“Money Is Gold — and Nothing Else”

This post “Money Is Gold — and Nothing Else” appeared first on Daily Reckoning . 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.

Source: “Money Is Gold — and Nothing Else”

****

Morgan: Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.

— 30 —

Please leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: