“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.”
Woodrow Wilson
Woodrow Wilson was the 28th President of the United States, known for his reforms and leadership during World War I.
This quote highlights the concentration of power within the private credit system and warns of the dangers this poses to economic freedom. It encourages reflection on the structure of our financial systems.
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Woodrow Wilson Quotes: The Warning About Private Credit Power and Economic Freedom
Woodrow Wilson warns about the power of private creditors restricting economic freedom and controlling an industrial nation's growth.
Thomas Woodrow Wilson (1856–1924) was an American politician who served as the 28th President of the United States from 1913 to 1921. He is known for his domestic policy program known as "New Freedom" and for leading the US during World War I, including his role in founding the League of Nations. His presidency also involved controversial racial policies and civil rights issues.
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