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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (85828)	6/21/2001 3:04:13 PM
From: John Pitera	Respond to of 86076

Hi Thomas, I figured you would like Chernow's book. The House of Morgan. One of the more impressive concepts that we've seen is that in 1895 the US Govt was near default as the US currency was backed by gold and gold was leaving the country rapidly, on Page 75, Chernow outlines how Pierpont went to the White House and met with President Grover Cleveland, and when the treasury was about to be hit with a 10 million dollar gold outflow when the treasury had only 9 million left..Morgan came up with a Plan. Morgan and the House of Rothchild would gather 3.5 million ounces of gold, at least half from Europe, in exchange for about 65 million dollars in 30 year gold bonds, yielding 3.75%. Morgan also promised that the Gold the Govt received would not flow out again. (page 75 of the book). John In the Panic of 1907, JP Morgan played a key role in ensuring that the New York banks made call money available to the