The Morgans: America's First Banking Family (Documentary)
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- Опубликовано: 30 июн 2024
- In a dimly lit, hushed room swirling with cigar smoke, J.P. Morgan sat like a king on his throne - emanating an aura of unassailable power.
Across from him, political candidate William McKinley's face was etched with lines of worry and exhaustion - visibly burdened by the sinking reality that his presidential dreams could soon disintegrate into dust.
The year was 1896, and America stood at a political precipice.
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TIMESTAMPS
0:00 Introduction
2:01 Chapter 1: Founding Stock of America
8:35 Chapter 2: J.P. Morgan: The Man Who Built America
15:59 Chapter 3: The Next Generations
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From their initial voyage across the storm-tossed Atlantic in 1636, the Morgan family have established themselves as integral elements in the American narrative from the very beginning.
Departing the seventeenth century Welsh countryside, they sought the verdant possibilities of the then Massachusetts Bay Colony - guided by an intoxicating blend of zeal and the quest for an unblemished life.
Their ancestor Miles Morgan initially settled in Roxbury, Massachusetts before recognizing the greater opportunities that Springfield presented.
At the time he took on various roles-warrior, farmer, and revered community figure-and attempt to provide pivotal contributions to a colonial society in its infancy.
Given such a backdrop as having ancestors here longer than the country has been in existence - sometimes called having “American founding stock” lineage - it is likely that the Morgans do not see themselves as mere citizens - but as a seminal part of the American founding pedigree.
Over decades, this self-perception probably kindles both an exalted pride and a ceaseless ambition - with each successive generation perceiving itself as the custodian of an ancestry that had its roots in the earliest colonial vessels.
This sense of duty has thus served as an impassioned catalyst for their various exploits - be it military service, commercial ventures, or their conspicuous role in the social strata.
Born in 1837, John Pierpont Morgan's path to financial eminence appeared practically preordained.
Under the rigorous guidance of his aforementioned father - Junius Spencer Morgan - his upbringing was a fusion of privilege, deliberate strategizing - and a unique set of hardships.
You see, Junius was unrelenting in his expectations - pushing his son to excel in every aspect of life.
This demanding upbringing had its own difficulties, as John Pierpont was burdened not only by his father's monumental pressures to succeed, but also by a recurrent skin ailment - rosacea - which would accompany J.P. Morgan throughout his life.
Furthermore, this facial condition not only scarred him physically - but also influenced how he presented himself to the world.
Because of his skin issues, Morgan was selective about how he was photographed - often favoring profiles that lessened the visual impact of his facial challenges.
Yet, what many perceived as a facial anomaly became - in some ways - an asset in a ruthless business world.
Now, each successive generation of Morgans made its own unique contributions to the family legacy.
Born as the heir apparent, the aforementioned John Pierpont Morgan Junior - commonly known as Jack - attended prestigious institutions like Saint Paul's School and Harvard College before following in his father's footsteps in both finance and philanthropy.
Later, Jack’s high-stakes involvement in World War 1 would display an uncanny resemblance to his father's actions during the American Civil War.
As his firm became the sole supplier of munitions for the Allies, he facilitated massive loans and supply agreements with the British and French governments - earning a staggering one percent commission on 3 billion dollars.
While these transactions significantly funded the war effort and brought him enormous prestige, they also attracted criticism.
He was accused of influencing American foreign policy for personal gain, specifically - allegations suggested he pushed the U.S. closer to joining the war to safeguard his extensive investments.
Therefore, this duality of financial success marred by ethical questioning echoed his father's controversial business choices during the Civil War.
Both men leveraged national conflict as a springboard for immense profit - and both faced public scrutiny for their willingness to capitalize on such grim circumstances.
Furthermore, The Morgans were seminal in the founding of America's central bank, the Federal Reserve System - in 1913.
After the aforementioned Panic of 1907 revealed the fragility of the U.S. financial system, J.P. Morgan Senior played a key role in conceptualizing a centralized banking structure.
COMMENT: Do you find the Morgan family story to be an inspiring tale of acute financial skill - or a frustrating example of greed and ethical ambiguity?
Inspiring
War profiteering seems to be a rather common way to raise good old money capital!!
Dont forget the OPIUM!
AND
SLAVES.
I never realized that J P Morgan was a profit pirate who used his country as being scammed...
The episode was great. I enjoyed the longer episode. Keep up the good work.
Awesome, thank you!
Thank you for a great video. I had previously watched JP Morgan's rise to prominence in the documentary "The Men who Built America". This video is more detailed, and gave me added knowledge (I would suppose it's because it was specific to him), which I am very grateful for 🎉
Awesome, thank you for watching 😊
These are amazing! Please do an episode on The Guggenheims! Thank you!
Central banking is a cartel of banks that protects banking profits by coordinating a price range for credit. Governments allow this because banks agree to buy government debt and use this debt as an asset to leverage loans off of. This process expands the money stock which debases its price…inflation. Those that get to spend the money before it’s debased wins, banks and governments. Credit expansion redistributes and concentrates real wealth and with that wealth buy political power.
Very Instructive, Bravo !
Many thanks!
Another great video, cheers until next time
Glad you enjoyed it!
My 2x Great grandmother was a Morgan born in Berkshire , Mass before the Civil War. She lived to be 102 and was highly respected in our family .I am trying to learn about her ancestry as well as the Morgan ancestry in America. Please share any tips or thoughts you may have .
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Excellent as usual. Could you please do a doc on the British Arundels and the Harcourt families?
Enjoyed the video, thank you. The wealthy benefit from those skilled and experienced in wealth management.
Glad it was helpful!
@@oldmoneyluxury affirming, I’m there already. We have excellent wealth managers.
Great video.
Glad you enjoyed it!
I learned a lot.@@oldmoneyluxury
Sorry, but J. P. Morgan merged with the Guaranty Trust Co to form Morgan Guaranty Trust Co (you jumped the gun on one of the bank names). Also, until he died, Anthony Drexel ran Drexel, Morgan while grooming J. Pierpont Morgan. Story told by Anne Morrow Lindbergh: When Pierpont Morgan was vetting her father, Dwight Morrow for a partnership, he invited himself to tea. Her parents were terrified that as a child she would comment on Morgan's nose, but it was Mrs. Morrow who asked him if he "took nose in his tea?" (Her father got the partnership.)
I am a hundred percent sure that the critics of the Morgans would also do the same if they were the Morgans themselves mentioned in the video. People who always complain and criticize are jealous of those who have been at the top for they are too incompetent and indecisive to be one of the affluents.
Titanic achievement
Sailed unscathed
Missed the.
Bad Boat
And killed his frend.
20:34 And THAT, ladies and gentlemen, is the problem with the bankers.
🔥
Great example of 'Pinnochio Nose'.
Next should be the Black Rock 6 trillion dollar under investment juggernaut
GREED POWER & EGO A MELANGE OF HAUTY PRINCIPLES, not always ethical it seems!
Good morning to all the Wankers I mean Bankers.
Hi if just one the Morgan's go would just reach out touch me with some money I will be able to go back to school and move on with my life.
They are generally greedy wouldn’t happen
I'm watching this at 17:17 and the video was uploaded 17 mins ago.
Reader: Wtf does that mean?
Me: 😊
I am watching at 17k views
No. The Roosevelts and Astors were thee first.
Jp Morgan's friend who opposed the idea of having a reserve Bank died in Titanic in 1912 the following year Reserve Bank was born
JPMorgan was in the same Titanic but last minute him and his other friends disembarked from the boat.
And the narrative of the "Wrwck of the Okympic" insurance scam began.
Wreck
unity over all , good to know about the banker !