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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... corporations are his s jects . Though properly but middlemen , th bankers bestride as masters America's busin world , so that practically no large enterprise be undertaken successfully without their part pation or approval . These ...
... corporations with which their business brought them into contact . They became the directing power in railroads , public service and industrial companies through which our great business operations are conducted the makers of bonds and ...
... corporations , * Obviously only a few of the investment bankers exer- cise this great power ; but many others perform important func- tions in the system , as hereinafter described . municipalities , states and governments which need ...
... corporations . The per- manent capital of corporations is represented by bonds and stocks . The bonds and stocks of the more important corporations are owned , in large part , by small investors , who do not participate in the ...
... corporations and of investors , upon the banker has grown in recent years , since women and others who do not par- ticipate in the management , have become the owners of so large a part of the stocks and bonds of our great corporations ...