Gerald Krefetz,
Author of "Jews and Money: The Myths and the Reality"
Read a New York Jewish person's well received history for information on Jewish manipulations of US business and banking...Headings in blue, by Radio Islam.
International Banks & Jews Who Founded Them
Gerald Krefetz,
Author of "Jews and Money: The Myths and the
Reality"
Modern banking... started in the nineteenth century with the rise of the House of Rothschild. They were not the only important Jewish bankers in Europe: indeed, a surprising number of continental banks were founded by Jews. The old Court Jew had primarily raised money for local rulers to cover his expenses, his personal diplomacy, and his extravagances. The new bankers floated state loans to finance emerging industries and railroads.
While the five Rothschild brothers had banks in Frankfort, London, Paris, Vienna, and Naples, Bleichroder in Berlin, Warburg in Hamburg, Oppenheim in Cologne, and Speyer in Frankfort were operating their own banking houses. Individual Jews founded banks from London (Hambros) to Bombay (Sassoons) to St. Petersburg (Guenzburg), and a number of points in between.
Besides these personal or private banks roughly equivalent to
merchant banks or investment banks today Jews helped to establish
a number of important joint stock banks or commercial banks: the
Deutsche Bank and the Dresdner Bank, two of Germany's big three,
Credit Mobilier, Banque de Paris et des PaysBaa, Banca Commerciale
Italiana, Credito Italiano, Creditan-stalt-Bankverein, and Banque
de Bruxelles, among others.
There were a few Jewish bankers in the United States: Haym Salomon of revolutionary fame and Isaac Moses who, with Alexander Hamilton, was one of the founders of the Bank of New York in 1784. It was not until the Jewish-German immigration of the 1840s that the presence of Jewish bankers was felt in America. Some of the established German banks sent representatives, but for the most part, the German-Jewish bankers rose from the ranks only after they arrived. Between 1840 and 1880, a dozen first-rate banking houses were started: Bache; August Belmont; Goldman, Sachs; J.W. Seligman; Kuhn, Loeb; Ladenburg, Thalmann; Lazard Freres; Lehman Brothers; Speyer; and Wertheim. Influential, conservative in life-style, but unorthodox in financial matters, and inbred (like the Rothschilds, their children married each other), Jewish bankers projected an image of concentrated power because they often acted in concert, collaborating on financial deals.
The rise of Jewish bankers reinforced this image. Previously, the
Jewish moneylender was a single character presumed born with
certain "racial'' traits. His activities were every Jew's
activities. With the development of systematic anti-Semitism in
Europe, and the rise of xenophobic nationalism, the wealthy Jew
was seen as an alien financier, in collaboration with Jews abroad.
The collection of Jewish bankers and banks in both Europe and
America convinced many people that Jews were out to dominate and
control the world.
Jewish Invention of Fiat Money
They [Jews] had developed the idea of fiat money and
were among the first to use negotiable instruments of credit. At
the height of nationalistic resurgence in the nineteenth century,
the Rothschilds were developing international syndicates, a form
of international banking.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
In twentieth century America, Jewish businessmen were
developing investment banking expertise to finance
consumer-oriented businesses department stores, Alaskan fisheries,
movies, theatres, copper mining and smelting, airlines, and
clothing factories.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
In the 1960s, Jews were again in the forefront in creating a
new business form - the conglomerate, a multi-purpose holding
company whose disparate profit centers were purportedly
synergistic - greater than the sum of its component parts. It was
not a Jewish invention - that honor probably belongs to Royal
Little of Textron but Lehman Brothers,
Lazard Freres, Loeb Rhoades, and Goldman Sachs were
forceful in selling the new notion. Besides the self-interest of
these investment banking houses (the major interest in
conglomerates was only partially due to new products, market
penetration, increased revenues, balance sheet growth, and rising
price-earnings ratios), mergers and acquisitions generated volumes
of new corporate issues that Wall Street underwrote, sold, and
traded. And a number of
Jewish businessmen were quick to
see the potential of the new financial form. Prudent
and conservative money managers were skeptical of the
conglomerate: it had a striking resemblance to earlier over-blown,
credit-created pyramids, which had appeared earlier and milked
unsuspecting investors before collapsing. Business history was
littered with square cannon balls, rotten tulip bulbs and
burned-out matches from Ponzi-like operators of the John Laws and
Ivor Kreugers.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
Besides the investors in conglomerate shares and debentures,
the people who had the most to lose were the staid managements of
victim companies. For the most part, the takeover candidates were
old industrial companies with secure if unexciting markets,
substantial assets, little debt, underutilized capital, high
dividends, diverse ownership, and no immediate growth prospects.
In brief, they were old-line, quasi-somnambulant corporations.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
The conglomerate era of the sixties, abetted by a high-flying
stock market and a prolonged boom, was really a none-too-subtle
attack on establishment corporations. Though the accounting was
devious and the newly issued paper of dubious value, the
conglomerate posed a substantial threat to the corporate status
quo. By the late sixties, stalwarts of American industry and
finance such as Chemical Bank, Goodrich, Great American Insurance,
Jones and Laughlin, and Pan American were under the gun. And
naturally, in the spirit of free enterprise, they ran to the
government for protection.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
James Ling of Ling-Temco-Vaught, Roy Ash of Litton, and Roy Little of Textron were joined by Ben Heineman of Northwest Industries, Howard Newman of Philadelphia and Reading, Saul Steinberg of Leasco, Charles Bludhorn of Gulf & Western, 4ishulam Riklis of Rapid American, Laurence Tisch of Loews - each practicing the "highest form of creative capitalism." These Jewish conglomerate-builders, from the flamboyant the conservative, spearheaded the attack. Aided by clever investment bankers, a permissive Democratic president, and a credulous public, they shook up old managements, created anomalous corporations and provided Wall Street with a string of dazzling investment vehicles. Just about every one was a star of the go-go years, and just about every one suffered grievously when reality in form of recession and a strict Republican administration returned -in the seventies. "Jews and Money: The Myths and the Reality", Gerald Krefetz, Ticknor & Fields, New Haven and New York, 1982, p. 12.
The battle was, of course, between "the old establishment and
the nouveau riche." The old establishment's financial structure
was Republican to the core, while the Jewish investment bankers
and conglomerate builders were strongly represented in the
Democratic party, though they often hedged their bets with
campaign donations to both sides. Even so, the Nixon
administration immediately directed the
Justice Department's antitrust division against what
has been called the "Jewish-cowboy
connection," that is, the Wall Street financiers and Texas oil
men. The Jewish-cowboy connection, according to G.
William Domhoff, who coined the term, contains some oil companies
(e.g., Amerada-Hess, Tidewater, Kerr McGee, Halliburton), airlines
(American, Braniff, Continental), movies (Paramount, 20th Century
Fox, Metro-Goldwyn-Mayer, [MGM], and "best of all,...
consumer goods and merchandising where Sears, Jewel Tea, Gimbel's,
Macy's, City Stores, Allied Department Stores head a star-studded
list."
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
The Nixon attack cut the conglomerates to the quick and the stock
market reappraised their values. Within the first couple of months
of the new administration, thirteen conglomerates lost $5 billion
in market value. It was not the end of the conglomerates, but
their "creative capitalism" was to become more prudent in the
seventies.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
For the Jews, the fall of the conglomerates marked the end of
an era. On the whole, they emerged relatively unscathed, but it
seemed clear that there were limits to their financial power.
While the theory of a free enterprise system welcomed competition,
mergers, acquisitions, and a to-the-wall attitude, the reality
proved different. When the central or core establishment started
to hurt from the exercise of those doctrines, especially when
exercised by outsiders who were considered aggressive and pushy,
cease and desist was the order of the day.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 12.
How Jews Exist On Labor of Others
The job pattern of the Jewish work force is as unlike the
national pattern....
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 15.
|
Career Classification |
Jewish Male |
Jewish Female |
Non-Jewish Male |
Non-Jewish Female |
|
Professional and Technical |
29.3 |
23.8 |
14.3 |
14.9 |
|
Managers, Officials, Proprietors |
40.7 |
15.5 |
14.0 |
4.8 |
|
Clerical Workers |
3.2 |
41.7 |
6.8 |
36.3 |
|
Sales Workers |
14.2 |
8.3 |
6.6 |
7.8 |
|
Craftsmen, Foremen |
5.6 |
1.5 |
21.2 |
1.3 |
|
Operatives |
3.9 |
2.3 |
17.8 |
12.9 |
|
Non-Farm Laborers |
0.3 |
0.2 |
6.8 |
0.9 |
|
ServiceWorkers |
1.2 |
3.6 |
7.3 |
19.3 |
In discussing the statistical analysis of Jewish careers versus those of non-Jews, Krefetz says:
"To put the figures in more general terms: 87.4% of working Jewish males and 89.3% of working Jewish females are white-collar workers, while only 41.7% of the white male work force and 63.8% of the female work force are in this class.
A Gallup survey from the mid-sixties compared employment
patterns among religious groups. There is no reason to think that
the findings would be markedly different now. On average,
fifty-six percent of the national work force did not do manual
labor. For Protestants, the figure was fifty-two percent; for
Catholics, fifty-three percent; for nonbelievers, sixty-two
percent; and for Jews, ninety-five percent. The last figure seems
somewhat high, but close to recent observations.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 15.
Jewish blue-collar workers are rapidly disappearing. In 1919,
probably eight out of ten males were manual workers, but now, only
five out of ten work with their hands. However, for Jews the
change was faster. Shortly after the first mass migrations from
Eastern Europe stopped, in 1930, thirty percent of Jewish males
were manual workers. In 1950, it was down to twenty percent, and
by 1970, it was down to little more than ten percent.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 15.
Since laborers were poorly paid, without job security, and of
dubious social standing, Jews found such work distasteful,
unremunerative, and de'classe'. Though economic circumstances
forced them into such jobs, their basic discontent spurred their
rise to the leadership of several labor unions. Today, with the
noticeable decrease of Jewish labor members, such as in the
International Ladies Garment Workers Union, Jewish leadership will
undoubtedly wane. As the Jewish work force becomes nearly 100
percent college-trained, the number of Jewish manual laborers will
fall to statistical insignificance rather like the present
situation of Jewish farmers.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 15.
In recent years, there has been a significant shift in
occupations among Jews: the younger ones have left manufacturing
and wholesale trade, and have lessened their participation in
retail trade and the civil service. Young Jews are increasingly
interested in the professions, entertainment and recreation,
communications, education, and construction. In finance, business,
and in transportation, the employment patterns have remained
relatively constant between generations.
"Jews and Money: The Myths and the Reality", Gerald Krefetz,
Ticknor & Fields, New Haven and New York, 1982, p. 15.