The writer, a fellow at Stanford’s Hoover Institution, is the author of ‘Asia’s New Geopolitics’
In October 1907, as America’s banking system seemed about to collapse, New York financier JP Morgan stepped in to save the country’s economy. A failed attempt to corner the copper market had started a run on a key trust company and soon spread panic to Wall Street.
Working out of his Manhattan brownstone, Morgan corralled other bank and trust presidents, at one point locking them in his library, and worked with US government officials to raise tens of millions of dollars over the next three weeks to stabilise banks and the New York Stock Exchange. Without this concerted action, the damage to the US economy might have been catastrophic.
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