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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... supply the necessary funds , has created dependence upon the associated New York bankers . But combination , however intensive , along these lines only , could not have produced the Money Trust - another and more potent factor of ...
... supply of new money . The investment banker is naturally on the lookout for good bargains in bonds and stocks . Like other merchants , he wants to buy his merchandise cheap . But when he becomes di- rector of a corporation , he occupies ...
... supply of securities at attract- ive prices ; and merchandise well bought is half sold . But these bond and stock merchants are not disposed to take even a slight risk as to their ability to market their goods . They saw that if 12 ...
... supplies from the General Electric Company , of which Mr. Morgan ( or a partner ) is a director . The General Electric sells supplies to the Western Union Telegraph Company , a subsidiary of the American Telephone and Telegraph Company ...
... supply the investor will be limited by its own necessities for money . The market will also be limited to the bonds of the particular municipal- ity . But if a state and its cities should coöperate , there could be developed a ...