Morgan didn't just dominate Wall Street — he personally bailed out the US government during the Panic of 1907. Understanding his obsession with power, not just money, is key to understanding why the Titanic conspiracy theories centre on him.
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At 28:10 · chapter starts 26:00
Carter Roy pauses the conspiracy to build the necessary context: who exactly is J.P. Morgan? He's the man who created U.S. Steel — the first billion-dollar company in American history. He finances the expansion of the national railroad network. He personally orchestrates the rescue of the US banking system during the Panic of 1907, rallying his wealthy peers to shore up the banks and stabilise the New York Stock Exchange [1] — Carter Roy "Morgan didn't just dominate Wall Street — he personally bailed out the US government during the Panic of 1907. Understanding his obsession …" 28:10 . Morgan is motivated not by money — he's rich but not the richest — but by power and control. He sets out to dominate the cruise ship industry the same way, buying up smaller shipping lines until he purchases White Star for $32 million in 1902. His goal is monopoly. When Cunard launches the faster, more luxurious Mauretania and Lusitania in 1907, the White Star Line is in trouble, and Bruce Ismay must find a way to compete. The answer: build even bigger, even more luxurious ships. The Olympic and Titanic are conceived.
J.P. Morgan's trust, the International Mercantile Marine, purchased the White Star Line in 1902 for roughly $32 million — equivalent to over $1.2 billion in today's money.
In November 1910, six of America's most powerful financiers snuck onto a private island club in Georgia using only first names and a fake hunting trip as cover. What they hatched — the blueprint for the Federal Reserve — wouldn't become public knowledge for years.
Factories that replaced coal engines with electric ones in the early 1900s got only 6% efficiency gains. Those that redesigned their entire factory around electricity got a 3x productivity improvement. Swapping AI tools into your existing structure will give you 6%. Rebuilding around AI will give you 10x.
Lebanese terrorists backed by Iran were holding American hostages throughout the Reagan presidency. Reagan had loudly campaigned against negotiating with terrorists — putting him in an impossible position that his team quietly decided to ignore.
During the Iran-Iraq War, the US openly supplied Iraq with weapons, training, and intelligence. At the same time, Oliver North was secretly funneling missiles to Iran. The US was playing both sides of a shooting war.
Oliver North traveled to Iran under the alias 'William P. Goode' with a fake passport. CIA Director William Casey allegedly gave him cyanide pills so he could kill himself rather than be tortured if captured. He returned safely and the deal moved forward.
The Pentagon sold missiles to the CIA for $3,700 each. The CIA sold them to Richard Secord at cost. Secord sold them to Iranian middleman Ghorbanifar for $10,000 each. Ghorbanifar charged Iran even more. The profit — including $3 million in interest in one Swiss account — was diverted directly to fund the Nicaraguan Contras.
America secretly transferred 2,000 missiles and missile parts to Iran in 8 shipments over more than a year. Only 3 of 7 hostages were released. Three more were taken. The net result was zero freed hostages and a full-blown constitutional scandal.
On October 5, 1986, a CIA Contra supply plane flew a weapons drop at 2,500 feet in broad daylight. A Sandinista soldier shot it down. The only survivor, Eugene Hasenfuss, had borrowed a parachute from his skydiving brother. He was captured, paraded in front of cameras, and told the Sandinistas everything he knew.
The CIA supply operation used a front company called Southern Air Transport, widely known to be a CIA cover. Crew members of the downed plane carried their Southern Air Transport employee IDs in their wallets. One also had a business card directly linking him to Oliver North's office in Washington.
When the scandal broke, Oliver North and his secretary Fawn Hall conducted what became known as a 'shredding party,' destroying a day's worth of documents. The full truth of Iran-Contra may never be known because of what was fed through that shredder.
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