MAY 15,1931 – “QUADRAGESSIMO ANNO” LETTER ISSUED BY POPE PIUS XI

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."

MAY 15, 1915 – BIRTH OF PAUL SAMUELSON, ECONOMIST (FIRST AMERICAN TO WIN THE NOBEL PRIZE FOR ECONOMICS)

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.)