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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... at how he solved the mystery , but it would require much more space to tell the other sides , the enthus- iasm for conservation , the convincing arguments for higher standards in office , the connection of this PREFACE xi.
... require the aid of a banker - middleman , for they lack generally the reputation and clien- tele essential to selling their own bonds and stocks direct to the investor . Investors in corporate securities , also , require the services of ...
... require a newspaper to publish a list of its proprietors and the amount of its circulation , or to require it to mark paid- matter distinctly as advertising : But it has thus regulated the press , by denying the second - class mail ...
... require publicity in aid of fair dealing . The Federal Pure Food Law does not guarantee quality or prices ; but it helps the buyer to judge of quality by requiring disclosure of ingredients . Among the most important facts to be learned ...
... require merely the filing of a statement of facts with the Commissioner of Corporations or with a score of other ... requiring the label to tell the story . Nor would the filing of a full statement with the Stock Exchange , if ...