Other People's Money: And how the Bankers Use it"The great monopoly in this country is the money monopoly. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men, who, even if their actions be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who, necessarily, by every reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all; and to this, statesmen must address themselves with an earnest determination to serve the long future and the true hberties of men." The Pujo Committee -- appointed in 1912 -- found: "Far more dangerous than all that has happened to us in the past in the way of ehmination of competition in industry is the control of credit through the domination of these groups over our banks and industries."... "Whether under a different currency system the resources in our banks would be greater or less is comparatively immaterial if they continue to be controlled by a small group."... |
From inside the book
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... deposits . The bond invest- ments of some banks exceed by far the aggre- gate of their capital and surplus , and nearly equal their loanable deposits . CONTROLLING OTHER PEOPLE'S QUICK CAPITAL The goose that lays golden eggs has been ...
... deposits represent the really quick capital of the nation . They are the life blood of busi- nesses . Their effective force is much greater than that of an equal amount of wealth permanently invested . The 34 banks and trust companies ...
... deposits may be loaned to allied bankers , or jobbers in securities , or to speculators , to enable 192907 them to carry the bonds or stocks . Easy money tends to make securities rise in the market . Tight money nearly always makes them ...
... deposits made in those banks by the life insurance , railroad , public service , and industrial corporations which the bankers also control . On December 31 , 1912 , the three lead- ing life insurance companies had deposits in banks and ...
... deposit of the controlled corporations , instead of having the company deposit in some merely controlled bank in ... deposits aggregating $ 162,491,819.65 . POWER AND PELF The operations of so comprehensive a system of concentration ...