEDERAL RESERVE BANKS, THE US SECRETARY OF TREASURY AND OTHERS FOR THEIR COLLUSION IN CAUSING THE GREAT DEPRESSION.
The Articles of Impeachment were introduced by US Congressman Louis McFadden, Chairman of the House Banking and Currency Committee. McFadden stated,

"The Great Depression was not accidental, it was a carefull contrived occurrence… bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all."

"We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the poeple the United States for the benefit of themselves and their foreign customers….The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."

MAY 24

1924 – DEATH OF CHARLES LINDBERGH, REPUBLICAN CONGRESSMAN (MN) AND FATHER OF FAMED AVIATOR
"This [Federal Reserve] Act establishes the most gigantic trust on earth. When the president signs this bill, the invisible government by the monetary power will be legalized. The people may not know it immediately but the day of reckoning is only a few years removed, the worst legislative crime of the ages perpetrated by this bank bill."

“The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money."

MAY 29

1998 – DEATH OF BARRY GOLDWATER, REPUBLICAN SENATOR FROM ARIZONA
“The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money."

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

125 Years of Corporate Personhood is Enough!

125 years, 125,000 signatures

In May 1886 United States Supreme Court clerk J.C. Bancroft Davis, former president of the Newburgh and New York Railway Company, inserted a headnote

to the United States Reports pertaining to the Court’s decision in Santa Clara County v. Southern Pacific Railroad Company.

Thus with out a formal court ruling, this simple act set a precedent and effectively established corporations as legal persons entitled to the same rights as living, breathing persons under the 14th amendment.

What has followed is 125 years of case law giving corporations Constitutional Rights leading to the destruction of our democracy at the hands of greedy corporations. The most recent, of course, is the Supreme Court’s 5-4 decision in Citizens United vs. Federal Election Commission that opened the floodgates of corporate money in elections. From the environment, energy, and healthcare to jobs, education and the economy, the greed of big multi-national corporations is laying waste to the American dream, and our democracy.

The 125th anniversary of the Santa Clara Railroad case is upon us. As an signer of the Move to Amend petition, I hope you’ll mark this anniversary by signing the petition at Move to Amend.org . Our shared goal is to collect 125, 000 signatures for the 125th anniversary of corporate personhood.

We must come together to reclaim our democracy for living, breathing, people by eliminating corporate personhood through Constitutional amendment.

Whatever issue arises, at its root you’ll find a corporation standing between “we the people” and the solution. If we are to “secure the blessings of liberty to ourselves and posterity,” then we must put an end corporate personhood.

Please sign the Motion to Amend .

Election 2011 - The Failure of Canadian Politics

None of the major parties talked about the real issues facing us. Yes, the NDP and the Greens said good things about climate change and the need for sustainability, but neither were willing to stand up and shout the whole truth.

The truth is, Peak Oil is happening. We only have a few years left before the era of Happy Motoring is a thing of the past. Right now we should be planning for a future with a lot less automobiles, planes, imported food, cheap junk from China, etc. Couple this with Climate Change. The level of planning, organization and mobilization to deal with these twin crises ought to be about the same level as that of fighting the Second World War.

The second truth has to do with the global economy. No one really knows what might happen with it. Peak oil makes any sustained recovery very unlikely. Patting yourself on the back, that Canada is somehow disconnected from this crisis, is insanity. Not talking turkey about the crisis is foolish in the extreme. We should be preparing people for economic stagnation (or worse) and proposing ways of dealing with it that cause the least suffering for the populace.

The third truth has to do with our neighbour, the USA. Their empire is in rapid decline and they are descending into a possible collapse situation like that of the former USSR. To chain ourselves politically and economically to this Titanic of a country is suicidal. Furthermore, if collapse does come about there may well be civil unrest in the US and Americans will come pouring across our borders.

The fourth truth has to do with the Canadian military. The fact is, we have no enemies, nor are there even any potential enemies looming on the horizon. Armies are also useless for fighting terrorists. No one is willing to ask “Why do we need it ?” – or at least “why do we need it in its present form?” We do need search and rescue, we do need a force to help out in disasters and we need our coasts patrolled. In terms of fire power, a genuine truly defensive force would be a Swiss-style citizen guerrilla army. All of these functions combined would be vastly less expensive than our present military and would have the advantage that it would be impossible for our armed forces to be embroiled in US imperial adventures such as in Afghanistan. But there was not so much as a whisper about this in the campaign.

The failure to talk about the real issues, and the bleak outlook that any politician in the future is willing to discuss these problems, leaves me with one conclusion. - the system is so set up that cannot respond to in a rational way to disasters looming on the horizon. If a system can no longer respond rationally to the problems it creates it has become decadent.

MONETARY HISTORY CALENDAR May 9-15

MAY 10

1729 – PENNSYLVANIA PASSES PAPER CURRENCY ACT
Pennsylvania was one of the first colonies to issue their own paper money to facilitate exchange to offset the lack of British pounds in circulation. By 1755, all 13 colonies had issued some form of colonial currency.

On colonial issued currency, Benjamin Franklin said,
"This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it. This currency...is a wonderful machine. It performs its office when we issue it and when we are obliged to issue a quantity excessive, it pays itself off by depreciation."

1775 – CONTINENTAL CONGRESS ISSUES “CONTINENTALS”
The Continental Congress voted to issue $200 million in paper money, “continental currency” or “continentals”, to finance the American Revolution. The money was essential since British pounds were in short supply. The currency lost much of their value during the war due to the flooding of British counterfeit “continentals” as a means to destroy the colonial economy. Inflation was also due to continentals being used to fund war purchases rather than socially and economically useful goods and services. Nevertheless, the colonial currency served its purpose in allowing the colonies to economically and militarily resist and defeat the most powerful nation on earth.

MAY 15

1915 – BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR ECONOMICS)
“Few understand that all our money arises out of debt and IOU operations. The banking system as a whole can do what each small bank cannot do: it can expand its loans and investments many times the new reserves of cash created for it, even though each small bank is lending out only a fraction of its deposits.” Economics, An Introductory Analysis by Professor Paul A. Samuelson. (Best selling college economics textbook of all time, c1948.)

1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY POPE PIUS XI
The Pope discusses the ethical implications of economic and social order in this letter, warning, of the dangers of unrestrained capitalism.
"Economic dictatorship is being most forcibly excercised by the few who hold the money and completely control it, control credit and the lending of money. Hence they regulate the flow of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul of economics that no one can breathe against their will."

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