“Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.”
Tip: press → for another quote, C to copy, S to share.
This persistence as private firms continued because it ensured the maximum of anonymity and secrecy to persons of tremendous public power who dreaded public knowledge of their activities as an evil almost as great as inflation.
In addition to their power over government based on government financing and personal influence, bankers could steer governments in ways they wished them to go by other pressures.
The traditional Christian attitude toward human personality was that human nature was essentially good and that it was formed and modified by social pressures and training.
The history of the last century shows, as we shall see later, that the advice given to governments by bankers, like the advice they gave to industrialists, was consistently good for bankers, but was often disastrous for governments, businessmen, and the people generally.