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How The Rothschilds Created Modern Finance And A Vast Fortune That Has Lasted For Centuries
How The Rothschilds Created Modern Finance And A Vast Fortune That Has Lasted For Centuries
Jul 26, 2021, 12:45 IST
The Rothchilds come from humble beginnings: the Jewish ghetto in Frankfurt known as the Judengasse.
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Mayer Rothchild's father was a trader and money changer.
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After his parents passed away at the age of 12, Mayer went to Hanover to learn finance.
His most important client was also his father's.
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Marriage also boosted Mayer's wealth – something he wouldn't forget.
Mayer transitioned from antique-dealing to banking
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But Mayer's lack of organization made his wealth a target for employees.
Revolutions, both in nations and technology, are what gave Mayer a real fortune.
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At the turn of the century, Mayer sent his sons to establish banks in the major European capitals.
Mayer's will continued to control the direction of the family by promoting intermarriages.
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Amschel Rothschild, the eldest son, stayed in Frankfurt to manage the home branch.
Carl Rothschild established C M de Rothschild & Figili in Naples.
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Salomon Rothschild founded S M von Rothschild in Vienna.
The Paris branch, De Rothschild Frères, was opened by the aforementioned James.
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James purchased Chateau Lafite, which remains in the family to this day.
The most successful son, Nathan, got his seed money from Landgrave William XI.
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Nathan inherited his father's lack of organization, but that didn't stop his rise to the top.
Nathan married into money in 1806 and opened N M Rothschild & Sons five years later.
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Nathan stood to make a huge gain or loss based on the outcome of the Battle of Waterloo, and an urban legend suggests he was the first to hear the news of Wellington's victory.
Nathan pioneered the ingenious strategy of lending to governments during wartime.
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Without stepping foot in the New World, the Rothschild Family dominated international finance.