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."... |
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... the life blood of business , with which they and others carried on their operations . Thus four distinct functions , each essential to business , L and each exercised , originally , by a distinct set OUR FINANCIAL OLIGARCHY 5.
And how the Bankers Use it Louis Dembitz Brandeis. and each exercised , originally , by a distinct set of men , became united in the investment banker . It is to this union of business functions that the existence of the Money Trust is ...
... exercised by the investment bankers over rail- roads , public - service and industrial corporations , over banks , life insurance and trust companies , and a long step will have been taken toward attainment of the New Freedom . The term ...
... exercised , not only honestly as it affects stockholders , but also impartially as it affects the public . Mere honesty to the stockholders demands that the interests to be considered by the directors be the interests of all the ...
... exercised by the few without substantial impairment ; but the power would be exerted through a somewhat different channel . Bank officers are appointees of the directors ; and ordinarily their obedient servants . Individuals who , as ...