The Panic of 1907 and the National Monetary Commission (HOM 30-A)

[@ProfessorBarth]

Follow me on Twitter: twitter.com/Professor_Barth If you enjoy this channel and want to support: www.patreon.com/professorbarth Buy my book: www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1 History of Money playlist: kzbin.info/aero/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_ Foundations of Western Political Thought playlist: kzbin.info/aero/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L

[@Blondipidy]

Thank you Professor Barth for these series of videos. I started getting curious about US monetary policy because of the BRICS, why investing in gold and silver is a good thing and the obvious failure of the USD as fiat. I would recommend that every American receive this education since it drives so much of our history of Wars, economic failures and controls of our political systems both US and worldwide. GREAT AND FASTATIC WORK🙏🙏🙏

[@Ambryland]

Immense thanks for such amazing content! Thank you Sir!

[@ProfessorBarth]

My pleasure!

[@DonDankov]

Would love to have teacher like that when i was at school, u do great job!

[@selrandolph]

I can’t believe I’m watching a lecture outside of my own class

[@tryptamine-loopring-eth]

Probably gonna be pretty important contextually this year lol

[@michaelplunkett8059]

2 thoughts drove them. 1. The Bank of England as a central banker helped the Empire avoid the damage ogvpanic contagion. 2. They had a close call in '07 and only Morgan had the clout and reputation to broker a solution. He was 70. What about next time? Who would be able to save us?

[@tupacalypse88]

more amazing work my friend

[@Matthew-cw3gn]

Love your course! I've been watching this playlist every day staring at around lecture 27 to learn more about monetary policy and banking. Although, because I'm coming at it from an angle of learning history to better under the present polity, I am carefully watching how you present the information as an expert and leading scholar on this issues. So far, I gather that you are libertarian-leaning (I could be wrong), and I just wanted to make sure that I'm interpreting your bias correctly. I.e. so far, I am beginning to be skeptical of central banking on the basis of corruption, but I also want to recognize the value that expert opinion holds and the net benefit that central banking has (even if it simultaneously has drawbacks). Obviously I need to keep watching, but I guess my point is to ask whether or not you are approaching this from an anti-central banking standpoint...because while that's fine, that would mean I'd want to do more research and get a perspective from the other side as well. But either way, phenomenal videos! I'm learning a lot!

[@ProfessorBarth]

Hi Matthew -- great question (and sorry it took me a few days to get back!). I try my best to tell the story of American monetary history in a relatively even-handed way (for example, I think my overview video on the Federal Reserve System is about as fair as you can get). That being said, we all come at it from different perspectives! You perceive correctly my apparent libertarian leanings. Politically speaking, I am not a libertarian (it's more accurate to label me conservative); however, I was trained in the Austrian school of economics during my graduate education at George Mason University and was persuaded by a great deal of it. I took classes and/or graduate seminars on Austrian monetary theory from Lawrence White, Chris Coyne, and Pete Boettke. I've read multiple books from Ludwig von Mises, Friedrich Hayek, and Murray Rothbard. I think the Austrians have the most persuasive account/explanation of the business cycle. Obviously, many other experts disagree. I'd encourage you to check out their perspectives too. In my opinion, the Fed has a poor track record and it primarily works for the interests of favored financial groups and corporate interests (besides it's role in creating or aggravating the boom-bust cycle).

[@Matthew-cw3gn]

@@ProfessorBarth Thank you for your perspective! I also find the Austrian school's arguments compelling, but I guess it's just because the mainstream is so skeptical of them that I feel forced to second guess why I agree with it so much.

[@ProfessorBarth]

Definitely. It's good to be aware of different perspectives and interpretations of events.

[@FinanciallyGreat]

At the 4:40 minute mark the video said the Panic of 1907 started with the collapse of the Knickerbocker Trust company. This view is in conflict with the new view. The new view is based on text in the publication: 2005 The Federal Reserve System: Purposes and Functions, The Federal Reserve in the U.S. Payments System, Page 83. Here is the quote: “By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks.” The 2005 Fed stated that the 1907 panic started when Clearing-Houses refused to clear checks that should have been cleared. These are the Clearing-Houses created in the 1864 Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption. The Clearing-Houses were picked by the appointed Comptroller of Currency, which means he picked his friends who got him the job. The fact I didn’t know is that JP Morgan controlled the NY Clearing-houses. So he got gold-rich by collecting reserves from other clearing houses and country banks, and with the power to print Clearing-House Certificates as lawful Money. He was a “Reserve” Banker. Then he had the Federal “Reserve” Act written at Jekyll Island. What I haven’t heard from universities is the tricks he built around “reserves” 1913 Fed Act.

[@TherealJesseLivermore]

Yo that is so wild. I just started reading Creature from Jeckyll Island!

[@FinanciallyGreat]

That book covers the people who set-up the Fed Act. To find out the tricks the Jekyll Island bankers built into the 1913 Fed Act, see Makr America Financially Great. It displays the exact text and explains the loopholes that are used to inflate prices today.

[@matthewrawnsley8131]

The apt name Jekyll Island

[@emt56399]

Almost like it was orchestrated...

[@jeanh3551]

Wonder who they talked to while they were in Europe? 👀

[@joema7284]

Great video but you didn't explain how it happened

[@ProfessorBarth]

Thanks for watching -- it's part of a much larger lecture series -- watch the next part here: kzbin.info/www/bejne/m3aQi5V_hsSWick

[@emt56399]

An amendment that was never fully ratified by the way...

[@cauyawolfe4724]

Which college is this? Seems based.

[@ProfessorBarth]

Arizona State University -- thanks

[@Practicalinvestments]

@@ProfessorBarth are you an actual professor there? Because I just had dismissed your videos as uninformed amateur like the rest but I realize you actually do know lots of the under the surface information that lot’s don’t teach

[@Greg_Ulmer]

Faked me out, i really thought there werent gonna be bs politics on such a youtube video for once.

[@user-qu4gi5vn4n]

You and morgan got matching moustaches

[@user-qu4gi5vn4n]

Is that a soverighn bank