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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... limited sense . I worked with him through the Ballinger - Pinchot controversy , and I never saw a grasp of detail more brilliantly combined with high constructive ethical and political thinking . After the man who knew most about the ...
... limited to cases of promotion or reorganization . An urgent or extensive need of new money was considered a sufficient reason for the banker's entering a board of directors . Often without even such excuse the investment banker has ...
... Society is a stock company and is controlled by $ 100,000 of stock . The dividend on this stock is limited by law to seven per cent .; but in 1910 Mr. Morgan paid about $ 3,000,000 for $ 51,000 , par value OUR FINANCIAL OLIGARCHY 15.
... limited to the legal confines of the city . Around Boston proper are over thirty suburbs , which with it form what is popularly known as " Greater Boston . " These suburban municipalities , and also other important cities like Worcester ...
... limited to officers . Under a law of that character , financial control would continue to be exercised by the few without substantial impairment ; but the power would be exerted through a somewhat different channel . Bank officers are ...