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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... judgment of it ; whereupon he decided that Mr. Wickersham could not have made his report at the time it was stated to have been made , and therefore it must have been predated . Most of Mr. Brandeis's other contributions to current ...
... judgment and silenced its conscience . For a while he trampled with impunity on laws human and divine ; but , as he was obsessed with the delusion that two and two make five , he fell , at last , a victim to the relentless rules of ...
... For a small investor to make an intelligent selec- tion from these many corporate securities - in- deed , to pass an intelligent judgment upon a single one is ordinarily impossible . He lacks the ability OUR FINANCIAL OLIGARCHY 7.
... judgment , has the facil- ities and incentive to make a thorough investiga- tion . This dependence , both of corporations and of investors , upon the banker has grown in recent years , since women and others who do not par- ticipate in ...
... judgment of the bank offi- cials ; and however honestly the bank officials may wish to exercise their discretion , experience shows that their judgment is warped by the existence of the all - pervading power of the Money Trust . He who ...