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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... profits increased accordingly . CONTROLLING THE SECURITY MAKERS But this enlargement of their legitimate field of operations did not satisfy investment bankers . They were not content merely to deal in securities . They desired to ...
... profits is often far from reasonable . Occupying , as they so fre- quently do , the inconsistent position of being at the same time seller and buyer , the standard for so - called compensation actually applied , is not the " Rule of ...
... profits from promotions , under- writings and security purchases led to a revolu- tionary change in the conduct of our leading banking institutions . It was obvious that con- trol by the investment bankers of the deposits in banks and ...
... profits ; but monopoly increases the burden of the consumer even more in other ways . Monopoly arrests development ; and through arresting development , prevents that lessening of the cost of production and of distribution which would ...
... profit . And a director of a corporation is as obviously a trustee as persons holding similar positions in an unincorporated association , or in a private trust estate , who are called specifically by that name . The Courts have ...