Liaquat Ahamed
speaker
238 appearances
1 recordings
1 series
first heard Jul 2026
last heard 27 Jul
Liaquat Ahamed’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
But meanwhile, Jay Cook, who is the premier investment banker, had raised $2 billion for the union government during the Civil War, suddenly finds that because of the disruptions in Europe,
He's not able to raise capital.
And he runs out of capital in the middle of constructing the second transcontinental railroad.
And it was a little bit like the Lehman Brothers story.
He started injecting his own bank's money into the project.
He's not able to complete it.
And when he announces that, I cannot raise the capital,
there is total panic, the sort of psychological panic that happened after Lehman.
People said, look, if Jay Cook, who's a friend of the president, is the most well-connected banker in the United States, can't raise $100 million, then what hope do we have?
And every railroad stops construction.
So there were 500 railroad companies in the United States.
By the end of the year, a third of them had stopped paying dividends.
By the end of five years, half of them had defaulted.
Everything comes crashing down.
Yes.
So in a crisis, everyone scrambles for a safe asset.
And in those days, the two safe assets were gold and silver.
But in 1873, Bismarck, having defeated France on the battlefield, decides to double down and try to destroy France financially.
And he takes the billion dollars that he received from France and uses it to convert all the silver that he had in the central bank into gold.
So silver prices plunge.
Showing 121–140 of 238 · page 7 of 12
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