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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... purchase is to be little better than a gamble , he needs the advice of an expert , who , combining special knowledge with judgment , has the facil- ities and incentive to make a thorough investiga- tion . This dependence , both of ...
... purchase of a security by these institutions not only relieves the banker of the merchandise , but recommends it strongly to the small investor , who believes that these institutions are wisely managed . These controlled corporate ...
... purchases from the Mutual Life , as well as from the Equitable , the Pujo Committee found : " Here , then , were stocks of five important trust companies and one of our largest national banks in New York City that had been held by 16 ...
... purchase price ; and still do not part with their money . This is accom- plished by the simple device of becoming the bank of deposit of the controlled corporations , instead of having the company deposit in some merely controlled bank ...
... 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 trust companies was an essential element in their ...