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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... Railroad , Mr. Brandeis wrote to the present editor of this paper a private letter in which he said : " When the New Haven reduces its dividends and Mellen resigns , the ' Decline of New Haven and Fall of Mellen ' will make a dramatic ...
... railroad , more than any other one thing , led to the exposure and com- prehension of the wasteful methods of big busi- ness all over the country and that exposure of the New Haven was the almost single - handed work of Mr. Brandeis ...
... railroads will turn out to be the most significant among the many things Mr. Brandeis has done . His arguments in ... railroad work for its effect in accelerating industrial changes . It is indeed more than a coincidence that so many ...
... railroads , public service and industrial corporations are his sub- jects . Though properly but middlemen , these bankers bestride as masters America's business world , so that practically no large enterprise can be undertaken ...
... railroads , public service and industrial companies through which our great business operations are conducted the makers of bonds and stocks . They became the directing power in the life insurance companies , and other corporate ...