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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... 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 money , and 6 OTHER PEOPLE'S MONEY.
And how the Bankers Use it Louis Dembitz Brandeis. municipalities , states and governments which need money , and selling to those seeking invest- ments . The banker performs , in this respect , the function of a merchant ; and the ...
... municipalities , and also other important cities like Worcester and Springfield , are , in many respects , within Boston's " sphere of influence . " Boston's inner banking group has interlocked , not only 33 of the 42 banks of Boston ...
... municipal bonds . It is to exactions such as these that the wealth of the investment banker is in large part due . And since this wealth is an important factor in the creation of the power exercised by the Money Trust , we must endeavor ...
... municipal issues . Publicity offers , however , another and even more promising remedy : a method of regulating bankers ' charges which would apply automa- tically to railroad , public - service and industrial corporations alike . The ...