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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... trust companies and life insurance com- panies are his tools . Controlled railroads , public service and industrial corporations are his sub- jects . Though properly but middlemen , these bankers bestride as masters America's business ...
... Trust - another and more potent factor of combination was added . Third : Investment bankers , like J. P. Morgan & Co. , dealers in bonds , stocks and notes , en- croached upon the functions of the three other classes of corporations ...
... companies , and par- ticularly by the formation of industrial trusts . The rapidly accumulating savings of our people sought investment . The field of operations ... Company formed the Steel Trust , the Harvester OUR FINANCIAL OLIGARCHY 9.
... companies , the trust companies , and the banks . The 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 ...
... trust companies . The Armstrong investigation disclosed the extent of financial power exerted through the insurance company holdings of bank and trust company stock . The Committee recommended legislation compelling the insurance ...