Bank Carnage
The David McWilliams Podcast
00:00
What Happens When You Have No Central Bank?
In 1906, there is a massive earthquake in San Francisco. The money that used to be in New York goes to San Francisco to finance all the construction. Augustus Heinz and his brother Otto tried to corner the copper market. They didn't succeed because there was more sources of copper elsewhere. JP Morgan realized exactly like today, knickerbocker is gone.
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