Speaker 1: Imagine for just a second having the power to essentially
act as a financial safety net for an entire nation.
Speaker 2: And we are not talking about a massive modern corporation.
Speaker 1: Here, right, No, or a central bank backed by millions
of taxpayers. I mean privately holding the purse strings to
the most pivotal and devastating wars in human history.
Speaker 2: Literally deciding who gets to fight, who has to fold,
and who completely goes bankrupt.
Speaker 1: Exactly. Picture yourself stepping in to save the United States
government from completely defaulting, all while operating entirely from the shadows,
actively avoiding the front pages of the newspapers.
Speaker 2: It honestly sounds like the plot of a geopolitical thriller, right,
Like the kind of thing Hollywood writes when they want
a really shadowy antagonist.
Speaker 1: It really does. Yeah, but this is the very real,
highly documented history of what it means to play the
ultimate multi generational long game. Welcome to thrilling threads.
Speaker 2: Thanks for having me. This is really the ultimate story
of leverage and constraint. When we look at the raw
mechanics of global power throughout history, it rarely starts in
a palace.
Speaker 1: Yeah, it usually starts somewhere much more.
Speaker 2: Restrictive exactly where ambition has absolutely no choice but to
become weaponized just to survive.
Speaker 1: And if you're listening to us right now, pull up
a chair, consider yourself the third person at this table.
Because today's mission is a massive one.
Speaker 2: It's huge.
Speaker 1: We are unpacking the rise, the near collapses, and the
constant evolution of the Rothschild Bunking dynasty, along with the
massive American rivals who eventually rose up to challenge their supremacy.
Speaker 2: But we aren't here to just recite a timeline of
dates and treaties.
Speaker 1: No, definitely not. We want to completely reverse engineer the
mechanics of this unprecedented wealth. We're going to pull apart
the ruthless strategies of early international finance and figure out
how the blueprints these families drew up are still dictating
the global power structures we see today.
Speaker 2: And to really understand that architecture, you have to look
at the foundation. You have to look at the pressure
cooker that forged this specific type of financial geni right, and.
Speaker 1: That foundation wasn't built in a plush London boardroom.
Speaker 2: No, or on Wall Street. It was actually built in
the eighteenth century in a highly restricted Jewish ghetto in Frankfurt, Germany,
known as the Juden Gooss.
Speaker 1: We really need to set the scene here because the
environment is totally crucial to understanding the psychology of everything
that comes later.
Speaker 2: Oh.
Speaker 1: Absolutely, we are talking about a single narrow, curved street.
The historical records describe alleys just spilling over with heaps
of second hand clothes, soiled household goods, and just staggering squalor.
Speaker 2: And the people living there were physically locked in.
Speaker 1: At night, yeah, and on Sundays too. But worse than
the physical walls were the economic walls. The laws at
the time were brutally restrictive, designed specifically to keep this
population entirely marginalized.
Speaker 2: Right, so, Mayor Amschel Rothschild, the patriarch who starts this
entire dynasty, He was legally barred from doing almost anything
that a normal person would do to build generational wealth.
Speaker 1: The systemic constraints were absolute.
Speaker 2: They were I mean, he couldn't own land, he couldn't farm,
he was banned from practicing handicrafts.
Speaker 1: He was completely locked out of trading with the authorities
deemed nobler.
Speaker 2: Goods exactly, so no weapons, no silk, no fresh fruit,
no spices, nothing, high marginow, no fruit even right. He
was forced into the exact same incredibly narrow economic lane
as his ancestors, which was peddling used textiles and exchanging
small amounts of currency for travelers.
Speaker 1: Which brings up a really fascinating question about human ambition,
because when a society puts that level of a ceiling
on someone, usually it just crushes them.
Speaker 2: Yeah, it breaks most people, But every now and then.
Speaker 1: It seems to do the exact opposite.
Speaker 2: Because when you impose that level of systemic constraint and
you completely deny a highly capable individual the traditional acceptable
avenues of wealth generation, you inadvertently create a laboratory, a
laboratory for what for the most ruthless innovative business practices imaginable.
Because the tradition paths are blocked, the only way forward
is to study the walls of the maze, find the
absolute smallest cracks in the financial system, and pry them
open with whatever leverage you can find.
Speaker 1: And Mayor Rothschild clearly wasn't content to just survive in
the used clothing trade. He looks around, realizes the profit
margins in secondhand textiles are terrible and he pivots.
Speaker 2: He shifts his focus to trading rare coins, metals and antiques.
Speaker 1: Which seems like a really small step, but it's actually
the spark that ignites the whole empire, isn't it.
Speaker 2: It is because it gets him in front of a
very specific clientele. He starts catering to aristocratic.
Speaker 1: Collectors ah, right, the people with the real money.
Speaker 2: Exactly, and eventually he secures a position as a crown
agent or court factor for Prince William of Hesscastle.
Speaker 1: And Prince William was phenomenally.
Speaker 2: Well, oh, incredibly wealthy. He made a massive fortune essentially
renting out his private military Hessian mercenaries to other nations,
including the British during the American Revolution.
Speaker 1: Right, the Hessians. So being his court agent was essentially
acting as a high end personal financial advisor and procure basically. Yes,
but wait, how does a guy operating out of the
judentas suddenly become the primary financial guy for one of
the richest royals in Europe. Prince William had his pick
of established bankers.
Speaker 2: Well, he didn't become the primary guy overnight. He started
by offering Prince William rare coins at a loss or
at incredibly steep discounts.
Speaker 1: He deliberately took a hit on his own incredibly limited
capital by access.
Speaker 2: Yes, he proved his utility, his discretion, and his loyalty
over years of small transactions, building trust exactly, And once
he had the Prince's ear and more importantly, his trust,
Mayer began executing a strategy that in today's highly regulated
financial markets is known as front running.
Speaker 1: Oh wow, front running.
Speaker 2: Yeah, and just to be absolutely clear, if he did
this today, you would go straight to federal prison.
Speaker 1: I love this part because the mechanics are just brilliant
in their audacity. Let's break down how this actually worked
for you listening. Think about a high end personal shopper today.
Speaker 2: Okay, yeah, that's a good analogy.
Speaker 1: Sale. Wealthy client wants a very specific, limited edition vintage watch,
and they tell their personal shopper, go find this for me.
I don't care what it costs.
Speaker 2: Right, So a standard personal shopper goes out, finds the
watch for say, fifty thousand dollars, buys it on behalf
of the client, and charges the client a five percent
finder's fee.
Speaker 1: Right, standard practice. But what Mayor was doing was entirely different.
Prince William would tell him to obtain a specific volume
of gold coins or securities.
Speaker 2: And Mayor would go out use his own growing credit
network to borrow the money privately and buy those exact
coins himself on the open market.
Speaker 1: He would take physical ownership of them exactly.
Speaker 2: Then he would turn around, walk into the palace and
sell those exact same coins to the print.
Speaker 1: So he was acting as both the independent buyer in
the market and the exclusive seller to his client simultaneously.
Speaker 2: Yeah, so he is capturing profit from multiple directions on
a single closed loop transaction.
Speaker 1: First, he collects and official can mission fee from the
Prince for his services.
Speaker 2: Which was often around eight percent, But the real money
was the hidden markup.
Speaker 1: Because he on the coins, he set the price he
sold them to the Prince for.
Speaker 2: Right, he was pocketing the spread between what he secretly
paid in the martin and what he charged the Royal Treasury.
And because he had advanced knowledge of exactly what the
Prince was going to buy, he carried zero inventory risk.
Speaker 1: He knew the buyer was guaranteed. It's an incredible loophole,
and it's the kind of thing you only figure out
if you've been denied access to the front door. Of
the economy.
Speaker 2: You have to understand the plumbing of the system better
than the people who actually designed it.
Speaker 1: Absolutely by seventeen eighty two, this strategy makes him staggeringly wealthy.
He is managing Prince William's vast fortunes.
Speaker 2: And as the century closes, he realizes that just being
a wealthy guy who runs errands for royalty isn't enough
to build a permanent legacy, so.
Speaker 1: He transitions his entire operation into a formal bank.
Speaker 2: That transition is a masterclass in understanding the psychology of power. Traders,
merchants and even wealthy core agents all lacked one vital
currency in eighteenth century.
Speaker 1: Europe institutional legitimacy.
Speaker 2: Exactly. They were viewed as temporary, transactional operators. Becoming a
formalized bank wasn't just about offering new financial products.
Speaker 1: It was about fundamentally changing how the European establishment perceived him.
Speaker 2: It was about moving his family from the fringe of
the economy to the absolute center of it.
Speaker 1: And it absolutely worked. He becomes the richest man in Frankfurt.
But here is the piece of Mayor's psychology that I
find most compelling, and you see it in a lot
of modern mega founders today.
Speaker 2: There's a famous piece of insight into his mindset.
Speaker 1: Yeah this as it boils down to, it's never about
the money, It's about winning the game. For Mayor, accumulating
wealth wasn't the finish.
Speaker 2: Line, because at a certain echelon money ceases to be
a tool for purchasing goods and shelter. It becomes entirely
a mechanism for keeping score.
Speaker 1: It's about achievement, leverage, and upping the ante right.
Speaker 2: To build a dynasty that outlasts empires, you have to
possess an almost pathological drive for what comes next. Mayor
understood that if he was satisfied with merely being the
richest man in Frankfort, his legacy would eventually die.
Speaker 1: In Frankfurt, Prussia was simply too small a playing field
for the architecture he had in his.
Speaker 2: Head, which leads directly into what has to be one
of the most consequential strategic decisions in the history of finance.
Speaker 1: He has five sons, right, he keeps.
Speaker 2: The eldest with him in Frankfort, but he takes the
other four and systematically dispatches them to set up independent
branches in the great power centers. Of Europe.
Speaker 1: He sends them to Vienna, Naples, Paris, and to the
absolute crown jewel of the global economy, London. He's building
a decentralized multinational network centuries before the word decentralization became
a tech buzzword.
Speaker 2: We really need to focus our attention on London here
because the environment his third son, Nathan Roth's Child, walked
into was explosive.
Speaker 1: To understand Nathan's success, you have to understand the immense
power of Great Britain in the early eighteen hundreds. It
is the undisputed global superpower.
Speaker 2: You have the Bank of England, which had been established
back in sixteen ninety four, providing a deeply robust, stable
financial center.
Speaker 1: You have the British Royal Navy enforcing absolute dominance over
global trade routes.
Speaker 2: And you have the Industrial Revolution utterly transforming the domestic economy,
turning Britain into a manufacturing.
Speaker 1: Titan and into this roaring economic engine. Step Snathan, and
it's crucial to note he doesn't arrive as a conquering
hero with endless capital.
Speaker 2: No, he arrives as an outsider with a heavy German accent,
facing intense zenophobia and carrying an almost crushing psychological pressure
to prove himself to his demanding father.
Speaker 1: He is fiercely ambitious, relentlessly competitive, and notoriously quick to
take offense.
Speaker 2: His father gives him an initial investment of roughly twenty
thousand pounds, and his singular goal is to multiply it
by any means necessary, and.
Speaker 1: He immediately zeros in on the exact industry that had
initially constrained his.
Speaker 2: Family, textiles.
Speaker 1: But London's textiles sector was booming, fueled by new industrial
looms and global cotton imports. It was full of small scale,
fragmented workshops.
Speaker 2: Nathan doesn't just want to be another merchant buying and
selling codes.
Speaker 1: He looks at the entire supply chain and identifies exactly
where the inefficiencies and the profit leakages are. This leads
to his legendary three profit strategy.
Speaker 2: Okay, I want to dig into this because when I
look at the strategy, it is the exact identical playbook
that the biggest tech monopolies used today.
Speaker 1: Oh. Absolutely.
Speaker 2: Nathan realizes that the traditional nineteenth century model buying a
finished shirt from a manufacturer and selling it to a
retailer only gives him one small slice of the pie.
Speaker 1: So he bypasses the traditional merchant relationship entirely. He goes
directly to the manufacturers and flips the dynamic.
Speaker 2: He tells them, I am not going to buy your
finished goods. Instead, I'm going to supply you with the
raw cotton.
Speaker 1: I'm also going to supply you with the chemical dies.
Speaker 2: You are going to use your machines to manufacture the
goods to my specifications, and then you going to supply
the finished product exclusively back to me to sell.
Speaker 1: It is vertical integration in its absolute, purest, most aggressive form.
Speaker 2: By taking control of the raw material, the die, and
the final point of sale, he is capturing three separate
profit margins instead of one.
Speaker 1: And because he is extracting value at every single stage
of the process, his aggregate cost basis is so low
that he can undercut absolutely everybody else in the London
market on the final price of the goods.
Speaker 2: It's ruthless efficiency.
Speaker 1: He squeezed the independent manufacturers until they were essentially just
wage laborers working on his materials.
Speaker 2: It's exactly like a modern tech giant that refuses to
just build a smartphone. They manufacture the proprietary hardware, They
write the closed operating system. They run the exclusive app
store where you have to buy your software.
Speaker 1: Right, and they charge a thirty percent processing fee on
every single transaction that happens inside that ecosystem.
Speaker 2: They capture the profit at every conceivable touch point. Nathan
was doing this with cotton and indigo in the early
eighteen hundreds, and.
Speaker 1: The result he turns his father's twenty thousand pounds into
sixty thousand pounds in a shockingly short amount of time.
Speaker 2: But he didn't stop at legal vertical integration.
Speaker 1: Right, not at all. The historical record is very clear
that Nathan massively accelerated this capital accumulation by venturing heavily
into smuggling.
Speaker 2: He became a prolific smuggler of both textiles and precious metals.
Speaker 1: Yeah, finding highly creative ways to get goods onto the
European continent, regardless of Napoleon's blockades or British tariffs.
Speaker 2: I have to push back a little here, though. How
is a guy who just got to London running a
massive smuggling ring under the nose of the British Royal Navy.
I mean they controlled the.
Speaker 1: Oceans well because he wasn't doing it on majestic galleons
flying black flags. He was using a vast, decentralized network
of small fishing boats, corrupt customs officials, and localized couriers.
Ah okay, he utilized the same network of tight knit,
familial and community trust that he used for his legitimate banking,
and ironically, the British government often looked the other way.
Why would they do that because his smuggling of British
manufactured goods into French controlled territories actually undermined the French
economy and brought gold back into Britain.
Speaker 2: Oh wow, so he's essentially engaging in state sanctioned economic
warfare disguised as black markets smuggling. It really highlights how
operating in these massive legal gray areas acts as a
catalyst for early empire building before the rigid rules of
global trade were fully cemented. The operators who are willing
to circumvent the clunky existing regulations were the ones who
amassed the capital necessary to eventually rewrite the rules themselves,
and by.
Speaker 1: Eighteen oh eight his sales hit eight hundred thousand pounds.
Speaker 2: He takes that massive pile of capital and officially transforms
his London operation into a proper merchant.
Speaker 1: Bank, textiles and illicit trade were the engine of his
initial capital accumulation. But to achieve the kind of historical
world shaping supremacy the Rothschilds are known for, you need
more than just a clever supply chain, right.
Speaker 2: You need a massive systemic disruption to the global order.
Speaker 1: You need a geopolitical catastrophe that you, and only you
are uniquely positioned to solve.
Speaker 2: And for Nathan Rothschild, that catastrophe arrived in the form
of the later stages of the Napoleonic Wars. Let's set
the stage for this, because this is where the history
stops being about commerce and turns into a genuine thriller.
Speaker 1: The year is eighteen fourteen. The Duke of Wellington is
locked in a brutal, grinding campaign against Napoleon's forces in
the Iberian Peninsula modern day Spain and Portugal.
Speaker 2: But Wellington has a massive logistical problem, and it isn't
just the French artillery. It's fiscal overstretch.
Speaker 1: His supply lines are breaking down, his troops are near
mutiny because they haven't been paid, and local merchants refuse
to accept British pounds to.
Speaker 2: Keep his army moving Wellington desperately needs French gold and
silver coins.
Speaker 1: Financing a war is arguably the ultimate high risk, high
reward business venture. Wars consume foreign exchange at an unbelievable rate.
Speaker 2: If you want to sustain an army on foreign soil,
you need hard local currency. You can't pay a Spanish
farmer for his wheat using a piece of paper printed
in London.
Speaker 1: Right, The British government was absolutely desperate for physical goal
to convert into local currency to keep Wellingken's war machine
from collapsing entirely.
Speaker 2: And here's where Nathan makes a move of just staggering
terrifying audacity.
Speaker 1: He gets wind that the East India Company, which is
essentially a massive corporate empire in its own right, has
a massive stockpile roughly eight hundred thousand pounds worth of
gold they are looking to offload in London.
Speaker 2: Nathan immediately goes in and buys all of it, every
last ounce.
Speaker 1: He single handedly corners the market on the exact physical
asset he knows the British government cannot survive without.
Speaker 2: He created an artificial monopoly. The British Treasury realizes they
absolutely have to have this gold to save Wellington, so
they are forced to come to Nathan.
Speaker 1: But once they secure it, the government runs into a
seemingly impossible logistical nightmare.
Speaker 2: They have a mountain of gold sitting in London, they
have absolutely no idea how to physically transport it across
the ocean and through enemy lines to Wellington and Portugal.
Speaker 1: The French Navy is patrolling the waters and the overland
roots are swarming with French troops.
Speaker 2: This is where that underground smuggling network Nathan spent years
building pays off exponentially.
Speaker 1: He steps up to the British government and essentially says,
don't worry about the transport, I'll handle the logistics.
Speaker 2: And he proceeds to orchestrate the smuggling of this massive
fortune of physical gold directly through enemy territory.
Speaker 1: Literally routing it through France itself to fund the army
that is actively trying to destroy the French Empire.
Speaker 2: That is just wild through enemy territory.
Speaker 1: It is an operation of breath taking risk. He used
his brothers in Paris and Frankfurt to coordinate a complex
chain of intermediaries, using false bottoms and carriages and bribing
sympathetic French bankers.
Speaker 2: They were taking British gold secretly converting it into French
francs inside France, and then funneling those Franks across the
Pyrenees Mountains to Wellington.
Speaker 1: He later described it to his family as the best
business he ever did, and it cemented a much broader
strategy for the dynasty.
Speaker 2: Yes, they were charging the British government massive commissions, sometimes
up to eight percent, just for the currency exchange and
transport services, but their true profit engine wasn't the commission
It was foreign exchange speculation. They were making massive leverage
bets on the movement of global currencies based on the
flow of the war.
Speaker 1: But here is the critical economic principle. You cannot effectively
speculate on four x, especially during a volatile continental war,
without an informational advantage.
Speaker 2: If you are guessing, you go bankrupt.
Speaker 1: This is perhaps the most crucial takeaway from their entire
nineteenth century operation, the absolute, unwavering premium they placed on
information and speed.
Speaker 2: The Rothschilds operated on the fundamental belief that information is
everything and speed is king.
Speaker 1: They built private intelligence network that made the official government
spy agencies look entirely incompetent.
Speaker 2: We are talking about heavily guarded private carrier routes, the
fastest ships available, and most famously highly trained fleets of
carrier pigeons.
Speaker 1: They were ensuring that they received news from the front lines,
news of pivotal victories, catastrophic defeats, or shifting alliances, days
before the official government couriers or any of their rival
bankers got the word.
Speaker 2: In modern financial chimes, the Rothschilds were the original architects
of high frequency trading.
Speaker 1: Today, quantity aative financial firms will spend hundreds of millions
of dollars to literally bore a tunnel through a mountain
and lay a straight lined fiber optic cable between the
Chicago Mercantile Exchange and the New York Stock Exchange.
Speaker 2: Why just to shave a few blancro seconds off their
trade execution times exactly.
Speaker 1: The Rothschel pigeon and courier network was the nineteenth century
equivalent of that fiber optic cable. If you know the
outcome of a major battle before the bar on market
does day, you essentially possess a crystal ball.
Speaker 2: It's exactly like knowing the final score of the Super
Bowl an hour before the bookies In Vegas find out
you can walk and place your bets with absolute mathematical
certainty and drain the house while everyone else is still
guessing about the fourth quarter.
Speaker 1: That informational supremacy made Nathan Rothschild the richest man in
the world. He had achieved total dominance over the London.
Speaker 2: Market, but even the most powerful man in global finance
couldn't outsmart the one enemy that comes for absolutely everyone.
Speaker 1: In July of eighteen thirty six, Nathan Rothschild travels to
Frankfurt for a family gathering and contracts an infection. He
dies unexpectedly at the age of fifty eight.
Speaker 2: This wasn't just a family tragedy. This was a profound
shock to the global macroeconomic system.
Speaker 1: The family was known for their longevity. His own mother
was still alive in Frankfurt and lived past ninety.
Speaker 2: When the news hit London, the market shuddered. The London
Times wrote a massive editorial stating that his death was
one of the most important events for Europe in a
long time. I'm explicitly noting that no financial operations comparable
to his had ever existed in the history of the world.
Speaker 1: And normally when a highly centralized founder led empire loses
its visionary architect, so suddenly a massive power vacuum opens
up and destroys the company.
Speaker 2: The rivals circle, the children fight over the scraps, and
the empire collapses.
Speaker 1: But this is where Mayor Amshel's original blueprint, the decentralized
network of brothers saves them.
Speaker 2: The London Bank doesn't collapse.
Speaker 1: The surviving brothers lean on the structure they have built,
and the youngest brother, James Rothschild, who is stationed in Paris,
immediately steps up as the new de facto commander in
chief of the dynasty.
Speaker 2: James is a phenomenal historical figure in his own right.
He is intellectually and temperamentally Nathan's equal, but he grew
up with the advantage of immense wealth, meaning he had
better schooling and a deeper integration into high society.
Speaker 1: And James recognizes a shifting economic reality. While government bonds
and war financing are still incredibly lucrative, the market is
becoming saturated.
Speaker 2: Rivals like the Bearings are entering the space, and the
margins on sovereign debt are shrinking.
Speaker 1: He realizes he needs a new frontier. He needs to
find the next great technological leap to deploy their massive
capital reserves.
Speaker 2: And he finds it in the eighteen twenty five railway boom.
Speaker 1: The world is changing rapidly. Railroads are revolutionizing everything. They
are fostering explosive industrial growth, completely reshaping inland trade routes,
and physically connecting the European continent in a way that
had never been possible.
Speaker 2: James pivots the Paris branch hard into this space. But
he doesn't just throw the family's cash at every train
line recklessly. He utilizes a financial structure called syndicates.
Speaker 1: This is a critical evolution in the history of modern finance.
James was a true pioneer in utilizing syndicates in France.
Speaker 2: Essentially, a syndicate means leveraging other people's money to execute
massive projects while severely reducing your own personal risk exposure. Wait,
break that down for me. If the Rothschilds are the
richest family in the world, why do they need other
people's money to build a train track? Why not just
own it outright and keep all the profit.
Speaker 1: Because infrastructure projects like early railways were notoriously prone to
massive budget overruns, engineering disasters, and shifting government regulations.
Speaker 2: So It's about risk exactly.
Speaker 1: If James funded a massive railway line entirely with Rothschild
capital and the project failed, it could severely damage the
bank's liquidity.
Speaker 2: Instead, he would gather a group of wealthy investors, aristocrats,
other bankers, industrialists and pool their capital together.
Speaker 1: The Rothschild Bank remained at the absolute center of the deal.
They structured. It generated the initial funds, collected massive management commissions,
and invested heavily in the adjacent industries like the metallurgy,
the coal mining, and the railways themselves.
Speaker 2: But if the specific railway line went bankrupt, the financial
loss was distributed across a broad base of syndicate members.
Speaker 1: It is the exact foundational pill of modern investment, banking
and private equity.
Speaker 2: It's brilliant risk management. You own the upside through commissions
and adjacent monopolies, but you socialize the downside risk right.
Speaker 1: But even with that sophisticated financial engineering, the eighteen forties
bring a crisis that threatens to tear the whole preasion
operation down.
Speaker 2: While the Rothschilds and their syndicate partners are making vast
fortunes in railroads and industrialization, the average people are struggling immensely.
Speaker 1: The income disparity in France is massive, The French government
is deeply in debt, crops are failing, and the public
is furious.
Speaker 2: They are resentful of the monarchy, and they are especially
resentful of the wealthy financiers who are visibly backing the regime.
Speaker 1: This economic and social instability eventually erupts into the Revolution
of eighteen forty eight. The political chaos pushes the French
Rothschild Bank to the absolute brink of total collapse.
Speaker 2: Their assets plummet in value, mobs are targeting their properties,
and James is desperate for liquidity to survive the bank runs.
Speaker 1: He reached out to his nephew in London, Lionel, who
is Nathan's son, begging for an emergency bailout.
Speaker 2: And this scenario forces a fascinating high stakes collision between cold,
rational business logic and deep seated family values.
Speaker 1: It really does, because from a purely financial standpoint, giving
James a bailout is an atrocious idea.
Speaker 2: Throwing good London money after bad Paris money into a
collapsing French economy amidst a literal, violent revolution makes zero sense.
Speaker 1: Lionel was risking the solvency of the incredibly stable London
branch to save a sinking ship.
Speaker 2: Why on earth would he agree to do that?
Speaker 1: Because he was bound by something stronger than a fiduciary
duty to shareholders. He was bound by Mayor Amshel's deathbed
wish family unity above all else.
Speaker 2: Which acts as their ultimate corporate mote. The London Bank
swallows the risk, arranges the massive transfer of funds, and
saves the Paris branch from ruin.
Speaker 1: When the broader world turns violently against one localized note
of their network, the other nodes serve as an impenetrable failsafe.
Speaker 2: It's a level of institutional resilience that standard corporate entities
can rarely achieve, because standard corporations will ampucate a dying
limb to save the cores.
Speaker 1: But the Rothschilds viewed the limbs and the corps as fundamentally.
Speaker 2: Inseparable, and Lionel's impact in London wasn't just limited to
cross channel bailouts. He was determined to break down the
social and political barriers that still existed for his family
in Britain.
Speaker 1: He used his immense wealth and influence strategically, specifically aiming
to eliminate the lingering systemic prejudice against the Jewish community.
Speaker 2: By eighteen forty seven, he mounts a major political campaign
and is elected to the British House of Commons as
a Liberal candidate.
Speaker 1: Which was an incredibly significant historic moment, but it immediately
hit a massive constitutional brick wall.
Speaker 2: To officially take his seat and vote in Parliament, he
was legally required to recite a Christian oath of allegiance
on the Holy Scriptures.
Speaker 1: And Lionel absolutely refused. He stood his ground in front
of the entire British establishment and insisted on swearing his
oath exclusively on the Old Testament.
Speaker 2: And maintaining strict neutrality on the political dynamics of the era.
What we are witnessing here is a profound shift in
how power is exercised.
Speaker 1: We see wealth being utilized not just for compounding interests
or buying estates, but as a deliberate, forceful tool for
social engineering and securing representations in the very legislative halls
of power that had historically excluded them.
Speaker 2: It took over a decade of legislative battles and him
being re elected multiple times while unable to sit before
the law was finally changed in eighteen fifty eight to
accommodate him.
Speaker 1: It's a massive victory of endurance.
Speaker 2: By the mid nineteenth century, the Rothschilds have survived the
sudden loss of their greatest leader in Nathan Fellow. They've
navigated a massive economic collapse in revolution in France, They've
successfully broken into the highest levels of the British government,
and they seem utterly completely untouchable in Europe.
Speaker 1: But here is where the historical record forces us to
shift our focus, because while they are absolutely dominating the
old world, across the ocean, the playing field is radically changing.
Speaker 2: A new challenger is quietly building strength, and he is
about to beat the Rothschilds at their own game.
Speaker 1: Enter Junius Morgan. He is an American banker who in
eighteen sixty four crosses the Atlantic and takes over the
established merchant banking firm George Peabody in Company in London.
Speaker 2: The historical accounts described Junius as having a gravely mature air.
He is solemn, deeply business like, and always the absolute
master of his emotions.
Speaker 1: And Genius Morgan recognizes the exact same fundamental truth that
Nathan Rothschild realized decades earlier. If you want to play
in the absolute top tier of global finance, you have
to finance sovereign governments.
Speaker 2: And nothing creates an immediate desperate need for sovereign financing
quite like war.
Speaker 1: And in eighteen seventy Junius Morgan gets his war. The
tensions in Europe snap and Napoleon the third of France
officially declares war on Prussia.
Speaker 2: Now we have to talk about the Chancellor of Tresia
at this time, a man named Otto von Bismarck. The
historic profiles of Bismarck are terrifying.
Speaker 1: He is described as a raging bull, a man with
a wildly aggressive temperament but a calculating, chillingly clear intellect.
Speaker 2: He was practically baiting France into declaring war so he
could use the resulting conflict to forcefully unify the independent
German states into a single dominant German Empire.
Speaker 1: So the Rothschilds, sitting in London and Paris look at
this situation. They possess over a century of data on
European conflicts.
Speaker 2: They assess the modern industrialized military strength of Prussia under
Bismarck's leadership, and they compare it to the disorganized French military.
Speaker 1: They make a very logical, dated driven calculation. France is
going to lose this war and they are going to
lose badly.
Speaker 2: Therefore, lending millions to the French government is an incredibly
toxic bet.
Speaker 1: They, along with almost all the other major European houses
like Baring Brothers, completely refuse to finance the French war.
Speaker 2: Effort, which makes Gunius Morgan's next move so absolutely staggering.
He looks at the exact same geopolitical data, the exact
same impending military disaster for France, and he takes the
exact opposite bet.
Speaker 1: He steps up and decides to finance.
Speaker 2: The French Because Genius Morgan made a brilliant, completely contrarian
risk assessment.
Speaker 1: He realized that the military outcome of the war, who
won the battles and who surrendered, was actually secondary to
the underlying economic reality of the nation.
Speaker 2: His thesis was incredibly sharp. It didn't matter if France
lost their army on the battlefield.
Speaker 1: Right the French domestic economy was highly diversified, and crucially,
they possessed an incredibly efficient, deeply entrenched national tax collection system.
Speaker 2: Morgan understood a fundamental truth of sovereign debt. A country's
ability to repay a bond isn't determined by whether their
generals win a war. It's determined by whether their bureaucrats
can efficiently extract taxes from their citizens when the war
is over.
Speaker 1: It's such a profound lesson in looking at the right metrics.
How often do we see investors today totally misjudge a
situation or a company because they are completely focused on
the wrong data points.
Speaker 2: They look at the flashy headline instead of the underlying plumbing.
Morgan separated the emotional and military reality of the war
from the fiscal reality of the state.
Speaker 1: He successfully raises a massive ten million pounds for the
French army through his own syndicative investors, and he even
uses his American connections to grant the French access to
American arms manufacturers.
Speaker 2: And historically, the Rothschild's military prediction was den on. France
loses the war disastrously.
Speaker 1: The Treaty of Frankfurt in eighteen seventy one is profoundly humiliating.
France is forced to see the territory of Alces Lorraine
pay a massive indemnity, and the German Empire is officially
proclaimed right in the Hall of Mirrors at the Palace
of Versailles.
Speaker 2: But Junius Morgan's economic prediction was also flawlessly correct. When
the war ended, the defeated French government did not default
on their sovereign debt.
Speaker 1: In fact, fueled by national pride and that highly efficient
tax system, they actually prepaid Morgan's bonds by eighteen seventy three.
Speaker 2: Junius Morgan walks away with a one point five million
pound personal profit in the eighteen seventies. That is an
astronomical windfall.
Speaker 1: But more importantly than the money, it shatters the aura
of Rothschild invincibility.
Speaker 2: It proves that the old Guard is not infallible, and
it officially bursts the House Morgan as a formidable, top
tier force in global finance.
Speaker 1: And it signals a massive structural shift in the center
of financial gravity. The old European empires are starting to
share the stage with a new, rapidly rising power.
Speaker 2: Because while the House of Morgan is ascending and building
its Transatlantic bridge, the Rothschilds are facing complex internal challenges.
Speaker 1: After James dies in Paris in eighteen sixty eight, the
younger generation starts to fragment geographically and strategically.
Speaker 2: They are trying to rebuild their prestige, and the records
note they start investing heavily overseas, putting a massive thirty
seven percent of their portfolio into Egyptian state debt and
financing vast railroad networks in India.
Speaker 1: But in doing so they severely underestimate the biggest, most
explosive emerging market on the.
Speaker 2: Planet, America. We are moving into the late eighteen hundreds
and the United States is just exploding with unchecked capitalist energy.
Speaker 1: You have the aftermath of the Civil War driving industrialization.
The Trans continell Railroad is completed in eighteen sixty nine,
physically uniting the continent, and it is the era of
the absolute Titans.
Speaker 2: You have Cornelius Vanderbilt dominating the railroads, Andrew Carnegie forging
an unfathomable steel empire, and John D. Rockefeller ruthlessly consolidating
the entire oil industry.
Speaker 1: Yet the historical correspondence reveals that for years the Rothschilds
essentially dismissed America.
Speaker 2: They viewed it as a land of madmen, a chaotic, unruly,
politically volatile market, not worthy of their primary strategic focus.
Speaker 1: They preferred the predictable stability of European sovereign debt.
Speaker 2: But the sheer scale of the wealth being generated in
the US and the undeniable rise of Wall Street as
a global financial hub eventually forces them to pay attention.
Speaker 1: They realize, somewhat belatedly that they need a foothold in
this new MPAM.
Speaker 2: And their opportunity arrives, as it so often does for
these megabanks, during a moment of profound, terrifying crisis. Let's
set the scene for May eighteen ninety three.
Speaker 1: The American railroad industry, which had been expanding at a
breakneck highly speculative pace, suddenly collapses.
Speaker 2: Over extended companies start failing. The bubble bursts, violently triggering
the Panic of eighteen ninety three, which was one of
the most severe economic depressions in American history.
Speaker 1: Thousands of businesses fail, unemployment stye rockets, and the stock
market crashes.
Speaker 2: And the crisis quickly morphs from a series of corporate
bankruptcies into a full blown sovereign emergency.
Speaker 1: To understand why, you have to understand the macroeconomics of
the era. At this time, the global economy operates strictly
on the gold standard.
Speaker 2: The value of the US dollar is directly tied to
the government's ability to convert paper dollars into physical gold
upon request.
Speaker 1: The British pound was still the undisputed dominant global reserve currency,
and US President Grover Cleveland firmly believed that if the
US abandoned the gold standard and stop redeeming dollars for gold,
the country would lose all international financial credibility.
Speaker 2: European investors would pull every dime out of America.
Speaker 1: But the US Treasury is bleeding gold at a catastrophic rate.
Speaker 2: Terrified domestic and international investors are panicking, cashing out their
paper dollars for physical gold coins and hoarding it.
Speaker 1: The government's reserves are plummeting by the hour. They're literally
days away from completely running out of gold.
Speaker 2: And if that happens, the government officially defaults on its obligations,
the currency collapses, and the entire American economy goes into
a total free fall.
Speaker 1: Imagine the sheer tension in the White House. The President
of the United States realizes the federal government cannot save itself.
Speaker 2: He has to humble himself and turn to a private
citizen for rescue.
Speaker 1: He calls on J. Pierpont Morgan, Junius's son, who now
firmly heads the House of Morgan and dominates Wall Street.
Speaker 2: JP Morgan knows that a US governmant default will trigger
a cascade that will destroy his own vast banking empire
along with the country.
Speaker 1: He needs to inject a massive amount of physical gold
into the US Treasury immediately to restore confidence and stop
the run on the banks.
Speaker 2: But even Morgan, with all his domestic power, doesn't have
the required liquidity on hand.
Speaker 1: He knows there was only one entity on the planet
capable of supplying that massive volume of physical gold at
a moment's notice.
Speaker 2: The Rothschilds, Because while they may have been late to
the American industrial boom, they hadn't been idle.
Speaker 1: They had spent the last three decades quietly and strategically
buying up gold and silver mining operations worldwide, from South
Africa to the Americas.
Speaker 2: They held the ultimate hard asset.
Speaker 1: So in a moment of unprecedented financial synergy, JP Morgan
and the Rothschild's form an alliance.
Speaker 2: Morgan negotiates the deal with President Cleveland, and the two
banking houses team up to issue sixty five million dollars
in US government bonds.
Speaker 1: They use their blind capital to purchase three point five
million ounces of physical gold, primarily from Europe, and deposit
it directly into the US treasury to replenish the reserves.
Speaker 2: It's worth pausing to consider why this worked. Governments historically
are excellent debtors because they hold the ultimate monopoly on taxation.
Speaker 1: But in a panic, the public loses faith in the
government's short term liquidity.
Speaker 2: However, when Morgan and Rothschild visibly backed these new bonds
with their own reputations and their own gold, it signaled absolute,
unshakable security to the panicked market.
Speaker 1: The bond sold out to the public in thirty minutes.
Speaker 2: Thirty minutes. Let that sink in. It took thirty minutes
to stop a total national economic collapse just because these
two families put their names on the paper.
Speaker 1: But as incredible as that is, it really highlights a
terrifying dynamic about the concentration of power.
Speaker 2: You have two private families holding so much concentrated wealth
and systemic leverage that they are acting as the ultimate
lender of last resort for a global superpower.
Speaker 1: Today, we talk endlessly about megabanks being too big to fail,
meaning the government has to step in with taxpayer money
to bail them out.
Speaker 2: In eighteen ninety three, it was the exact reverse, the
private banks were bailing out the government.
Speaker 1: It's an incredibly stark illustration of where true unfilter power
resided at the turn of the twentieth century.
Speaker 2: But as America rapidly ascends to global superpower status following
this crisis, the historical record pulls us forcefully back to Europe,
where the old empires are careening toward a catastrophe that
no amount of private wealth, gold reserves, or brilliant syndicates
could possibly control.
Speaker 1: We move into the early nineteen hundreds and the tone
of the history shifts dramatically. The era of profitable contained
wars is ending.
Speaker 2: The accounts described tensions in Europe reaching a boiling point,
massive imperial rivalries, unchecked military build ups, and a tangled
web of secret alliances.
Speaker 1: The head of the London branch at this time, Natty Rothschild,
is actually using his influence to advocate for the British
government to dramatically expand its naval capabilities to match.
Speaker 2: Germany's build At first glance, it looks like business as
usual for the dynasty. More military spending means more government borrowing,
which means more lucrative bond commissions.
Speaker 1: But the historical analysis is explicit on this point. The
Ross Trials, despite possessing over a century of unparalleled experience
in financing and predicting European conflicts, fundamentally failed to realize
the true horrific nature of the war that was coming.
Speaker 2: When Archduke Fronts Ferdinand is assassinated in nineteen fourteen, triggering
World War One. It is not a contained nineteenth century
conflict that ends with a neat treaty and a manageable indemnity.
Speaker 1: It is a mechanized meat grinder. We are talking about
the horrors of trench warfare, the introduction of poison gas,
artillery brages that leveled landscapes and an estimated seventeen million dead.
Speaker 2: It was a total, devastating, border erasing war that consumed
entire economies.
Speaker 1: And for the very first time in their long history,
the absolute core tenet of Mayor Amsel's legacy is broken.
Speaker 2: The sheer scale and totality of the war fil physically
forces members of the Rothschild family to align on opposing
sides of the conflict.
Speaker 1: The decentralized European network, having branches in London, Paris, and Vienna,
which had always been their greatest structural strength, suddenly becomes
a massive vulnerability when the host nations decided to try
and slaughter each other.
Speaker 2: They couldn't coordinate, they couldn't trade, and they were forced
to fund armies shooting at their own cousins.
Speaker 1: While the family did survive World War One and their
respective branches did profit from financing their host nations, the
geopolitical shift in global finance was undeniable and permanent.
Speaker 2: The House of Morgan, now led by Jack Morgan, completely
overshadows them on the world stage.
Speaker 1: Because the United States entered the war late and remained
physically untouched, The Morgan Bank becomes the primary financial conduit
for the US government and the European allies, managing the
massive flow of capital, munitions, and supplies across the Atlantic.
Speaker 2: The center of financial tower officially moved from London to
Wall Street.
Speaker 1: The interwar period that follows the Armistice is incredibly dark
for Europe and for the family. The historical records note
the Rothschild dynasty is in disarray, fragmented by the new
political borders, and the devastated economic realities of a ruined continent.
Speaker 2: And far worse than the financial setbacks, they are facing
a terrifying, organized surge of antisemitism.
Speaker 1: Blamed by extremists for the economic hardships of the nineteen
twenties and thirties. They become highly visible targets of intense hostility,
particularly in Germany, as a new radical fascist leadership harnesses
the public's anger and economic despair.
Speaker 2: We must approach this specific portion of the history with
absolute solemnity, adhering strictly to the factual records laid out
in our sources.
Speaker 1: In nineteen thirty nine, World War II begins. By the
spring of nineteen forty, Hitler's forces are sweeping across Western
Europe with terrifying mechanized.
Speaker 2: Speed, conquering Denmark, Norway, the Netherlands, Belgium, and finally France.
The German tanks physically roll into Paris.
Speaker 1: For the French branch of the Rothschild family, the danger
is no longer just finalcel it is entirely existential.
Speaker 2: The historical accounts state that older prominent family members like Edward,
Robert and Morris are forced to flee their homes, taking perilous,
chaotic roots to escape across borders to the United States
or England.
Speaker 1: Other younger members of the family choose to stay and
bravely engage in their resistance.
Speaker 2: But the physical footprint of their financial empire in continental
Europe is shattered. Their historic banks, their grand estates, their
priceless art collections, and their financial assets are systematically seized
and confiscated by the Nazi regime.
Speaker 1: It is a profound, incredibly sobering historical lesson on the
absolute limits of private power.
Speaker 2: Globalization, immense multi generational wealth, and decentralized networks can provide
an incredible buffer against market fluctuations, economic depressions, and localized
political crises.
Speaker 1: But they cannot completely shield any family, no matter how powerful,
from the catastrophic violence of a total global war fueled
by systemic persecution in state sponsored terror.
Speaker 2: From the ashes of World War II. As Europe is
finally liberated and begins to rebuild, the surviving members of
the family face a monumental task. They have to piece
together a fractured legacy.
Speaker 1: But what is so fascinating with the final chapters of
our history detail is the strategic path they deliberately chose.
Speaker 2: They looked at the landscape of post war global finance
dominated by massive and personal American corporate banks, and they
made a very conscious decision to not try and become
a modern Wall Street behemoth.
Speaker 1: The London branch Nam Rothschild and Sons takes the lead
in rebuilding the brand.
Speaker 2: But instead of pursuing massive public expansion, opening retail branches
on every corner, or going toe to toe with the
emerging megabanks and retail lending, they consciously preserve their historical
model as an exclusive private club.
Speaker 1: They returned to their absolute core competency, working quietly, directly
and closely with sovereign governments, massive corporations, and financing global elites,
deliberately evading the glare of intense public scrutiny and quarterly
earnings reports.
Speaker 2: But operating in the shadows. Dealing intimately with high net
worth individuals and complex corporate structures comes with severe, unique risks,
which brings us.
Speaker 1: To one of the most wild, almost unbelievable stories in
the entire modern history of the bank, the Robert Maxwell scandal.
Speaker 2: In the nineteen seventies and nineteen eighties, the Rothchilds become
the primary financial backers for a flamboyant media mogul named
Robert Maxwell.
Speaker 1: Maxwell's backstory is incredibly intense. He was a Holocaust survivor
who fought for the British in World War Two, changed
his name, and built a massive, sprawling, global publishing and
media empire.
Speaker 2: He was absolutely driven by a deep seated fear of
ever returning to poverty, and he presented himself as a
titan of industry.
Speaker 1: But Maxwell's sprawling empire was essentially built on sand and leverage.
Speaker 2: To sustain his aggressive, highly publicized corporate expansion and his
incredibly luxurious personal lifestyle, he required continuous massive infusions of
debt capital, and.
Speaker 1: When the legitimate revenue from his companies wasn't enough to
service that debt, he resorted to staggering systemic fraud.
Speaker 2: The records reveal that he secretly misappropriated hundreds of millions
of dollars directly from his own employees' pension funds to
prop up his failing company's stock prices.
Speaker 1: And then, in nineteen ninety one, the story takes a
dark cinematic turn. Maxwell is facing massive debt calls and
the imminent exposure of his fraud.
Speaker 2: He completely vanishes from his luxury private yacht while cruising
off the Canary Islands.
Speaker 1: His body's later found floating in the ocean, and his
death is officially ruled in accidental drowning, though the historical
accounts note that the line between suicide and accident in
these high stakes financial collapses is often heavily blurred.
Speaker 2: When his death blows the lid off the massive embezzlement,
the shockwaves hit the London financial world incredibly hard.
Speaker 1: Now. To be clear, the record state that the Rothschild's
direct knowledge of his illicit misdeeds remains unproven, and they
were not charged with fraud.
Speaker 2: But simply being the primary financier and trusted advisor for
a man executing financial crimes on that scale places a massive,
highly public blemish on the bank's carefully guarded reputation for
discretion and due diligence, and.
Speaker 1: That highly public, embarrassing scandal played directly into a fierce
ideological internal debate that was already tearing at the family fabric.
Speaker 2: During the nineteen eighties, the global financial world was undergoing
a massive, rapid revolution deregulation in London known as the
Big Bang, and in the US was allowing traditional banks
to merge into massive publicly traded mega institutions.
Speaker 1: The rise of complex derivatives options trading in algorithmic models
was creating entirely new, highly lucrative revenue streams that required
massive amounts of capital to exploit.
Speaker 2: Which sparks a generational and deep philosophical feud within the family.
Speaker 1: On one SIDEEA of Jacob Rosschild. He is brilliant, aggressive,
and he looks at Wall Street and argues that the
bank absolutely must adapt to survive.
Speaker 2: He wants aggressive expansion, modern corporate strategies, He wants to
embrace risk, and he wants the integration of these new
financial tools.
Speaker 1: He believes that to me maintain their historical dominance, they
have to play the modern high stakes game.
Speaker 2: On the exact opposite side of the boardroom table is
Sir Evelyn de Rothschild, the head of n M Rothschild
and Sons.
Speaker 1: Sir Evelyn is a staunch, unwavering traditionalist. He argues that
modernizing the ownership structure, meaning taking on outside capital, merging
with corporate banks, or God forbid, going public, would fundamentally
destroy the core identity and the soul of the bank.
Speaker 2: He insists, pointing to crises like the Maxwell scandal that
the institution must remain wholly owned and absolutely controlled by
the family, even if that strict adherence to privacy costs
them massive short term profits and global market share.
Speaker 1: It's the ultimate defining trade off in business, isn't it.
Do you sacrifice your absolute control to loot your ownership
and answer to public shareholders just to generate massive capital
for expansion.
Speaker 2: Or do you accept a smaller for print, let your
rivals get bigger, just to remain the unquestioned private master
of your own house.
Speaker 1: For Sir Evelyn, the Maxwell scandal was all the proof
he needed. It reaffirmed his deep historical belief that opening
the doors too wide, chasing every high profile, highly leveraged
deal only exposes the family to uncontrollable risk and public Ruin.
Speaker 2: Discussion, privacy and control had to remain paramount. The family
ultimately sides with Evelyn and Jacob Leaves to form his
own highly successful investment trusts, and.
Speaker 1: Looking at their position in the modern era twenty twenty
three and beyond that philosophy, control seemed to have successfully
guided their evolution.
Speaker 2: They didn't become a massive public retail banking the he
myth with ATMs on every corner, like a JP Morgan
Chase or a city bank.
Speaker 1: Instead, they massively, quietly diversified their vast wealth behind the scenes.
They expanded deeply into high end wealth and asset management,
private equity, complex corporate restructuring, and massive global philanthropy.
Speaker 2: The original banking houses in Paris, London and Frankfort adapted
over time, shifting from purely sovereign lending to a much
wider array of bespoke, highly specialized financial services for the
ultra wealthy.
Speaker 1: The history ends on an not that I think really
resonates when studying any dynasty. It shows that throughout history
the Rothschilds were obviously never hesitant about aggressively making money.
Speaker 2: But when it finally came to a conflict between maximizing
immediate short term profit and maintaining the long term family
legacy and control, they consistently chose legacy.
Speaker 1: They were willing to literally walk away from massive global
opportunities if it threatened their absolute autonomy.
Speaker 2: It's a level of multi generational discipline that is quite
frankly terrifying to modern corporate competitors who only think in
three month quarters.
Speaker 1: If we synthesize everything we've unpacked today, from Mayor Amshoal
trading rare coins in a squalid, restricted alleyway in Frankfurt
to his descendants literally bailing out the United States government
during a panic. A few absolute core pillars emerge.
Speaker 2: First, the total weaponization of information and speed.
Speaker 1: Second, the ruthless objective ability to analyze and leverage geopolitical
chaos without sentimentality.
Speaker 2: And third, a structural, almost religious commitment to family unity.
That function does the ultimate historical hedge against systemic collapse.
Speaker 1: And what's wild is that the historical threads we've pulled today,
from front running aristocrats and aggressive supply chain dominance to
complex foreign exchange speculation and leveraging sovereign debt, these are
the exact same fabrics that make up the global economy
you interact with every single day.
Speaker 2: The technology evolved from heavily guarded carrier pigeons to deep
sea fiber optic cables, but the fundamental mechanics of leverage,
capital and power haven't moved an inch in two hundred years.
Speaker 1: It really forces you to examine the financial institutions and
the algorithms that dominate our current economic landscape with a
much more critical historical.
Speaker 2: Eye exactly, which brings us to a final thought, and
we really want to hear directly from you on this.
Speaker 1: We've just been this time analyzing the incredible historic power
of keeping massive wealth and strategy tightly controlled within a
single secretive family over centuries, deliberately choosing absolute privacy and
control over massive public corporate expansion.
Speaker 2: But when you look at the world today, dominated by massive,
publicly traded tech mega corporations with millions of shareholders and
boards of directors, do you think a secretive, tightly held
family dynasty model could ever rise to that level of
absolute global supremacy again?
Speaker 1: Or is that era of history permanently closed.
Speaker 2: Let us know what you think in the comments. We
can't wait to read your thoughts.
Speaker 1: It's a profound question about the future nature of capital,
it really is.
Speaker 2: Thank you so much for taking a seat at the
table and joining us for this conversation on thrilling threads.