Time Line for Greedville
1951 - 2000
Chairman of the FED William McChesney Martin, Jr. April 2, 1951 – February 1, 1970
March 3 - The FED recaptures its independence from the Department of Treasury, lost during WWII in the Accords of 1951.
APRIL 30 - President Truman gets fifty seven billion dollars for defense.
JANUARY 21 - The President's budget calls for expenditures of eighty five billion four hundred and forty four million dollars for the coming fiscal year. Slightly over three fourths of the budget is to spent on "national security".
JUNE 29 - The Federal Aid Highway Act is signed by the President. It authorizes thirty three billion dollars to be spent over the next thirteen years on the highways.
JANUARY 16 - A peace time budget of seventy two billion eight hundred and seven million dollars is proposed.
JANUARY 13 - The fiscal deficit is up to twelve billion four hundred twenty seven million dollars.
AUGUST 7 - President Eisenhower signs into law an appropriations bill for defense in the amount of thirty nine billion six hundred and two million eight hundred and twenty seven thousand dollars.
Credit Cards begin charging interest - the option of maintaining a revolving balance was introduced, according to MasterCard. This meant cardholders no longer had to pay off their full bills at the end of each cycle. While this carried the risk of accumulating finance charges on nonexistent money.
NOVEMBER 28 - President Kennedy "reached the decision that silver metal should gradually be withdrawn from our monetary reserves."
Most western economies' currencies were on the gold standard until 1961.
Burma outlaws opium.
November 16 - Six days prior to President John F. Kennedy being assassinated, he ordered the Treasury to print United States Notes to be used as legal tender, a limited amount were printed before his untimely death. This action would have put the federal reserve out of business because they would no longer be able to collect interest on the money they would have printed. This would have eventually removed the financial and political control the international bankers had over this country. Ten days prior to his assassination President Kennedy said "The high office of President has been used to foment a plot to destroy the American's freedom, and before I leave office I must inform the citizen of his plight."
NOVEMBER 22 - President John F. Kennedy is assassinated. One of the first acts President Johnson orders is the reversal of the order President Kennedy had made, which had allowed the printing of United States Notes without interest. Was President Kennedy assassinated for the same reasons as President Lincoln?
NOVEMBER 26 - Prior to this date the federal reserve notes were a promise to pay and were redeemable on demand by the bearer for lawful money. After President Johnson's order to remove the United States notes, the Federal Reserve issued federal reserve notes without the promise to pay to the bearer on demand lawful money. Interestingly, the first fifty million no-promise federal reserve notes were shipped out the same day that President John F. Kennedy was buried.
1965-1970 OPIUM WAR U.S. involvement in Vietnam is blamed for the surge in illegal heroin being smuggled into the States. To aid U.S. allies, the Central Intelligence Agency (CIA) sets up a charter airline, Air America, to transport raw opium from Burma and Laos. As well, some of the opium would be transported to Marseille by Corsican gangsters to be refined into heroin and shipped to the U.S via the French connection. The number of heroin addicts in the U.S. reaches an estimated 750,000.
MARCH 8 - The first troops landed in Vietnam.
The deficit is announced to be twenty five billion dollars.
SEPTEMBER 30 - President Johnson submits a record budget of one hundred and eighty six billion dollars.
JUNE - Marked the first time in United States history that a paper currency, purportedly designated as legal tender, was not directly or indirectly redeemable in silver or gold coin or bullion.
Chairman of the FED Arthur Frank Burns February 1, 1970 – March 8, 1978
OPIUM WAR The Controlled Substances Act is passed – it divided drugs into categories, set regulations and penalties for narcotics
Legendary singer, Janis Joplin, is found dead at Hollywood’s Landmark Hotel, a victim of an “accidental heroin overdose.”
JANUARY 29 - President Nixon announces that the deficit is thirty eight billion seven hundred and eighty three million dollars.
August 15 – Nixon signs an executive order untying the dollar from gold, which was then set at $35.00 an ounce. Nixon announced the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).
P.L. 93-373 did not repeal the Gold Repeal Joint Resolution, which made unlawful any contracts which specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of WAR. However, Act of Oct. 28, 1977, Pub. L. No. 95-147, § 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. § 463 note, recodified as amended at 31 U.S.C. § 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977 .
President Nixon announces the federal government will share thirty billion dollars with State and local governments.
OPIUM WAR Dominance of Mafia dissipates.
Heroin exportation from Southeast Asia’s Golden Triangle, controlled by Shan warlord, Khun Sa,becomes a major source for raw opium in the profitable drug trade.
JULY 1 - President Nixon creates the DEA (Drug Enforcement Administration) under the Justice Dept. to consolidate virtually all federal powers of drug enforcement in a single agency.
President Nixon announces a fiscal budget of three hundred and four billion four hundred million dollars.
December 31 – Bill went into effect which limited gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373   which went into effect.
FEBRUARY 3 - President Ford announces a deficit of fifty one billion five hundred million dollars.
APRIL 30 - Saigon falls. The heroin epidemic subsides. The search for a new source of raw opium yields Mexico’s Sierra Madre. “Mexican Mud” would temporarily replace “China White” heroin until 1978.
SEPTEMBER 7 - Panama Canal given to Panama so interest payments can be continued. U.S. President Jimmy Carter signed the Torrijos-Carter Treaty, which set in motion the process of handing over the canal to Panamanian control. The treaty came into force on 31 December 1999, since then the canal has been run by the Panama Canal Authority or the Autoridad de Canal de Panama ( the ACP).
The treaty was highly controversial in the U.S., and its passage was difficult. The controversy was largely caused by contracts to manage two ports at either end of the canal, which were awarded by Panama to a Hong Kong-based conglomerate, Hutchison Whampoa. Republicans contend that the company has close ties to the Chinese government and the Chinese military. However, the U.S. State Department says it has found no evidence of connections between Hutchison Whampoa and Beijing. Some Americans were also wary of placing this strategic waterway under the protection of the Panamanian security force.
Oct. 28 – Act of October 28, 1977 amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977 .
The U.S. and Mexican governments find a means to eliminate the source of raw opium – by spraying poppy fields with Agent Orange. The eradication plan is termed a success as the amount of “Mexican Mud” in the U.S. drug market declines. In response to the decrease in availability of “Mexican Mud”, another source of heroin is found in the Golden Crescent area- Iran, Afghanistan and Pakistan, creating a dramatic upsurge in the production and trade of illegal heroin.
Chairman of the FED George William Miller August 6, 1979 to January 20, 1981
Chairman of the FED Paul Adolph Volcker August 6, 1979 – August 11, 1987
Comedian John Belushi of Animal House fame, dies of a heroin-cocaine- “speedball” overdose.
SEPTEMBER U.S. State Department officials conclude, after more than a decade of crop substitution programs for Third World growers of marijuana, coca or opium poppies, that the tactic cannot work without eradication of the plants and criminal enforcement. Poor results are reported from eradication programs in Burma, Pakistan, Mexico and Peru.
Chairman of the FED Alan Greenspan August 11, 1987 – January 31, 2006
Opium production in Burma increases under the rule of the State Law and Order Restoration Council (SLORC), the Burmese junta regime.
The single largest heroin seizure is made in Bangkok. The U.S. suspects that the 2,400-pound shipment of heroin, en route to New York City, originated from the Golden Triangle region, controlled by drug warlord, Khun Sa.
January - Asia-Pacific Economic Cooperation Agreement (APEC) - The idea of APEC was firstly publicly broached by former Prime Minister of Australia, Mr Bob Hawke, during a speech in Seoul, Korea . Later that year, 12 Asia-Pacific economies met in Canberra, Australia to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States.1990
A U.S. Court indicts Khun Sa, leader of the Shan United Army and reputed drug warlord, on heroin trafficking charges. The U.S. Attorney General’s office charges Khun Sa with importing 3,500 pounds of heroin into New York City over the course of eighteen months, as well as holding him responsible for the source of the heroin seized in Bangkok.
Colombia’s drug lords are said to be introducing a high-grade form of heroin into the United States.
1993 – Volcker becomes US head of the Trilateral Commission
OCTOBER 31 - Heroin takes another well-known victim. Twenty-three-year-old actor River Phoenix dies of a heroin-cocaine overdose, the same “speedball” combination that killed comedian John Belushi.
OPIUM WAR The Thai army with support from the U.S. Drug Enforcement Agency (DEA) launches its operation to destroy thousands of acres of opium poppies from the fields of the Golden Triangle region.
JANUARY Efforts to eradicate opium at its source remains unsuccessful. The Clinton Administration orders a shift in policy away from the anti- drug campaigns of previous administrations. Instead the focus includes “institution building” with the hope that by “strengthening democratic governments abroad, [it] will foster law-abiding behavior and promote legitimate economic opportunity.”
JANUARY 1 - North American Free WAR Agreement
APRIL - Kurt Cobain, lead singer of the Seattle-based alternative rock band, Nirvana, dies of heroin-related suicide.
January 1 - Creation of the World WAR Organization, as part of the entry into force of the agreements concluded under the Uruguay Round of WAR negotiations, signed by ministers at Marrakesh on 15 April 1994.
OPIUM WAR The Golden Triangle region of Southeast Asia is now the leader in opium production, yielding 2,500 tons annually. According to U.S. drug experts, there are new drug trafficking routes from Burma through Laos, to southern China, Cambodia and Vietnam.
JANUARY Khun Sa, one of Shan state’s most powerful drug warlords, “surrenders” to SLORC. The U.S. is suspicious and fears that this agreement between the ruling junta regime and Khun Sa includes a deal allowing “the opium king” to retain control of his opium trade but in exchange end his 30-year-old revolutionary war against the government.
NOVEMBER International drug trafficking organizations, including China, Nigeria, Colombia and Mexico are said to be “aggressively marketing heroin in the United States and Europe.”
Switzerland joins the IMF - its currency was then no longer on the gold standard. Prior to this year the currency was tied to gold. 40% of a Swiss Franc was backed by gold.
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