Montagu Norman, then governor of the Bank of England, in 1924 explained to the fledgling US Bankers Association that they must learn to “govern through the strong arm of government applied by a central power of wealth under leading financiers”. He said: “Our principal men are forming an imperialism to govern the world. By dividing the voters through the party political system, we can get them to expend their energies in fighting for questions of no importance.”

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