Woodrow Wilson Quotes
I am a most unhappy man. I have unwittingly ruined my country. 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. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men
There is some debate as to whether this statement was made at this time or different parts of it on two different occasions. The sentiment and position appears to be genuine but the issue of the timing is in doubt.
Woodrow Wilson, 1856-1924, 28th President of the United States (Democrat, NJ), Woodrow Wilson, after signing the bill that created the Federal Reserve
Sourced by: Eigen's Political and Historical Quotations
The President had a series of radio talks to the people in which he addressed them directly and explained things as he then understood them.
Stamp was a banker and the 2nd richest man in England at the time. Yet he warned about aspects of banking that needed reform and regulation.
This is essentially what happened in the Economic Meltdown of 2008 leading to the Great Recession.
By the middle of the 20th century, the banks were no longer allowed to control the railroads and seemed less powerful, but by the beginning of the 21st century, the few largest banks, without the railroads or any other industrial holdings, were so big that the controlled credit, fraudulently manipulated rates and mortgage foreclosures and after losing huge amounts speculating in 2008, the government had to bail them out with taxpayer money while the bank executives who caused the failures tool million dollar bonuses. Never were banks so powerful in any country that they could have the government pay billions of dollars for their losses and mistakes.
See Daniel Webster for an earlier expression of this notion.
Sherman, at the height of the California Gold Rush, took a private assignment for Moffett & Company, establishing and running an assaying, banking and minting company in San Francisco
Such an interest rate was not considered high, much less usurious.
This is the first major history of banks written in the United States.
This is an oft quoted statement because of the Great Depression which occurred the following year after Strong had passed away. The Federal Reserve followed the lead of President Hoover and did nothing while they watched the nation’s money supply shrink a third over the next 3 years, making a business comeback very difficult. If Strong had lived longer, he might have persuaded the others to increase the money supply and act as the nation’s safety valve. As the President of the New York Bank, he was the first among equals.
One irony that some critics of Murdoch’s enterprises make is that despite his personal views about monopoly his businesses try to attain and maintain monopoly status whenever it can.
He was not able to maintain this position. Even Communist and Socialist states have had to cope with problems triggered by markets.
Thomas Woodrow Wilson was an American politician and academic who served as the 28th president of the United States from 1913 to 1921. A member of the Democratic Party, Wilson served as the president of Princeton University and as the 34th governor of New Jersey before winning the 1912 presidential election. As President, Wilson led the United States into World War I in 1917. He was the leading architect of the League of Nations, and his progressive stance on foreign policy came to be known as Wilsonianism. Scholars have generally ranked Wilson in the upper tier of U.S presidents, although he has been criticized for supporting racial segregation and white supremacy.
