THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.
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Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153Benjamin Graham
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...another cause of today’s instability is that we now have a society in America, Europe and much of the world which is totally dominated by the two elements of sovereignty that are not included in the state structure: control of credit and banking, and the corporation. These are free of political controls and social responsibility and have largely monopolized power in Western Civilization and in American society. They are ruthlessly going forward to eliminate land, labor, entrepreneurial-managerial skills, and everything else the economists once told us were the chief elements of production. The only element of production they are concerned with is the one they can control: capital.
Carroll Quigley
A car crash harnesses elements of eroticism, aggression, desire, speed, drama, kinesthetic factors, the stylizing of motion, consumer goods, status — all these in one event. I myself see the car crash as a tremendous sexual event really: a liberation of human and machine libido (if there is such a thing).
J. G. Ballard
Funk succeeded me and he could not act individually as I could and did. The Reichsbank could give or deny credit under the rules at its own discretion while I was president of it. The very day I left the Reichsbank, Hitler issued a law which obliged the Reichsbank to give any credit he would ask for. It was under that law that Funk took office. Perhaps in that sense Funk was not responsible, but in another sense, of course, he was responsible because he was a willing tool. If he went so far as to take the post, he was willing to obey.
Walther Funk
In the lifetime that has passed since Calvin Coolidge gave his speech to the American Society of Newspaper Editors in which he famously proclaimed that “the chief business of the American people is business,” the dominion of the ants has grown enormously. Look about: The business of business is everywhere and inescapable; the song of the buyers and the sellers never stops.
Mark Slouka
Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.
Ludwig von Mises
Graham, Benjamin
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