JP Morgan himself. Any relation to Cap’n Morgan?
“Gold is Money. Everything Else is Credit”
- JP Morgan (New York Banker, December 18 and 19 1912)
So there you have it. Straight from the horses mouth.
And what is really interesting here is how this quote came about. This was not some simple quip on the street, or over a glass of wine too many after dinner impressing friends. No Siree!
This my little chums, was delivered straight from the horses mouth to congress when he was being cross-examined by a “special committee” for bank fixing which was going on back then! Or, in their words Appointed for the Purpose of Investigating an Alleged Money Trust in”Wall Street.”
You see back then there was a strong suspicion that the bankers were colluding (Noh say it aint so! Gasp, shock, horror. Not like LIBOR or something?!), and this was called the “Money Trust”. This was before the Federal Reserve, but about the time of the Jekyll Island stuff (see here).
For those interested, I have a transcription of said JP Morgans Testimony right here before the “Bank and Currency Committee of the House of Representatives”. I invite you to notice that Jamey Dimon is much more smug these days (did you know that he is a bubble? So he is not just making the bubbles, he actually is a bubble himself ;.).
Another little bit of bunk – Mr Morgan was almost 75 years young when the Titanic sank. He had his own private suite and promenade deck on the Titanic. He was supposed to join her for her maiden voyage but cancelled last minute, sparing him the fate of many of his other millionaires buddies.
So there you go geezer – “Plus ça change, …” and all that… Things have not changed one bit…
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