To Whom Do Central Bankers Answer?

Carroll Quigley gives us the answer on pages 326-327 of his book Tragedy and Hope: A History of the World in Our Time. He writes:

“It must not be felt that these heads of the world’s chief central banks were themselves substantive powers in world finance. They were not. Rather, they were the technicians and agents of the dominant investment bankers of their own countries, who had raised them up and were perfectly capable of throwing them down. The substantive financial powers of the world were in the hands of these investment bankers (also called ‘international’ or ‘merchant’ bankers) who remained largely behind the scenes in their own unincorporated private banks. These formed a system of international cooperation and national dominance which was more private, more powerful, and more secret than that of their agents in the central banks.”

This quote is cited from page 475 of The Creature from Jekyll Island, A Second Look at the Federal Reserve by G. Edward Griffin.

 

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