Well would you look at that!
Oh, no, wait.
That's probably just a Cohencidence and it's anti-semitic to even mention it
View attachment 203566
To be fair the federal reserve was created to solve a problem. The 1907 banking crisis wasn't created by the Jews. Americans applied for more credit than they could pay back. JP Morgan and other banks bailed out the banks that were failing.
The
Panic of 1907, also known as the
1907 Bankers' Panic or
Knickerbocker Crisis,
[1] was a
financial crisis that took place in the United States over a three-week period starting in mid-October, when the
New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as it was during a time of economic
recession, and there were numerous
runs on banks and
trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered
bankruptcy. Primary causes of the run included a retraction of
market liquidity by a number of New York City banks and a loss of confidence among
depositors, exacerbated by unregulated
side bets at
bucket shops.
[2]
The panic was triggered by the failed attempt in October 1907 to
corner the market on
stock of the
United Copper Company. When that bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the
Knickerbocker Trust Company, New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as
regional banks withdrew
reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. It is the 9th-largest decline in U.S. stock market history.
[3]
The panic might have deepened if not for the intervention of financier
J. P. Morgan,
[4] who pledged large sums of his own money and convinced other New York bankers to do the same.to shore up the
banking system. That highlighted the limitations of the US
Independent Treasury system, which managed the nation's
money supply but was unable to inject sufficient liquidity back into the market. By November, the
financial contagion had largely ended, only to be replaced by a further crisis. That was because of the heavy borrowing of a large brokerage firm that used the stock of
Tennessee Coal, Iron and Railroad Company (TC&I) as
collateral. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's
U.S. Steel Corporation, a move approved by the
trust-busting President
Theodore Roosevelt. The following year, Senator
Nelson W. Aldrich, a leading Republican, established and chaired a commission to investigate the crisis and propose future solutions, which led to the creation of the
Federal Reserve System.
[5][6]
en.wikipedia.org