Quote of the week: Henry Ford on FRB

When asked to bail out his son’s bank, Henry Ford, now in his seventies and increasingly autocratic and unreasonable, refused to bail out his son. He had a long-standing antipathy to bankers and could not quite grasp why banks should be allowed to use the money he deposited for making risky loans- “It’s just as if I put my car in a garage and when I came to get it, I found somebody else had borrowed it and run it into a tree”

— Liaquat Ahamed, Lords of Finance, p442

(H/T to Stephan Kinsella and Vijay Boyapati)

More from Toby Baxendale
The Bank for International Settlements on SWINE countries & not the PIIGS
This has been sent to us by Sean Corrigan. I need write...
Read More
0 replies on “Quote of the week: Henry Ford on FRB”