Courtesy of Pam Martens.
It’s time to grab a copy of the 1914 book by Louis D. Brandeis, Other People’s Money And How The Bankers Use It, to understand how Wall Street continues to engage in the greatest heist of the last two centuries. Yesterday’s Senate hearing on the Wall Street cartel that controls the London Metal Exchange drove home that point.
Brandeis was an expert on the so-called “Money Trust” of that era. Today, we call it either Banksters or, simply, Wall Street. The Pujo Committee hearings in the House of Representatives between 1912 and 1913 revealed how the financial cartel of that era had gained control of large segments of industrial output in the United States; manufacturing, railroads, mining, communications and financial markets. And, of course, JPMorgan sat at the helm of the cartel.
Twenty years later, in the early 1930s, along comes the Pecora Senate hearings to investigate how the Money Trust – Wall Street – crashed the stock market in 1929 and unleashed the Great Depression through this concentration of wealth and power.
With that backdrop of history, carefully consider the words of Senator Sherrod Brown below as he delivered the opening remarks for yesterday’s Senate hearing:
Remarks by Senator Sherrod Brown, July 24, 2013:
In 1913, former Supreme Court Associate Justice Louis Brandeis voiced concerns about the growth of trusts in the United States:
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