posted on Jul, 24 2012 @ 09:27 PM
I would bet that some of you reading this have heard this phrase before.
It's from a Rothchild in around 1873,during the the panic of 1873.
The panic of 1873...
The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even
longer in some countries. The depression was known as the "Great Depression" until the 1930s, but is now known as the Long Depression. The panic
was caused by the fall in demand for silver internationally, which followed Germany's decision to abandon the silver standard in the wake of the
Franco-Prussian war. In 1871, Otto von Bismarck extracted a large indemnity in gold from France and ceased minting silver thaler coins. The first
symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, which spread to most of Europe and North America by 1873. It
was one of a series of economic crises in the 19th and early 20th centuries. In Britain, the result was two decades of stagnation known as the "Long
Depression", which weakened Britain's economic leadership in the world.
Many people know the story of Baron Nathan Rothchild telling clients to “buy when there’s blood in the streets, even if it’s your own.”
However, many people don’t know when the quote is from, nor the context in which it was made: The Panic of 1873. Here in the US, the Panic of 1873
(which started in 1869) was a combination of railroad speculation, a run on physical gold, and brand-name bank and brokerage houses failing. Across
the pond, in Europe, it was much, much worse. And it gave one of the world’s most legendary capitalists the chance to make a fortune for himself and
his friends. I’m talking about Baron Nathan Rothschild. Rothschild was a respected French investor who became the stuff of legend during the
financial crisis. From istockchartanalyst in 2008.
Just wondering if this might reflect what is going on today,maybe a repeat of history.
What are your thoughts on this?