Monthly Archives: January 2014

BANKS

“The insidiousness of banking has always followed the same road–abundance–any kind of abundance tends to create optimism.  This optimism is exaggerated, usually with the help of propaganda.  Sales increase; prices of land, or of shares, rise beyond the possibility of material revenue.  The banks that favour exaggerated loans, in order to manoeuver the increase, restrict, recall their loans, and presently panic overtakes the people.”

-An Introduction to the Economic Nature of the UNITED STATES

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