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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... proper cost of it to the laboring man lay a philosophy of the vast advantage to the fibre and energy of the community that would come from devising methods by which the labor- ing classes could make themselves comfortable through their ...
... PROPER SPHERE OF THE INVESTMENT BANKER The original function of the investment banker was that of dealer in bonds , stocks and notes ; buying mainly at wholesale from corporations , * Obviously only a few of the investment bankers exer ...
... proper investigation . Unless his purchase is to be little better than a gamble , he needs the advice of an expert , who , combining special knowledge with judgment , has the facil- ities and incentive to make a thorough investiga- tion ...
... proper expression in means of control . To comprehend the power of the allies we must try to visualize the ramifi- cations through which the forces operate . Mr. Baker is a director in 22 corporations having , with their many ...
... proper are over thirty suburbs , which with it form what is popularly known as " Greater Boston . " These suburban municipalities , and also other important cities like Worcester and Springfield , are , in many respects , within ...