Questionable J. P. Morgan Quote 

"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 the 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."

by:
J. P. Morgan
[John Pierpont Morgan] (1837-1913) Tycoon
Source:
Questionable: No reliable source for this quote has been found. Attributed to: Private Communique to Leading U.S. Bankers only, 1934
Categories:
 
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Reader comments about this quote:
JP MORGAN WAS IN TWO WORDS -- AN ARSEHOLE !!
 -- Peter, Melbourne		 
This quote is not reliable. This was a propaganda quote created out of thin air to demonize bankers. This quote is what an uneducated child imagine's rich people to say.
 -- Mark , Houston		 
Amazing quote, I love it. Even if he never said it, I'm sure it's engraved in the minds of the rich as a valid mantra.
 -- Alex, Washington DC		 
John Pierpont Morgan WAS a wealthy American financier. However, he gave away money to the urban poor, and donated many of his collections. He bailed the American nation out of serious financial trouble more than once. He never said this, and it is not a crime to be rich.
 -- Sarah		 
There is an almost identical quote attributed to a Civil Servants Manual - found under the topic "Money" at this site - so that may be the origin.
 -- Jane, Meredith, NH		 
If you take this quote as an assessment of character instead of business principles, obviously you have no idea how to create (and keep) wealth.
 -- Michael, Huntsville, AL		 
 -- Anonymous 
It doesn't matter who said it, it is what drives the fiat credit system. In ancient Israel originally, a lender (using wisdom) gave money to a borrower and treated it as a gift. All integrity, morality, honesty was on the borrower to pay it back, The country became wealthy. "Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." (John Adams)
 -- Mike, Norwalk		 
Didn't Morgan float the rumor that several of his competitor (banks) were insolvent, leading to a crash in which he picked up those banks for a song? I'm thinking 1920s / 30s. And didn't Morgan / Chase just pick up another bunch of financial company's? Seem,s like they're always right in the middle of it.
 -- J Carlton, Calgary		 
the more things change, the more they stay the same...
 -- allen, DC		 
I would advise anyone to avoid going into debt. Debt is slavery and when you have debt, you are a slave.
 -- jim k, austin		 
This explains banking to a tee. It could have as easily been said by today's central bankers -- pick a country. Jim has it right -- stay out of debt. (Why is 'staying out of debt' such a strange idea?)
 -- E Archer, NYC		 
There were other people besides J.P. Morgan, that in their later years felt fear of punishment of a God for their misdeeds. Andrew Carnegie, and John D Rockafeller did so also. They gave out dimes to children in playgrounds, this after destroying thousands of lives. Somehow it doesn't quite cover the sins. No, being rich is not a crime. Being evil, crushing people, destroying other companies because they will be fair competition, causing misery and death is a crime, against man and God.
 -- Billy Yank, Boston		 
Sounds like a contrived quote to me. As bad as the bogus Bush Cheney quotes
 -- warren, olathe		 
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