First, let’s get some facts straight. This man, John Pierpont (JP) Morgan, was not a particularly nice man.
Whether fact or folklore, all you need to do is look at the legend of the Hall Carbine Affair where JP Morgan, during the Civil War, allegedly bought dangerously defective carbine rifles for $3.50 from the government and then later resold the same exact rifles back to the government for $22 a piece. Equally smart historians have come out on both sides of the truth/fiction coin, but the notion that we are even having the conversation, I think, probably lends credence to it lying somewhere in the room of truth.
And when given the choice to serve in the Civil War or finance a substitute he opted to, of course, buy a solider to stand in his place.
And what do you expect from a man who coined the phrase, “If you have to ask how much it costs, you can’t afford it.”
Yes, true to his banking ways, JP Morgan was interested primarily in making sweet, sweet love to his piles of cash to watch them grow. He was the original gansta in making money with money. He tried to corner markets (often successfully) & frequently made back room deals for more power. His influence was the strongest usually when the country was at its weakest. But that’s what smart people do, as Rothchild once said: Buy when there’s blood in the streets.
Morgan had so much power, in fact, that after the Panic of 1907, the federal government realizing they needed a banker as powerful as Morgan (for the sake of the country’s financial ‘well-being’), incepted today’s Federal Reserve Banking System in 1913. The mastermind behind the Federal Reserve Act, Nelson Aldrich, was conveniently also a personal pal of JP Morgan and John D. Rockefeller.
Fast forward 100 years, and today we now have the Federal Reserve as the most powerful banker in the world, cornering markets, making back room deals (with Too Big To Fail Banks); Usually when the country is at its weakest.
So let the latest Bloomberg headline [“Secret Fed Loans Gave Banks Undisclosed 13 billion“] serve as a stark reminder of the problem we actually face…
In the words of the original Wall Street Banker himself, JP Morgan —
“A man always has two reasons for doing anything / a good reason and the real reason.”