| ~590 |
Solon writes new laws for Attica, cancels debts and removes stone markers (controversial). |
| ~336 |
There are two sorts of wealth-getting,...one is a part of household management, the other is retail trade: the former necessary and honourable, while that which consists in exchange is justly censured; for it is unnatural, and a mode by which men gain from one another. The most hated sort, and with the greatest reason, is usury, which makes a gain of money itself, and not from the natural object of it. Aristotle, Politics, Bk I, Ch. 10. |
| 303 |
Laws of the Twelve Tables appeared in Rome, defaulting debtors' families could be seized and sold into slavery. |
| ~221 |
Qin Shihuangdi unifies China. |
| 56 |
...But meanwhile, before the empire of Rome became coextensive with Alexander's, the most immediate and decisive effect of the universal enthusiasm was to impel men to incur the most impossible obligations. Nearly every one was at once both creditor and debtor; men lent one another any little money they possessed, and borrowed again whenever they were in difficulties. Italian society had become an inextricable labyrinth of debit and credit, through the system of Syngraphae or letters of credit, which were negotiated in the same way as securities and bills of exchange today, because the scarcity of capital and the frequent oscillations in prices would have made it ruinous for them to be redeemed too frequently. Those who were in need of money attempted to sell to some financier the claims they had on other persons, and the financier would give cash payment, of course with a proportionate discount according to the prospects of the debt, the needs of the creditor and the condition of the money market... The Greatness and Decline of Rome, Guglielmo Ferrero, Vol. II, pg. 57. |
| 44 |
Julius Caeser assassinated. |
| 27 |
Octavian, adopted son of Julius, receives title of Augustus Caeser. |
| 0000 |
Beginning of common era. |
| ~330 |
Founding of Constantinople. |
| 455 |
Rome sacked, beginning of Dark Ages of Europe. |
| ~900 |
Byzantium begins decline while wealth and power of Venice and Genoa ascend. |
| 1095 |
The first Crusade. |
| 1147 |
The second Crusade. |
| 1189 |
The third Crusade. |
| 1203 |
The fourth Crusade. |
| 1204 |
The fall of Constantinople. |
| 1218 |
The fifth Crusade. |
| 1248 |
The sixth Crusade. |
| 1270 |
The seventh Crusade. |
| 1307 |
Arrest of Knights Templar and confiscation of wealth by French Philip IV and Pope Clement V. |
| 1492 |
Columbus blunders into "New World," later designated Americas, plunder and genocide of Americas begin. |
| 1494 |
Double entry bookkeeping method published. |
| 1497 |
Vasco de Gama sails around Africa to India, beginning of end of overland trade routes to the East and ascent of western Europe to financial and trade supremacy, also enhanced by looting of Americas. |
| 1619 |
Black slaves brought to Virginia Colony. |
| 1666-7 |
English King Charles II abandons sovereignty over coinage, beginning of "free" coinage. |
| 1694 |
Bank of England chartered, beginning of modern central banking. |
| 1709 |
First land enclosure act in England. |
| 1741 |
English government begins suppression of Colonial money. |
| 1764 |
Currency Act forbids Colonial paper money. |
| 1776 |
Adam Smith publishes "Wealth of Nations" and "fathers" the nescience of economics. |
| |
Thirteen North American Colonies declare independence from England. |
| 1783 |
England accepts American independence. |
| 1789 |
U. S. public debt at $75 millions. |
| 1791 |
First central bank chartered in the U.S., banknotes receivable by government. |
| 1792 |
Coinage Act in U.S. to establish standards for money coins of gold, silver, and copper; act inculcates "free" coinage. |
| 1794 |
Alexander Hamilton leads troops in Whiskey Rebellion. |
| 1805 |
Publication of An Inquiry Into the Permanent Causes of the Decline and Fall of Powerful and Wealthy Nations, by William Playfair, which documents beginning of exponential increase in English national debt coincident with founding of Bank of England. |
| 1811 |
First U.S. Central bank charter expired. |
| 1812 |
War of 1812, U.S. vs England. |
| 1816 |
Second Central Bank chartered in the U.S. |
| 1819 |
Serious recession in U.S. economy due to monetary contraction. |
| 1836 |
Second U.S. Central bank charter expired. |
| 1837 |
Serious recession in U.S. economy due to monetary contraction. |
| 1861 |
U.S. Civil War begins, U.S.Public debt is $64.8 millions (1860) |
|
$50,000,000 U. S. Notes authorized to help finance Civil War. |
| 1862 |
$10,000,000 additional U. S. Notes authorized. |
|
$150,000,000 additional U. S. Notes authorized. |
| 1863 |
Jan. 1, Lincoln issues Emancipation Proclamation. |
| 1863 |
"National" Bank Act establishes de facto third U.S. central bank. |
| 1864 |
"National" Bank Act revised. |
| 1865 |
U.S.Civil War ends, Public debt is $2.68 billions. |
| 1869 |
Credit Strengthening Act promised to pay U.S. debt in specie. |
| 1873 |
Silver surreptitiously demonetized by limiting payment to $5. |
| 1874 |
Disastrous recession in U.S. due to monetary contraction. |
| 1878 |
Bland-Allison Act authorized purchase and minting of silver dollars, restored legal tender to silver dollars, with private contract escape clause. |
| 1883 |
Recession in U.S. due to bank contraction of money. |
| 1893 |
Sherman Silver Purchase Law repealed, U.S. fell into recession. |
| 1907 |
First major U. S. recession of 20th Century. |
| 1910 |
Proposal for U.S. central bank written in secret at Jekyll Island. |
| 1913 |
U.S. central bank established by The Federal Reserve Act. |
| 1917 |
U.S. enters WWI, Public debt is $5.7 billions. |
| 1918 |
WWI ends, U.S. Public debt is $14.59 billions. . |
| 1919 |
U.S. Public debt rises to $27.39 billions. |
| 1920 |
First U.S. recession manipulated by Federal Reserve. |
| 1929 |
Federal Reserve "crashes" Stock Market, ten year depression begins, Bank for International Settlements founded. |
| 1933 |
FDRoosevelt inaugurated, New Deal begins, banks closed, domestic gold confiscated. |
| 1934 |
Gold re-valued at $35 per ounce. |
| 1935 |
Banking Act of 1935 finalizes Federal Reserve Open Market Committee to buy and sell U.S. securities for purpose of regulating bank reserves. |
| 1937 |
U. S. economy takes downturn in spite of New Deal legislation. |
| 1939 |
WWII begins. |
| 1941 |
U.S. enters WWII, U.S. Public debt is $48.96 billions. |
| 1944 |
United Nations Monetary and Financial
Conference at Bretton Woods, NH., charters IMF. (Interestingly, the UN did not officially exist) |
| 1945 |
WWII ends, U.S. Public debt is $258.68 billions, IMF is instituted, World Bank founded. |
| 1946 |
Public debt climbs to $269.42 billions. |
| 1947 |
Public debt reduced to $258.28 billions, U.S. economy slumps. |
| 1948 |
Public debt reduced to $252.29 billions, economy in recession. |
| 1950 |
Korean War begins. |
| 1953 |
Korean War truce, Public debt is $275.17 billions. |
| 1957 |
Public debt is $274.89 billions with small budget surplus, economy in recession. |
| 1960 |
Public debt at $290.21 with small budget surplus, economy goes into recession. |
| 1961 |
Escalation of U.S. involvement in Viet Nam begins. |
| 1964 |
Silver is demonetized in U. S. |
| 1970 |
Public debt is $389.16 billions, economy in recession. |
| 1971 |
Pres. Nixon decrees wage and price controls, closes international "gold window." |
| 1973 |
Cease fire in Viet Nam. |
| 1974 |
Public debt is $492.66 billions, economy in recession. |
| 1979 |
Public debt is $845.11 billions, short recession. |
| 1980 |
Depository Institutions Deregulation and Monetary Control Act of 1980 expands regulatory power of Federal Reserve in typical legislative doublespeak. Savings and loan scandal follows. |
| 1981 |
Public debt is $1,028.73 billions, economy goes into recession, massive deficit spending begins. |
| 1987 |
Alan Greenspan appointed Chairman of Federal Reserve BofG, announces "soft landing" for U.S. economy. |
| 1991 |
U.S. in worst post WWII recession. |
| 1994 |
Genocide in Rwanda after Structural Adjustment Program applied by IMF. |
| 1998 |
Jan. 14, Michel Camdessus, Managing Director of IMF, is in Indonesia to offer Structural Adjustment Program that requires 50% devaluation of Indonesian currency and 60% cut in wages to receive "bail-out" loan. Rioting shortly followed that was put down with military force. Suharto forced to step aside as head of government. |
| 1998 |
Public debt of U.S. reaches $5.6 trillions. |