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
Results 1-5 of 58
... issues of bonds in the hands of these few bankers and their partners and allies , who together dominate the financial policies of most of the existing systems . . The acts of this inner group , as here described , have nevertheless been ...
... issues aggregating about $ 26,500,000,000 , and each year new list- ings are made averaging about two hundred and thirty - three to an amount of $ 1,500,000,000 . For a small investor to make an intelligent selec- tion from these many ...
... issues was greatly increased by huge railroad consolidations , the development of the holding companies , and par- ticularly by the formation of industrial trusts . The rapidly accumulating savings of our people sought investment . The ...
... issue and sell the securities , decides the price at which it shall sell them , and decides that it shall sell the securities to himself . The fact that there are other directors besides the banker on the Board * does not , in practice ...
... issues marketed privately , nor any issues , however marketed , of intra - state cor- porations . Kuhn , Loeb & Co. and a few other investment bankers exercise similar control over many other corporations . CONTROLLING SECURITY BUYERS ...