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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... applied , is not the " Rule of reason " , but " All the traffic will bear . " And this is true even where there is no sinister motive . The weakness of human nature prevents men from being good judges of their own deservings . The ...
... Applied to rival corporations , it tends to the suppression of competition and to violation of the Sherman law . Applied to corporations which deal with each other , it tends to disloyalty and to violation of the fundamental law that no ...
... applied , than that which prohibits a trustee from occupying inconsistent positions , from deal- ing with himself , or from using his fiduciary position for personal profit . And a director of a corporation is as obviously a trustee as ...
... applied to banks , because of the nature and functions of those institutions . Bank deposits are an important part of our currency system . They are almost as essential a factor in commerce as our railways . Receiving deposits and ...
... applied to the operations of such banks . Senator Owen , Chairman of the Committee on Banking and Currency , said recently : " My own judgment is that a bank is a public- utility institution and cannot be treated as a private affair ...