I came across an interesting quote in the New Yorker recently, reflecting on the US banking system. It reads:
The power and the growth of power of our financial oligarchs comes from wielding the savings and credit capital of others. The fetters which bind the people are forged from the people’s own gold.
Pretty timely thoughts, given what’s happened in the US recently, with a banking system that brought us to the edge of financial ruin, only to have us bail it out. But these words aren’t reflections on the modern American economy. They were penned by Louis Brandeis in 1914, in a book titled “Other People’s Money and How the Bankers Use It.”
History repeating itself?