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Financing World War 1

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At the start of the Great War, no one accurately anticipated how long it would last. European countries were in need of constant funding to keep the war running and JP Morgan provided the financial aid they were in need of. The method employed by Morgan was smart with short term as well as long term benefits. One of their first orders of business was retrieving 80 million dollars in New York war bonds owned by European purchasers. Morgan successfully had several banks cover this deficit so the money could be sent to Europe. Morgan had correctly assumed that most of this money would be poured back in the United States.

USA was an unflinching supplier of goods to Europe even as it was neutral in the first few years of the war. As several buyers from Europe attempted to buy the same products from America, it drove the prices up. This forced European buyers to acquire one party for all purchases. Morgan was chosen for the acquisition of money as well as spending it. Their commission made them hefty profit. Morgan also sold credits with loans high enough to be in contradiction to federal rulings. They, however, chose business. Therefore, as Europe blew money into the United States for ammunition, food, heavy war machinery, locomotives and countless other products; the economic genius of JP Morgan made the US a lot of money through Europe’s war.

Morgan’s practices not only brought heaps of fleeting money to America but also successfully made a lasting impact on the way big business was supposed to be run in the USA. Avoiding strict federal regulations to do risky business with the Europeans also became a practice that made its way to countless American businessmen.

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