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)

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