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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... institutions not only relieves the banker of the merchandise , but recommends it strongly to the small investor , who believes that these institutions are wisely managed . These controlled corporate investors are not only large ...
... institutions for savings . Their huge surplus and reserves , augmented daily , are always clamoring for investment . No panic or money shortage stops the inflow of new money from the perennial stream of premiums on existing policies and ...
... institutions also have become , like the life companies , large purchasers of bonds and stocks . Many of our national banks have invested in this manner a large part of all their resources , including cap- ital , surplus and deposits ...
... institutions means the ability to lend a large part of these funds , directly and indirectly , to themselves ; and what is often even more important , the power to prevent the funds being lent to any rival in- terests . These huge ...
... institutions . It was obvious that con- trol by the investment bankers of the deposits in banks and trust companies was an essential element in their securing these huge profits . And the bank officers naturally asked , " Why then ...