Jack Morgan on Debt

[Blaise (imported)]

I picked this up from the Bill Moyers Journal blog and I am not certain is accurate but this is interesting.

J.P. (Jack) Morgan, Jr. din a private communication to a group of US Bankers in 1934 noted:

"Capital must protect itself in every way? Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by a central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd?"