Monday, May 31, 2010

Louis Brandeis: "The dominant element in our financial oligarchy..."

"The dominant element in our financial oligarchy is the investment banker. Associated banks, trust companies and life insurance companies are his tools... . The development of our financial oligarchy followed ... lines with which the history of political despotism has familiarized us: usurpation, proceeding by gradual encroachment rather than violent acts, subtle and often long-concealed concentration of distinct functions... . It was by processes such as these that Ceasar Augustus became master of Rome."

Louis Brandeis -- Other People's Money (1913)

4 comments:

A.J. MacDonald, Jr. said...

I just finished reading an excellent book, A Peace to End All Peace: The Fall of the Ottoman Empire and the Creation of the Modern Middle East, in which the author mentions the very important role that Louis Brandeis played in popularizing American Zionism and the need for American Jews to support the British-backed colonization of Palestine by the Jewish peoples.

So, needless to say, I'm no fan of Louis Brandeis.

Thivai Abhor said...

AJ,

I understand why this would bother you, but it doesn't delegitimize his insights into economics?

It would be equivalent to my rejecting all of your ideas because you have a religious perspective (afterall I am an atheist)... something I wouldn't do...

Peace,

Thivai

A.J. MacDonald, Jr. said...

It's both sad and ironic Brandeis' book came out the same year that the Federal Reserve's central bankers took control of the US monetary system: 1913.

Perhaps he was trying to warn America about what was actually happening?

The Federal Reserve Act wasn't passed until late 1913.

Thivai Abhor said...

It definitely was prescient.... by the way I got the quote from The Financial Power Elite