What's more, the total assets of the Rockefeller consortium (about $6.6 billion in 1935, not much more, at the end of '38, given the impact of the 1937 economic crisis, were not much higher than they were in 1935). Far more than the personal wealth of Rockefeller Jr., if you count some subsidiaries controlled by the Rockefeller consortium, the strength is even stronger, even if it is the entire Minas oil field, they may not be unable to eat.

But the Rockefeller consortium's position as the leader of the oil industry makes Zhongfu International very passive in negotiations with them, even Mao Zemin, a diplomat--business expert. But in this unfavorable situation, he thought of another super consortium - the Morgan consortium

Although the total assets of the Morgan family have long been surpassed by the Rockefeller family, the Morgan consortium is still the most powerful financial oligarchy on Shijie, and there is no one. Under the guidance of the old Morgan's ideology that he did not value personal assets but only valued the strength of the consortium and its camp, although its own net worth was far inferior to that of the Rockefeller consortium, the Morgan consortium skillfully used various means to establish an astonishing scale of the "Morgan Alliance", in which the Morgan Company was the axis of the board chain leadership, and the major financial institutions below the large financial capital of more than 200,000 yuan were interlinked, thus constituting a huge and well-organized "Morgan system"

The financial groups in the "JPMorgan System" account for 33% of the financial capital in the United States, with a total value of nearly $20 billion! There is also $12.5 billion in insurance assets, accounting for 65% of the U.S. insurance industry. In terms of production business, there are 47 directors of Morgan Company among the 35 major companies in the United States, including American Steel Corporation, General Motors Company, Kenneg Specialty Copper Company, Texas Gulf Sulfur Company, Continental Oil Company, General Electric Company, etc., and Morgan Company's penetration in the railroad industry is well known. At the same time, in the communications industry, it also owns telecommunications giants such as the International Telephone and Telegraph Company, the National Cable, the Postal Cable, and the American Telephone and Telegraph Company. In addition, the Morgan Alliance also includes major trust companies such as Yanakoda Copper Mountain, Westinghouse Electric, and United Metal Carbide. All of the above add up. Adding up all the total assets, excluding duplicates, the Morgan system before the Great Panic had a total capital of $74 billion. It is equivalent to 1/4 of the capital of all businesses in the United States. The 167 directors who came out of the Morgan & Co. controlled the entire Morgan system, carried out the orders issued by the Morgan on Wall Street, and at its peak had more influence in the United States than the other nine conglomerates combined. Not to mention the puppet U.S. government

But "the wood is beautiful in the forest, and the wind will destroy it." None of the other nine major conglomerates in the United States is willing to watch the Morgan consortium continue to be "one superpower". Although everyone knows that the president of the United States is nothing more than an agent of the capitalists, he is also an agent, and if there are countless bosses, he can still use his internal contradictions to win a little power, but if there is only one boss, then there is no room for bargaining at all, and there is no autonomy at all.

It's just that after the First World War, the Morgan consortium was in full swing. No one dared to risk attacking it, but the severe economic crisis that broke out in 1929 gave everyone a golden opportunity. Although the unprecedented Great Depression caused all the top 10 American conglomerates to suffer huge losses, the Morgan consortium, whose main business was finance and investment, was undoubtedly hit harder than those industrial capitalists whose main business was the real economy, and what was even worse was that the relatively loose defects of the Morgan system were also exposed. A catastrophe is coming. The abandonment of the Morgan tree by many collaborators has led to the rapid shrinkage of the Morgan system, which in turn has further weakened the Morgan Consortium's ability to cope with this unprecedented crisis

With the support of these industrial giants, Roosevelt, who had just come to power, was able to resist the tremendous pressure of public opinion and implement the "New Deal" that was regarded by the West at that time as having a strong socialist color. As a result, Roosevelt's New Deal, on the one hand, temporarily pulled the United States out of the abyss of the Great Depression, but on the other hand, opposition from outside the financial world united during the New Deal and made a concerted effort to overthrow the rule of the Morgan Empire.

This opposition coalition includes: the Rockefeller Consortium; the new force of the Harriman family in the Democratic Party; Wall Street's upstart Jewish investment banks, such as Lehman Brothers and Goldman Sachs; There are also exclusive ethnic groups like the Irish Catholics, the old fox Joseph the Elder. P. Kennedy and the Italian-Americans, the Giannini family from the Bank of California, and the Mormon Marriner. Eccles, the owner of a large bank-controlled construction company in Utah, is an ally of California-based Bettay Engineering and Rockefeller's Standard Oil of California

The precursor to this financial revolution was the successful annexation of Morgan's flagship commercial bank, the powerful Chase National Bank, by the Rockefeller consortium. After the financial panic of 1929, Senator Nelson Murphy Aldrich's son, Winthrop Jr.'s brother-in-law, Rockefeller Jr. Aldrich brokered a merger between Rockefeller's Equitable Trust, of which he was in charge, and Chase National Bank. From then on, Aldrich waged an earth-shattering campaign at Chase Bank, and by 1932 had succeeded in ousting Chase CEO Albert Brown, who was born from Morgan. Wiggin, and he himself served as CEO. Since then, Chase National Bank has become the de facto headquarters of the Rockefeller financial empire.

The New Deal coalition cunningly pushed through the New Deal-era banking bills of 1933 and 1935, which transformed the Fed and permanently transferred the Fed's power from Wall Street, the Morgan consortium, and the New York branch to politicians in Washington, D.C. As a result, the Federal Reserve Bank of New York was stripped of its control over open market operations, which were handled by the Federal Open Market Committee under the Federal Reserve Board in Washington, D.C., with regional branches acting as secondary partners.

Another major change in monetary policy achieved by Roosevelt's New Deal was the abandonment of the gold standard, under the pretext of the "state of emergency" of the U.S. partial reserve banking system during the Great Depression. After 1933, American citizens were no longer able to cash Federal Reserve Bank bills and deposits into gold coins, and this was a severe blow to the Morgan consortium, which had been squeezed out of the Federal Reserve. (To be continued.) )