clash one with another. The bank unites them all. Its persistent policy is to bring about an actual union of the undertakings into a whole which shall be under its own administration. The bank begins to hold the reins in quite a series of branches of industry. Its confidential agents are appointed directors of trusts, syndicates, and individual undertakings.
Thus in the end we arrive at the following picture. THE INDUSTRY OF THE WHOLE COUNTRY IS UNITED INTO SYNDICATES, TRUSTS, AND COMBINED ENTERPRISES. ALL THESE ARE UNITED BY BANKS. AT THE HEAD OF THE WHOLE ECONOMIC LIFE THERE IS A SMALL GROUP OF GREAT BANKERS WHO ADMINISTER INDUSTRY IN ITS ENTIRETY. THE GOVERNMENTAL AUTHORITY SIMPLY FULFILS THE WILL OF THESE BANKERS AND TRUST MAGNATES.
This is very well shown in the United States. Here the “democratic” administration of President Wilson is nothing more than a servant of trusts. Congress merely carries out what has previously been decided at secret conclaves of trust magnates and bankers. The trusts