by James Rickards
This is not the first time I’ve relayed this information. But these days I believe it’s more important than ever to remind readers of its significance, especially in light of the unprecedented credit creation the Fed’s been conducting since March.
Following the Panic of 1907, John Pierpont Morgan was called to testify before Congress in 1912 on the subject of Wall Street manipulations and what was then called the “money trust” or banking monopoly of J. P. Morgan & Co.
In the course of his testimony, Morgan made one of the most profound and lasting remarks in the history of finance.
In reply to questions from the congressional committee staff attorney, Samuel Untermyer, the following dialogue ensued as recorded in the Congressional Record.Untermyer: