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Patrick congratulations on getting sponsored by Financial Times!! This means you have officially achieved the highest quality of financial content on RUclips 🎉 !!
Patrick has a great speaking voice. He speaks slowly and clearly so that his audience can easily digest the material. I have learned a lot from his videos.
Could never happen today. Just imagining contacting all the major RUclipsrs and asking them to hold off on the click bait headlines for a week "for the common good".
It's a good marketing move from FT. They are partenring with youtubers because it is where the attention is. The money & macro podcast invited one of their editors, and they just talk about what a great publication it is.
Note: The State Savings Bank of Butte Montana building displayed at 18:41 still stands today. The adjacent buildings in the picture also still exist. 8 W. Park St., Butte, Montana It looks almost exactly the same other than it appears to be a multi-purpose commercial building now. Thank you for all you do for us Patrick. I never miss a video post on your channel. Always learning something new.
I'm fortunate that you have chosen to give your time to us on RUclips over the last few years. I enjoy the quality of your material, your perspective on it, and your dry sense of humour. Thank you.
Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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He also helped cause the panic, but that part seems to get left out a lot. It was HIS clearing house which both enabled the funding of and then convinced others to pull funding for the Knickerbocker Trust and other overleveraged interests. The U.S. gov later kept J.P. going to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee _"The report identified over $22 billion in resources and capitalization controlled through 341 directorships held in 112 corporations by members of the empire headed by J. P. Morgan."_ That's $680 billion in 2023 dollars; it was like he owned two of Apple Corporation. J.P. Morgan was beyond wealthy, and he didn't make much of that money fairly.
Thank you Patrick for this. This is amongst my favourite type of content. As much as I thoroughly enjoy the geo-political videos, these videos structured around specific events and topics are some of the best. They help in placing so many pieces into a giant puzzle that we look upon as the global financial structure. Great job!
Congratulations on landing an association with the Financial Times...long time viewers like myself have always appreciated your insight and style, and am happy to see it being more broadly recognised as well. Congratulations again!
Patrick's most poplar video has 1.4m views (IMO that is criminally low). This video should dwarf that viewership. Patrick if this video doesn't blow up - please don't take that as a message to ever stop these absolutely beautiful videos Truly amazing. I watched it more than once to absorbe the info
Morgan had surprisingly little personal wealth relative to his stature and influence. That’s because banking done PROPERLY is significantly less lucrative than booming industry such as steel and oil. This is why bankers have been frantically fighting regulations, because banking done *wrong* can be ridiculously lucrative -see the 2008 subprime crisis. Rockefeller upon learning JP Morgan’s net worth at his death exclaimed “And to think… I thought he was a rich man!!”
I thought that manufacturing companies had discovered decades ago that financial operations are more profitable than "making things". Wasn't it GE, or P&G that realized their financial division was making more than their productive divisions in the mid 90's?
Too bad their wealth was not reversed. Morgan seemed to have common sense and a humanitarian bent, while Rockefeller was determined to undermine US citizens in favor of a one-world government which he and his heirs would control. Rockefeller sponsored Kissinger, the WEF, Klause Schab and launched the career of Bill Gates, who is now doing Rockefeller's foundations bidding. Fock Rockefeller.
@@danielclawson2099You are correct. Kineahora is most likely one of these people that thinks banks should be your friend and lend you money at 1% no matter your credit background
The relative revenue, profit, and power of the US banking system today is largely the result of the financialization of the US economy over the last 40-50 years. It is enabled by the large US deficit, which is in turn enabled by the US dollar being the global reserve and trade currency (Bretton Woods, etc.).
He also caused it, but that part seems to get left out a lot. It was HIS trading house which both enabled and cut funding for the Knickerbocker Trust. The U.S. gov kept him going back to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
The fact that the preservation of the entire banking sector required one guy locking a bunch of selfish idiots in a room until they did a deal is certainly very strong evidence for the necessity of a real central bank.
Canada didn't have the same problem with bank runs and panics as the US, and they had no central bank until the 1930s. The problem was two US banking regulations that kept the money supply in the US inelastic. The ban on branch banking and the requirement to hold government bonds to back any issued banknotes.
@@damag0r-451 Canada had an infamously flimsy banking system, until the 1923 Home Bank collapse triggered massive rewriting of their bank regulations. And an eventual creation of their central bank a decade later. That narrow window of lacking bank collapses and lacking a central bank is not enough to demonstrate anything.
In 1873, there was an omission of the standard silver dollar from the coinage law passed by congress. It put an undue burden on using gold, gradually moving from a bimetallic system placing a monetary strain on a gold standard. This lead up to the panic which was used as an excuse for a central bank (Federal Reserve). The act of 1873 also made a change in the charge for seigniorage. Good video, thank you for all the hard work that went into producing this video.
Enjoyed your presentation. Surprised you didn’t mention the only lady in the room with all the bankers. I understand that none other than Hetty Green was also present!
I listened to the book The Panic of 1907 by Bruner and Carr on Audible a few weeks ago and your video is an excellent shorter version of the story. That was a genuine complement. You seem to me to get in all the salient points within a limited time frame, which is quite a skill.
I have an old American Heritage at home that has an article titled "A Lion in the Street" describing Morgan's role in bringing all of this to a successful conclusion. It is from the late 1950's, I believe. I'll make a note to post the issue number when I get home.
One has to think J.P Morgan would be pleased to know that over 100 years later the bank that still bears his name is the largest in the United States, one of the largest in the world and the US government has tasked its CEO Jamie Dimon with basically coordinating, cleaning up and consolidating power during the 2 most recent major banking failures.
2 times in 100 years... quality corporation. It survived anti-trust laws compared to AT&T and its BabyBell (AT&T, Verizon, Bell Canada, Century Link, SoftBank Japan, Nortel, WesternUnion etc..) who are still around and strong but a shadow of their former self losing territory year after year
Except JPM is often among the very banks which cause the financial crises; the only difference now is the federal government is now directing them and others to fix it in exchange for bailouts. Which, sadly, isn’t a very stable solution at all.
We're in Financial Uncharted Territory! Every day, we encounter challenges that have become the new normal. Although it was once regarded as a crisis, we now accept it as the new normal and must adapt accordingly. How can we boost our revenues during this period of adjustment, given the country's current economic difficulties in 2024? I cannot let my $800,000 funds vanish after putting in so much effort to accumulate them.
In general, you should maintain some of your gold holdings. Given the current economic and financial conditions, it would be prudent to avoid stocks for the time being, and it may even be prudent to seek expert counsel.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Glad everyone in comments agree: these historical financial essays are top tier. Peak RUclips content. You really are incredible at this video making thing! Dude is out here making banger after banger, making it look easy; showing everyone else up 😂 In all seriousness tho, I really appreciate these videos and the inevitable Herculean effort you must put into them!
Thanks I always like these kind of videos. Your crash of 87 video is the one that got me interested in the channel. I do like when you poke fun of musk and co too 😊
My favorite moment: locking trust bankers in the room until there's an agreement to avoid catastrophe. I'd love to know if there is an equivalent event elsewhere in the world
Gods in Heaven, Sir! You have an excellent voice and demeanor to present financial history in a way that is both captivating and exciting! (I mean it; I was practically on the edge of my seat, trying to hold all the strings of this pivotal crisis.) Thank you most kindly. Subscribed. So this is one of the reasons for the formation of the Fed. It's horrible how a simple act of self-interest plus miscalculation can lead to almost ripping out the beating heart of an entire nation's economy. (That and a couple spanks from Mother Nature.) I'll try and get the recommended books soon!
I can highly recommend Roger Lowenstein's book America's Bank, which covers the 1907 Panic and the creation of the Federal Reserve. Great to see Patrick reference it in the description.
Hey Patrick. A bloody exceptional video. Congratulations on your excellent (as always) work… Easily the most comprehensively researched Chanel on history and finance and more… Always learning new information from your videos… Cheers Andrew Wickham
Interesting to see Morgan cast as the hero of the piece. In labour history he tends to be a minor antagonist. Of course, financiers and the working class have very different perspectives.
What a fantastic video. Well structured, very easy to understand and detailed enough to get (what I assume is) the full picture. Thanks you for creating this :)
That is so interesting im listening to it again. I was dimly aware of this story, but you really bring it to life, and give it dimension. Thanks for this presentation Patrick. It is excellent!
In today's day, the only banker that even holds something close to JP Morgan's influence and power is, ironically or unironically, Jamie Dimon, the man who runs JP Morgan Chase
I clicked straight away after the Jesse Liverrmore story. Your content, is some of the most engaging. and interesting on YT. Keeps my attention until the very end (the best compliment I can give these days)))))
killer video. thank you for this. you are probably my favorite youtuber at the moment. if you taught a class local to me (nyc) i would be at every single one even though i'm in my late 30s, lol.
I really appreciate educational history. This was amazing and once again well put together. Even for a dumdum like me I was able to follow along and learn something new today 🎉
Great video! Really liked it Please note - when you say „watch this one next“ at the end of your video that in mobile no video is present - just a black empty place Cheers
Now THIS is high quality bro bro! I love this kinda lesson teaching because I am a 30 year old American white man who grew up in a great location of upstate NY meaning I was in a great school K-12 with great teachers. I NEVER was taught anything about 1900-1916 economically speaking. Like they didn’t ever test on anything regarding this or even anything related to how, why and what if it disappeared today speaking on the FED Reserve. On a side note, hearing how much PPMorgan got done while sick and old age after just traveling Europe by train at best for months to gather support for what he thought the only problem was still. Gets home and sees it’s much worse for reasons you stated and passing out in meetings out of sheer exhaustion… Imagine if he was born or just had German medicine that could come out in another couple decades . Pervicin I believe it was called. 5mg a pop of pharm grade m3th . He would have gotten so much more done in his life I really wonder
Fantastic review of history. I have never heard about it in such detail. Usually, the history of the Fed starts in 1913 with the Federal Reserve Act. I will check out the bibliography you mention. Thanks,
10 seconds in, I agree. You hear talk of market downturns waay before they happen and I think it's because investors start acting like a downturn is happening therefore a downturn starts "manifesting".
Thank you Patrick for this exciting and fascinating new episode of the history of economics. Congratulations on your new sponsor, well deserved and up to the quality of your content.
The Financial Times: Breaking the backs of newspaper delivery boys all over the UK in the 1980s. I used to get up at 4 AM every morning as a nine-year-old and deliver about 50 of those newspapers to the local doctors and attorneys offices. At that point, each one weighed about a pound 😂
Hi Patrick, will you be doing any more content regarding the current problems in china? Lots of videos are popping up lately from the usual talking heads and I'd like to know if there is really more to it this time. Keep up the good work.
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Get one month of complete digital access to the Financial Times for $1 by clicking here: subs.ft.com/patrick_boyle?segmentId=940e2eaa-14f4-65ea-912e-68559407acfb
Interesting, so world war one was caused by the financial effects of the San Francisco Earthquake.
😂😢😢😮🎉
Informative video, except Patrick refers to "England" The country is the United Kingdom.
The federal reserve is not a government bank, it is a private bank owned by a powerful banking family.
@@douglasmiller4351 May I ask what is wrong with using "England"?
Patrick congratulations on getting sponsored by Financial Times!! This means you have officially achieved the highest quality of financial content on RUclips 🎉 !!
Next step in the RUclips sponsorship hierarchy... being sponsored by Morgan & Morgan.
Reuters still clear 😉
That has to be a sarcasm…nothing more than a Globalist mouthpiece the Financial Times..more of a sell out I would say.
raid shadow legends
It also means that he join the main stream media propaganda.
Move over Coffeezilla! Patrick Boyle is now the #1 finance RUclips channel!
Hahaha. Thanks!
These history focused episodes are so well researched. Top-tier content.
So so so nice to listen to.
Patrick has a great speaking voice. He speaks slowly and clearly so that his audience can easily digest the material. I have learned a lot from his videos.
He should be an air traffic controller
Could never happen today. Just imagining contacting all the major RUclipsrs and asking them to hold off on the click bait headlines for a week "for the common good".
lmaooo
Indeed my friend, indeed. :)
Or just forcing RUclips
Very similar things happened during the 2008 crisis.
😂
Is anyone else proud of Patrick for getting FT backing? I've never seen them advertised on RUclips before, this seems kinda special
Definitely impressive. I'm guessing that he must have known someone who works at/with FT (he does live in London after all).
@@BloodRider1914or he just makes great content. That’s most likely
It's a good marketing move from FT. They are partenring with youtubers because it is where the attention is. The money & macro podcast invited one of their editors, and they just talk about what a great publication it is.
@@bobs8005 why “more likely”. Most likely is both. Reason 2 is a pre rec, reason 1 is how you actually make it happen.
Note: The State Savings Bank of Butte Montana building displayed at 18:41 still stands today. The adjacent buildings in the picture also still exist.
8 W. Park St., Butte, Montana
It looks almost exactly the same other than it appears to be a multi-purpose commercial building now.
Thank you for all you do for us Patrick. I never miss a video post on your channel. Always learning something new.
I'm fortunate that you have chosen to give your time to us on RUclips over the last few years. I enjoy the quality of your material, your perspective on it, and your dry sense of humour. Thank you.
Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. Hicks, Liam, Logan Vrankovic, William Heaton, Paul McCourt, Daniel, Aaryan Koura, Christopher Boersma, Ulf Lundblad, Dorothy Watson, Greg Blake, Simon Bone, Livermores Quant, The Collier Report, Scott Gardner, The Man Koala, Brian McCullough, Finance Student, Julie, Mohammad Rehman, James Wallace, Daniel Poellmann, Edosa Odigie, Dixon Yuen, Marek Novák, Stamatis Drepaniotis Michael Smith, Ahmed Hamadto, Chris Davey, Mike Farmwald, Michael A. Mayo, Lachezar Georgiev, Kamet Batra, Bradley Johnson, Sagar Gudi, Michael Chessar, Kate ATL, Tong Cheung, Lady Dje, James Barnes, Chris Hall, Kurt Johnston, ICBM Catcher Juan Valdes, Linn Engström, Veltsh, Konrad P-kala, Pastacat, Adam Vorting, Matthew McQuade, Christopher Lesner, freebird, Kenneth WedMore Lund, erfective, Jason Young, Jonathan Kopnick, Peter Hendrickson, steel, Bastien, Tom Willett, Chris Whitehead, Anil Jason, JOJO, AS7, Greg Thatcher, Ezekiel Templin, MrLuigi1138, Leszek Frankowski, Nam Nguyen, Karim THIBAULT, C, David R. Ingemi, Robert Wave, Dmitri Alexeev, Aaron Rose, Ethan Hernandez, Claude Chevroulet, Stephan Marosvary, Louis Julien, Jan Lukas Kiermeyer, Gearoid O Connor, Fredrick Saupe, Subliminal Transformation, Alex McMahon, Adi, Ben, Kurt Mueller, Janusz Wieczorek, Federico Viscomi, Corgi, Mahdi, Burgerinn, Quinn Cone, QiKaiQian, Stephen, Joshua Rosenthal, Michael Smith, Emilian Marius Tudor, Cormac, Ian Shearer, Michael Kopřiva, Tinni, Goran Milivojevic, Joe Del Vicario, Alexandre Mah, Norman A. 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Christie, lazypikachu23, Olivia Ney, Steven, Jordan Millar, Reagan Glazier, Viki Rebic, Adrian, KoolJBlack, Deborah R. Moore, Alonso Ibarra, Dru Hill, Dean Maurer, Tim Jamison, gavin, Ultramagic, HEWHOSHALLNOTBENAMED, Nigel Knight, Daniel Winroth, Paul Niekamp, Job Zamora, Zhnjy, Brian K. Lee, Tony Bianucci, storm, scott johnson, Suzy Maclay, Agatha DeStories, Chris Peterson, Nesh Hassan, Molly Carr, Christan, Michael Jones, Ross P, Conor Rainey, Milos Krljanovic, Richard Hagen, Nicholas Muller, Adam Stickney, Peter Weiden, RVM, Brainless, Marcio Andreazzi, Yih Pin, Ziad Azam, STEPHEN INGRAM, Michael Wilson, Gregory Lethbridge, Daan Jetten, Ivan Katanic, Benjamin, Boris Azais, Flanneryo, DoubleWhy, Paul Hilscher, Manuel Barkhau, Earnest Williams, Harun Akyürek, Dionysis Partsinevelos, toufik ouriachi, Maximiliano Rios, Claire Walsh, AT, Atanas Atanasov, William J. 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He also helped cause the panic, but that part seems to get left out a lot. It was HIS clearing house which both enabled the funding of and then convinced others to pull funding for the Knickerbocker Trust and other overleveraged interests. The U.S. gov later kept J.P. going to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
_"The report identified over $22 billion in resources and capitalization controlled through 341 directorships held in 112 corporations by members of the empire headed by J. P. Morgan."_
That's $680 billion in 2023 dollars; it was like he owned two of Apple Corporation. J.P. Morgan was beyond wealthy, and he didn't make much of that money fairly.
A 45 minute Patrick banger???? During CFA season??? The stars are not aligned 😅
Ahahaha😂
😂😂😂😂😂😂😂
Financial times has deep pockets
CFA is a scam
Great video history !
I really enjoyed listening to a rather unknown but evidently significant boom and bust 20 years before the famous 1929 crash.
Thank you Patrick for this. This is amongst my favourite type of content. As much as I thoroughly enjoy the geo-political videos, these videos structured around specific events and topics are some of the best. They help in placing so many pieces into a giant puzzle that we look upon as the global financial structure.
Great job!
I love these historical videos. I often come back to watch
Congratulations on landing an association with the Financial Times...long time viewers like myself have always appreciated your insight and style, and am happy to see it being more broadly recognised as well. Congratulations again!
Congrats on the Sponsor Patrick, keep up the good work!
Patrick's most poplar video has 1.4m views (IMO that is criminally low). This video should dwarf that viewership.
Patrick if this video doesn't blow up - please don't take that as a message to ever stop these absolutely beautiful videos
Truly amazing. I watched it more than once to absorbe the info
Morgan had surprisingly little personal wealth relative to his stature and influence. That’s because banking done PROPERLY is significantly less lucrative than booming industry such as steel and oil. This is why bankers have been frantically fighting regulations, because banking done *wrong* can be ridiculously lucrative -see the 2008 subprime crisis.
Rockefeller upon learning JP Morgan’s net worth at his death exclaimed “And to think… I thought he was a rich man!!”
I thought that manufacturing companies had discovered decades ago that financial operations are more profitable than "making things". Wasn't it GE, or P&G that realized their financial division was making more than their productive divisions in the mid 90's?
Too bad their wealth was not reversed. Morgan seemed to have common sense and a humanitarian bent, while Rockefeller was determined to undermine US citizens in favor of a one-world government which he and his heirs would control. Rockefeller sponsored Kissinger, the WEF, Klause Schab and launched the career of Bill Gates, who is now doing Rockefeller's foundations bidding. Fock Rockefeller.
@@danielclawson2099You are correct. Kineahora is most likely one of these people that thinks banks should be your friend and lend you money at 1% no matter your credit background
Small correction, it was Andrew Carnagie who exclaimed that quote.
The relative revenue, profit, and power of the US banking system today is largely the result of the financialization of the US economy over the last 40-50 years. It is enabled by the large US deficit, which is in turn enabled by the US dollar being the global reserve and trade currency (Bretton Woods, etc.).
There once was a man named JP, / Who saved the economy with glee. / He stopped a crash, / With a financial splash, / And became a legend in histree.
😂 loved this but still hate JP
@@aangitano I find them fun to create, glad you liked it
He also caused it, but that part seems to get left out a lot. It was HIS trading house which both enabled and cut funding for the Knickerbocker Trust.
The U.S. gov kept him going back to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
@@maht0x you're really good! 😀 Too bad I can't follow a commenter to see all the rhymes you post! 🎵
@@aangitano i'll let you into a secret, i use perplexity ai to help me. it doesn't do all the work, it's fun to create with the set-up
The fact that the preservation of the entire banking sector required one guy locking a bunch of selfish idiots in a room until they did a deal is certainly very strong evidence for the necessity of a real central bank.
Aaaaaaand then the same thing happened again in 2008 in the US and the UK, despite those nations having central banks. Guess we never learn.
@@CJBroonie What? That's not what happened in 2008 at all.
@@CJBroonie How is this even remotely related to what happened in 2008?
Canada didn't have the same problem with bank runs and panics as the US, and they had no central bank until the 1930s. The problem was two US banking regulations that kept the money supply in the US inelastic. The ban on branch banking and the requirement to hold government bonds to back any issued banknotes.
@@damag0r-451 Canada had an infamously flimsy banking system, until the 1923 Home Bank collapse triggered massive rewriting of their bank regulations. And an eventual creation of their central bank a decade later.
That narrow window of lacking bank collapses and lacking a central bank is not enough to demonstrate anything.
Damn! i just watched a 43 minutes video and felt like a 5 minutes videos. Excellent content as always!
Wonderful! No fiction writing can be more exciting then real history, Well done.
In 1873, there was an omission of the standard silver dollar from the coinage law passed by congress. It put an undue burden on using gold, gradually moving from a bimetallic system placing a monetary strain on a gold standard. This lead up to the panic which was used as an excuse for a central bank (Federal Reserve). The act of 1873 also made a change in the charge for seigniorage. Good video, thank you for all the hard work that went into producing this video.
Enjoyed your presentation. Surprised you didn’t mention the only lady in the room with all the bankers. I understand that none other than Hetty Green was also present!
I listened to the book The Panic of 1907 by Bruner and Carr on Audible a few weeks ago and your video is an excellent shorter version of the story. That was a genuine complement. You seem to me to get in all the salient points within a limited time frame, which is quite a skill.
Incredible storytelling.
And it's just that, a story. Leaving out the part where J.P. Morgan set up the panic via his own clearinghouse.
This channel has a good mix of content and i hope it stays that way.
But it is videos like this that make it stand out.
I have an old American Heritage at home that has an article titled "A Lion in the Street" describing Morgan's role in bringing all of this to a successful conclusion. It is from the late 1950's, I believe. I'll make a note to post the issue number when I get home.
Go home!
Are you home yet?
Home yet?
Are you home yet?
Post the issue god dammit you
You have a fantastic voice for storytelling, my friend! This was a very interesting topic!
Thanks!
Thank you!
Thanks!
No problem!
Getting sponsored by the FT is the quintessential badge of honor!! Keep up the good work!
Congrats on getting sponsored by the FT, this is a huge marker of your channel's credibility.
One has to think J.P Morgan would be pleased to know that over 100 years later the bank that still bears his name is the largest in the United States, one of the largest in the world and the US government has tasked its CEO Jamie Dimon with basically coordinating, cleaning up and consolidating power during the 2 most recent major banking failures.
2 times in 100 years... quality corporation. It survived anti-trust laws compared to AT&T and its BabyBell (AT&T, Verizon, Bell Canada, Century Link, SoftBank Japan, Nortel, WesternUnion etc..) who are still around and strong but a shadow of their former self losing territory year after year
Jamie criminal
Except JPM is often among the very banks which cause the financial crises; the only difference now is the federal government is now directing them and others to fix it in exchange for bailouts. Which, sadly, isn’t a very stable solution at all.
@@CJBroonieJPM did not need a bailout in 2008, they also wernt the cause
JD is a slime ball like Jack Welsh who moved capitalism to making some of the few remnants of democracy to a failed state.
We're in Financial Uncharted Territory! Every day, we encounter challenges that have become the new normal. Although it was once regarded as a crisis, we now accept it as the new normal and must adapt accordingly. How can we boost our revenues during this period of adjustment, given the country's current economic difficulties in 2024? I cannot let my $800,000 funds vanish after putting in so much effort to accumulate them.
In general, you should maintain some of your gold holdings. Given the current economic and financial conditions, it would be prudent to avoid stocks for the time being, and it may even be prudent to seek expert counsel.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Glad everyone in comments agree: these historical financial essays are top tier. Peak RUclips content. You really are incredible at this video making thing!
Dude is out here making banger after banger, making it look easy; showing everyone else up 😂
In all seriousness tho, I really appreciate these videos and the inevitable Herculean effort you must put into them!
I love this historical content. So detailed! It’s clear how much effort you put into your videos. Well done ❤
Well told. I particularly like the book tips at the end. Many thanks.
Thanks I always like these kind of videos. Your crash of 87 video is the one that got me interested in the channel. I do like when you poke fun of musk and co too 😊
Thank you. I had the basics but you clarified some important points.
My favorite moment: locking trust bankers in the room until there's an agreement to avoid catastrophe. I'd love to know if there is an equivalent event elsewhere in the world
It happened again in 2008.
Educational and entertaining, a very fast 43 min. I wonder what Morgan would have thought of wood nymphs, 420 memes, and monkey art.
This was great, love to see a good finance story so beautifully packaged for us laypeople to follow along with.
Absolutely thrilling Patrick!
Very will done
Amazing story. I never thought a story about a run could be so interesting for a non financial person like myself. Terrific research on the subject
Gods in Heaven, Sir! You have an excellent voice and demeanor to present financial history in a way that is both captivating and exciting! (I mean it; I was practically on the edge of my seat, trying to hold all the strings of this pivotal crisis.) Thank you most kindly. Subscribed.
So this is one of the reasons for the formation of the Fed. It's horrible how a simple act of self-interest plus miscalculation can lead to almost ripping out the beating heart of an entire nation's economy. (That and a couple spanks from Mother Nature.) I'll try and get the recommended books soon!
I can highly recommend Roger Lowenstein's book America's Bank, which covers the 1907 Panic and the creation of the Federal Reserve. Great to see Patrick reference it in the description.
Wow. Your videos have manage to continue getting better and better! Great work and great story!
such an interesting time in American history. So much of our country was set at this time. Thanks for covering this Patrick
I like this non-Robber Baron series, thanks, Carnegie is my favourite! When I was a tennager, I had cherished books on these 19th century titans!
Thank you for posting. I love history, especially finance.
Absolutely excellent episode. Thank you. This channel is my favorite.
Thank you
Hey Patrick. A bloody exceptional video. Congratulations on your excellent (as always) work… Easily the most comprehensively researched Chanel on history and finance and more… Always learning new information from your videos…
Cheers
Andrew Wickham
Ft is the best paper buy far. It gives you the actual information and is light on spin.
Oh, how interesting, since they left out the part where J.P. Morgan helped cause the panic via his own clearinghouse.
@@Mavendow Can you link me to any articles?
stellar stuff, thanks for all you do to educate!
Interesting to see Morgan cast as the hero of the piece. In labour history he tends to be a minor antagonist. Of course, financiers and the working class have very different perspectives.
What a fantastic video. Well structured, very easy to understand and detailed enough to get (what I assume is) the full picture. Thanks you for creating this :)
Well done Patrick. Entertaining and informative!
Wonderfully clear
Patrick is a gifted presenter. This subject is well outside my usual scope of interest, yet he makes it fascinating. Thank you Patrick.
I love your financial history videos - thanks Patrick!!
Wonderful video Patrick. I always enjoy the history. Fabulous job. Thanks.
Patrick thank you for your work
Good stuff Patrick, thankyou.
That is so interesting im listening to it again. I was dimly aware of this story, but you really bring it to life, and give it dimension.
Thanks for this presentation Patrick. It is excellent!
In today's day, the only banker that even holds something close to JP Morgan's influence and power is, ironically or unironically, Jamie Dimon, the man who runs JP Morgan Chase
Good Lord, not that one! He should be in politics, not financing.
No one does cause it's personal benefits now
@@fairplayer7435duh 🙄😮💨
Jamie Dimon is the reason I bought J.P. Morgan stock. I don’t plan to sell when he retires but it will be sad
@@fairplayer7435Don’t worry, he almost certainly is involved in politics
You called this your best video on one of your other episodes and I’m inclined to agree. Extremely interesting and well presented!
Excellent excellent history lesson. Thank you so much for your work !
Your presentations are always entertaining and education; good job!
I clicked straight away after the Jesse Liverrmore story. Your content, is some of the most engaging. and interesting on YT. Keeps my attention until the very end (the best compliment I can give these days)))))
killer video. thank you for this. you are probably my favorite youtuber at the moment. if you taught a class local to me (nyc) i would be at every single one even though i'm in my late 30s, lol.
Thank you J.P.
Wins are privatized
Losses are subsidized by taxpayers
An absolutely fantastic vlog!! Loved every minute of it!!
Excellent work!
I really appreciate educational history. This was amazing and once again well put together. Even for a dumdum like me I was able to follow along and learn something new today 🎉
Brilliant. Just, brilliant production of this video.
One of of your best works so far (yes, I do believe I saw them all). Congrats on the new sponser.
That was really good. Thanks
Nice one Patrick......little bit of trivia Jessie Livermore said he stopped shorting the market in '07 when Mr Morgan asked him to.
Great video! Really liked it
Please note - when you say „watch this one next“ at the end of your video that in mobile no video is present - just a black empty place
Cheers
Great video Pat!
I only watch 43 minute YT videos if they're made by Patrick Boyle. And that other guy.
Epic. Thanks for this. 😎
Now THIS is high quality bro bro! I love this kinda lesson teaching because I am a 30 year old American white man who grew up in a great location of upstate NY meaning I was in a great school K-12 with great teachers.
I NEVER was taught anything about 1900-1916 economically speaking. Like they didn’t ever test on anything regarding this or even anything related to how, why and what if it disappeared today speaking on the FED Reserve.
On a side note, hearing how much PPMorgan got done while sick and old age after just traveling Europe by train at best for months to gather support for what he thought the only problem was still. Gets home and sees it’s much worse for reasons you stated and passing out in meetings out of sheer exhaustion…
Imagine if he was born or just had German medicine that could come out in another couple decades . Pervicin I believe it was called. 5mg a pop of pharm grade m3th . He would have gotten so much more done in his life I really wonder
No one ever needs m3th 😂
Fantastic review of history. I have never heard about it in such detail. Usually, the history of the Fed starts in 1913 with the Federal Reserve Act. I will check out the bibliography you mention. Thanks,
The best so far. Thank you.
Great work!
Epic Video, nicely done, as ever ;-)
As always, a world class, educational and informative episode of financial history. Thank you.
10 seconds in, I agree. You hear talk of market downturns waay before they happen and I think it's because investors start acting like a downturn is happening therefore a downturn starts "manifesting".
Great content, as always Patrick!!
Knowledge supports growth.
The issue in the US is not money only ...
This video is excellent, thanks Patrick
Great storytelling!
Thank you Patrick for this exciting and fascinating new episode of the history of economics. Congratulations on your new sponsor, well deserved and up to the quality of your content.
The Financial Times: Breaking the backs of newspaper delivery boys all over the UK in the 1980s. I used to get up at 4 AM every morning as a nine-year-old and deliver about 50 of those newspapers to the local doctors and attorneys offices. At that point, each one weighed about a pound 😂
😍😍 caught a premiere!!
Congrats! Here have a cookie 🍪
Hi Patrick, will you be doing any more content regarding the current problems in china? Lots of videos are popping up lately from the usual talking heads and I'd like to know if there is really more to it this time.
Keep up the good work.