*REDUX* [#79c] THE LITTLE ENGINE THAT CULLED: History of the Great American Fortunes, Vol. II [Pt 3]
Oct 4, 2023
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In this podcast, they discuss the career of Jay Gould, a con artist in the railroad industry. Topics include his fraudulent activities, bold market manipulation, scandalous conspiracy to corner the gold market, and his eventual defrauding at the hands of a charismatic con artist. They also touch on corrupt practices in railroads, the impact on fortunes and workers, and the intricate relationship between copper, tin, the military, and labor unions.
Jay Gould's audacious fraud and manipulation of the gold market showcased the dark underbelly of the financial world.
The pervasive corruption among the elite, including Gould's fraudulent stock transactions and manipulation of legislation, elections, and the press, revealed the extent of their power and influence.
Gould's grand scheme to corner the gold market exploited its scarcity, manipulated prices, and caused financial panic and widespread distress.
Gould's willingness to deceive, betray his partners, and violate stock exchange rules demonstrated the predatory nature of financial elites and their focus on personal gain.
Deep dives
Gold's Fraudulent Railroad Scheme
Gold, in a scheme involving the Erie Railroad, manipulated stock prices, looted the treasury, and bribed legislators and judges to maintain control and silence dissent. He exploited public funds, issued fraudulent stock, and corrupted the lawmaking power of government. Gold's actions contributed to the centralization of wealth, soaring interest rates, and further impoverishment of workers. He engaged in illicit financial activities, including cornering the gold market, leading to financial panic and widespread distress. Gold's audacity and disregard for moral and legal boundaries enabled him to amass immense power and influence.
Gold's Machinations with Vanderbelt and Tweed
Gold engaged in fraudulent stock transactions with Cornelius Vanderbelt and manipulated shares of the Erie Railroad. Allying with Boss Tweed and using bribery, he controlled legislation, elections, and the press. Gold's insatiable pursuit of wealth led to conflicts within his network, and he leveraged fraudulent tactics to defeat adversaries, gain monopolistic control over railroads, and reap enormous profits. His actions revealed the pervasive corruption among the elite, who manipulated government entities and used money as a weapon to further their interests.
Gold's Gold Conspiracy
Gold orchestrated a grand scheme to corner the gold market, exploiting its scarcity and manipulating prices. He engaged in widespread deception, spreading rumors of collusion with high government officials to further his own interests. Gold corrupted individuals within the White House, government, and financial circles to advance his plan. Through fraudulent manufacturing of checks and excessive borrowing, he acquired vast amounts of gold, leading to financial panic, ruin, and widespread unrest. Gold's insatiable greed and willingness to deceive and betray his partners showcased the dark underbelly of the financial world.
Gold's Betrayal and Dramatic Finale
Facing the risk of ruin and sensing government intervention, Gold secretly sold off his gold holdings before prices plummeted. He betrayed his partners, engaged in double-dealing, and violated stock exchange rules to maximize his profits. Gold's actions revealed the predatory nature of financial elites, who cared only for personal gain and were unscrupulous in their deceit and manipulation. His dramatic finale exposed the extent of corruption and immoral practices within the financial industry, leaving a trail of destruction, bankruptcies, and a loss of trust in the market.
The Gold Conspiracy and the Black Friday Market Crash
The podcast episode delves into the gold conspiracy and the events leading up to the Black Friday market crash on September 24th, 1869. The main idea presented is an examination of the role played by Jim Fisk, William Belden, and other speculators in artificially manipulating the price of gold. They colluded with Jay Gould, who secretly sold gold while they continued to buy on the stock exchange. As a result, the market prices of railroad stocks plummeted, leading to failures of Wall Street firms and substantial financial losses. The chaotic scenes at the stock exchange, filled with shouting, fighting, and panic, are described as greed and fear took hold of the traders. The manipulation ended when the U.S. Treasury started selling gold, causing the entire scheme to collapse. The podcast highlights the widespread financial ruin and the moral ramifications of the conspiracy.
The Frauds of Fisk & Company and the Role of William Belden
Another significant point discussed in the podcast episode is the fraudulent activities of the firm Fisk & Company, particularly involving their import business. The episode mentions how Fisk and his partner, William Belden, committed fraud by manipulating import tariffs and conducting bribes. Their reputation as reputable businessmen and philanthropists masked their deceitful practices. The investigation by a U.S. Treasury agent revealed the extent of their fraudulent activities, leading to legal battles and public exposure. The summary also mentions that William Belden faced a separate lawsuit for assault and battery, indicating his involvement in other unlawful incidents.
The Infamous Lord Gordon Gordon and His Swindling Tactics
The final focus of the podcast episode is on the notorious swindler Lord Gordon Gordon, who outsmarted and defrauded Jay Gould himself. The summary highlights how Lord Gordon Gordon posed as a Scottish nobleman and enticed Gould into giving him a million dollars and Erie Railway stock in exchange for assistance in gaining control of the railroad. However, Lord Gordon Gordon sold the stock and disappeared to Canada, where Gould pursued him with a posse. The incident almost led to an international confrontation between the United States and Canada. Eventually, Gordon was apprehended, but he tragically shot himself before facing justice. The summary concludes by mentioning the mystery surrounding Lord Gordon Gordon's true identity and family involvement in smuggling operations, indicating the depths of his deception.
Dimitri and Khalid wrap up their coverage of Gustavus Myers’ “History of the Great American Fortunes, Volume II” with the infamous blood-and-fraud-soaked career of robber baron Jay Gould, including: conning his way into the railroad game, boldly defrauding Cornelius Vanderbilt himself, his scandalous conspiracy to corner the entire gold market with cronies Fisk and B*lden in 1869, and his eventual defrauding at the hands of the charismatic Scottish con artist “Lord Gordon Gordon”. [Part 3 of 3.]
For access to full-length premium episodes and the SJ Grotto of Truth Discord, subscribe to the Al-Wara’ Frequency at patreon.com/subliminaljihad.
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