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
Patrick congratulations on getting sponsored by Financial Times!! This means you have officially achieved the highest quality of financial content on RUclips 🎉 !!
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.
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.
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.
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!
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
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.
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.
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
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.
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
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
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.
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.
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!
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 😂
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!
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
Times sure have changed. Imagine anyone today calling the heads of the ten largest banks to meet in your New York office that same day, and they all showed up on time. Men of power in the early 1900's could accomplish more in a few days than could happen in months or years now.
That powerful role was taken over by the Fed and Treasury. In 2008 the 9 largest banks CEOs met at a table with the head of the Treasury and were not allowed to leave until they signed a one-page deal that said their banks would be bailed out via special loans. The plan worked and the bailout was paid back with a profit years later
It could also be that he was called Jupiter because he had a jovial character. Jupiter, the largest planet, was named for the king of the Roman gods. Jove is a form of Jupiter. A person born under the planet Jupiter, therefore, was believed to be jovial-cheerful and friendly. This may be perplexing if you think of Jove mostly as a thunder-god, as his Greek equivalent Zeus is often portrayed. But if Mars is ascendant in times of war, Jove is the god who rules when the the work of Mars is done, when peace and prosperity, feasting and gladness prevail. In his poem “The Planets,” C.S. Lewis describes the reign of Jove in a way that makes it clear why joviality is associated with merriment and good humor: Of wrath ended And woes mended, of winter passed And guilt forgiven, and good fortune Jove is master; and of jocund revel, Laughter of ladies. The lion-hearted, The myriad-minded, men like the gods, Helps and heroes, helms of nations Just and gentle, are Jove’s children, Work his wonders. On his white forehead Calm and kingly, no care darkens Nor wrath wrinkles: but righteous power And leisure and largess their loose splendours Have wrapped around him - a rich mantle Of ease and empire.
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 🎉
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.
I don't really understand why but i have notifications turned on (the bell icon) for your channel but I never get notifications. I always only see your new videos in the recommended area. It seems like yours is the only channel its doing this to for me. i've tried unsubbing and resubbing, then turning on the bell with no luck. super odd. Anyways, really enjoy the videos.
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.
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.
damn, I was taught that the 1929 crash was the very time anything like that ever happened, that no one did or could have predicted it because the stock market had only seen growth since its beginning. it’s quite opening to learn that at the beginning of the century was another major crash caused by similar problems that had similar negative consequences, albeit not as dire as the great depression.
At the time Henry George wrote Progress and Poverty about land value tax. At the time there was no income tax and a much smaller government with no social security. There are lots of videos about Henry George on RUclips explaining his ideas and how his ideas were the basis of the board game Monopoly.
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
Hi Patrick. Thanks for the posts. I’ve been enjoying and learning so much from each of them. Can I suggest u illustrating how u structured each of these pieces (or give us outlines) before going into the details? So that we can capture more easily. 😊
That could be the script for a good thriller. Great research and presentation. It sure widened my view on JP Morgan, which was based on poor knowledge prejudgment only. So I will see about the evil billionaires next. Always a joy listening to you. Thamks.
Can you do an essay on Russia's economy of the time? I'm really interested to know how interconnected the Russian empire was with the world economy before 1917!
Even though you told us not to oversimplify the root causes of this collapse, but I still feel it's quite simple: wealthy individuals playing with money they doesn't actually have and banks, stock brokers assisting their tricks by taking responsibility (of money spent, they also doesn't have). All this because they are so greed and addicted to money (they wouldn't even able to spend if they actually succeed). Every other details are rooted in this.
In the 14th C England's working man enjoyed a high standard of living and worked on average 14 weeks a year. This was after APR on tools of the trade enjoyed 300% interest. It was sorted and normal people were free to enjoy their lives.
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.
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.
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.
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.
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!
These history focused episodes are so well researched. Top-tier content.
A 45 minute Patrick banger???? During CFA season??? The stars are not aligned 😅
Ahahaha😂
😂😂😂😂😂😂😂
Financial times has deep pockets
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
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.
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.
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
Congrats on the Sponsor Patrick, keep up the good work!
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
Damn! i just watched a 43 minutes video and felt like a 5 minutes videos. Excellent content as always!
Great video history !
I really enjoyed listening to a rather unknown but evidently significant boom and bust 20 years before the famous 1929 crash.
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
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.
I love this historical content. So detailed! It’s clear how much effort you put into your videos. Well done ❤
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.
You have a fantastic voice for storytelling, my friend! This was a very interesting topic!
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.
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!
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 😂
Thank you for posting. I love history, especially finance.
Patrick is a gifted presenter. This subject is well outside my usual scope of interest, yet he makes it fascinating. Thank you Patrick.
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!
Well done Patrick. Entertaining and informative!
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?
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
Times sure have changed. Imagine anyone today calling the heads of the ten largest banks to meet in your New York office that same day, and they all showed up on time. Men of power in the early 1900's could accomplish more in a few days than could happen in months or years now.
That powerful role was taken over by the Fed and Treasury. In 2008 the 9 largest banks CEOs met at a table with the head of the Treasury and were not allowed to leave until they signed a one-page deal that said their banks would be bailed out via special loans. The plan worked and the bailout was paid back with a profit years later
Imagine if a nation of people had that wealth and power? Oh, wait, it only needs to be concentrated amongst the few for the good of many.
@@ccc3 And everyone lived happily ever after. Not the people who had mortgages, ofc, but nobody cares about them. Only rich people matter.
Wow. Your videos have manage to continue getting better and better! Great work and great story!
Move over Coffeezilla! Patrick Boyle is now the #1 finance RUclips channel!
Hahaha. Thanks!
It could also be that he was called Jupiter because he had a jovial character.
Jupiter, the largest planet, was named for the king of the Roman gods. Jove is a form of Jupiter. A person born under the planet Jupiter, therefore, was believed to be jovial-cheerful and friendly. This may be perplexing if you think of Jove mostly as a thunder-god, as his Greek equivalent Zeus is often portrayed. But if Mars is ascendant in times of war, Jove is the god who rules when the the work of Mars is done, when peace and prosperity, feasting and gladness prevail.
In his poem “The Planets,” C.S. Lewis describes the reign of Jove in a way that makes it clear why joviality is associated with merriment and good humor:
Of wrath ended
And woes mended, of winter passed
And guilt forgiven, and good fortune
Jove is master; and of jocund revel,
Laughter of ladies. The lion-hearted,
The myriad-minded, men like the gods,
Helps and heroes, helms of nations
Just and gentle, are Jove’s children,
Work his wonders. On his white forehead
Calm and kingly, no care darkens
Nor wrath wrinkles: but righteous power
And leisure and largess their loose splendours
Have wrapped around him - a rich mantle
Of ease and empire.
Kind of look look santa clause in a top hat tho! =)
JP Morgan, best front man ever
This isn't the first time JP. Morgan has done this. Last time it played the same role during 08 financial crisis.
Knickerbocker is a funny word
Wonderful video Patrick. I always enjoy the history. Fabulous job. Thanks.
Your presentations are always entertaining and education; good job!
Wow what I saw on extra history on teddy rosevelt didn’t mention any of this. My estimation of Teddy Rosevelt as a man just fuckin’ plummeted!
Let me tell you a couple of three things.
“😡…I thought I told you to back the f*** offa Teddy!”
“I did, then I put it in drive”
J.P. Morgan's own clearinghouse played a pivotal role in _causing_ the panic of 1907.
31:25 J.P Morgan was so damn cold in this moment
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 🎉
Well told. I particularly like the book tips at the end. Many thanks.
Thank you. I had the basics but you clarified some important points.
Absolutely thrilling Patrick!
😍😍 caught a premiere!!
Congrats! Here have a cookie 🍪
An absolutely fantastic vlog!! Loved every minute of it!!
Absolutely excellent episode. Thank you. This channel is my favorite.
Great content, as always Patrick!!
One of of your best works so far (yes, I do believe I saw them all). Congrats on the new sponser.
Nothing has ever sounded more "1900s finance" than the name Knickerbocker Trust lol
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.
Nice one Patrick......little bit of trivia Jessie Livermore said he stopped shorting the market in '07 when Mr Morgan asked him to.
Wins are privatized
Losses are subsidized by taxpayers
Knowledge supports growth.
The issue in the US is not money only ...
It’s ironic that $50m. is the minimum ‘pay to play’ on Wall St. nowadays.
I don't really understand why but i have notifications turned on (the bell icon) for your channel but I never get notifications. I always only see your new videos in the recommended area. It seems like yours is the only channel its doing this to for me. i've tried unsubbing and resubbing, then turning on the bell with no luck. super odd.
Anyways, really enjoy the videos.
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.
Great storytelling!
Jim Cramer is the off-brand Patrick Boyle.
Great video Pat!
Great work!
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.
You called this your best video on one of your other episodes and I’m inclined to agree. Extremely interesting and well presented!
damn, I was taught that the 1929 crash was the very time anything like that ever happened, that no one did or could have predicted it because the stock market had only seen growth since its beginning. it’s quite opening to learn that at the beginning of the century was another major crash caused by similar problems that had similar negative consequences, albeit not as dire as the great depression.
There should be a movie about this. Such an entertaining story.
Wow! So many consiracy theories about the Federal Reserve would be invalidated if people just learnt history from Patrick Boyle 👍
At the time Henry George wrote Progress and Poverty about land value tax.
At the time there was no income tax and a much smaller government with no social security.
There are lots of videos about Henry George on RUclips explaining his ideas and how his ideas were the basis of the board game Monopoly.
Great video, Patrick!
This video is excellent, thanks Patrick
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. It would be really cool if you did a series on the history of the credit system.
Thank you J.P.
Very will done
Excellent video, as always.
This is the best show in town!!
Hi Patrick. Thanks for the posts. I’ve been enjoying and learning so much from each of them. Can I suggest u illustrating how u structured each of these pieces (or give us outlines) before going into the details? So that we can capture more easily. 😊
I mean showing the logic of the post 😅
Thank you
Congrats on the ft sponsorship!
Thank you
That could be the script for a good thriller. Great research and presentation. It sure widened my view on JP Morgan, which was based on poor knowledge prejudgment only. So I will see about the evil billionaires next. Always a joy listening to you. Thamks.
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊
Much more entertaining and delightful than what we will see in Jackson.
My first thought upon seeing the title and thumbnail was that the Spiffing Brit finally did it and found a real world infinite money hack!
We really need another Jupiter in Wall Street
Thank you again. Always interesting and educational.
That was really good. Thanks
I swear those flock of birds just formed one giant bird for a split second at 0:09
"Have you read Milton,captain?"Friedman is my
second favorite economist"Ah,captain Thomas
Sowell!"
Thank you for this excellent history lesson. Yet we still repeat.
Can you do an essay on Russia's economy of the time? I'm really interested to know how interconnected the Russian empire was with the world economy before 1917!
I believe it was relatively unconnected since the Russian aristocracy didn't want any competition in their captive market.
I love the historical finance content. Love from germany.
Even though you told us not to oversimplify the root causes of this collapse, but I still feel it's quite simple: wealthy individuals playing with money they doesn't actually have and banks, stock brokers assisting their tricks by taking responsibility (of money spent, they also doesn't have). All this because they are so greed and addicted to money (they wouldn't even able to spend if they actually succeed). Every other details are rooted in this.
In the 14th C England's working man enjoyed a high standard of living and worked on average 14 weeks a year.
This was after APR on tools of the trade enjoyed 300% interest.
It was sorted and normal people were free to enjoy their lives.
Maaaan! I can't escape Hans Zimmer 😩
and it all started with an earthquake. Wow!
Don't be naive.
One of your greatest.
Excellent work!
I didn't realize the FT sponsored channels whose primary focus is the latest news on rap music.