MAY 17, 2002 – TALK BY WILLIAM HUMMEL, AUTHOR, MONETARY RESEARCHER

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 an increase in the money supply."

MAY 17, 1930 – BANK OF INTERNATIONAL SETTLEMENTS ESTABLISHED

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).

MAY 17, 1901 – FINANCIAL PANIC

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

MAY 17, 1787 – LAUNCH OF SHAYS’ REBELLION

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