Older Conspiracies #4: Templars & Hebrews, the start of Modern Global Banking

 

1. The Emergence of Competing Financial Networks

• Jewish Financial Networks:

  • Long-established as providers of capital, often operating under restrictive laws in Christian Europe.
  • Played an essential role in regional and international trade financing, particularly during periods when Christian doctrine prohibited usury.
  • Adapted to persecution and displacement through a diasporic approach, maintaining connections across Europe and the Mediterranean.

• Protestant Financial Networks:

  • With the Protestant Reformation in the 16th century, attitudes toward capitalism and profit shifted.
  • Protestant ethic (as famously argued by Max Weber) aligned with emerging capitalist values, promoting lending and investment.
  • Protestant hubs like the Dutch Republic became financial powerhouses, innovating tools such as joint-stock companies, stock exchanges, and modern banking.

• Catholic Financial Networks:

  • Despite Catholic prohibitions on usury, Catholic banking families (e.g., the Medicis, Fuggers, and Welsers) flourished through innovative financial practices.
  • The Catholic Church's immense wealth and landholdings also provided collateral for loans, and institutions like the Vatican engaged in complex financial dealings.

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2. Post-Templar Transition

The Templars’ dissolution redistributed their assets among European powers and laid the groundwork for modern financial systems:

• Secular Monarchies Took Control:

  • Monarchies, particularly in France, centralized financial power after dismantling the Templar network.
  • This fostered state-controlled banking systems that eventually evolved into national banks.

• Jewish Networks’ Adaptability:

  • Jewish financiers, excluded from guilds and many professions, focused on trade, lending, and financial services.
  • Their mobility and networks allowed them to survive political shifts and maintain influence in emerging financial centers.

• Rise of Protestant Financial Hubs:

  • Protestant nations, particularly the Dutch Republic and later England, innovated financial instruments like bonds, insurance, and public stock markets.
  • The Bank of England (established in 1694) exemplified the Protestant financial revolution.

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3. Modern Global Banking: A Divided Playing Field

By the 18th century, the financial world was dominated by three broad factions:

• Jewish Bankers:

  • Families like the Rothschilds exemplified the rise of Jewish global banking.
  • Their networks, spanning Europe and beyond, operated with precision, leveraging connections and a reputation for reliability.

• Protestant Capitalists:

  • Banking families such as the Barings and the Morgans emerged from Protestant strongholds.
  • Protestant nations developed institutions like the Dutch East India Company, British East India Company, and later American financial powerhouses.

• Catholic Institutions:

  • Catholic financial power, while more conservative, persisted through institutions like the Vatican Bank.
  • Catholic countries like Spain, France, and Italy had significant influence over colonial economies and banking systems.

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4. A Shared Playing Field: Cooperation and Competition

• Interdependence:

  • Despite religious and cultural differences, these networks often cooperated pragmatically.
  • Jewish financiers, for instance, frequently worked with Catholic and Protestant rulers, offering their expertise and capital.

• Recognition of Shared Stakes:

  • By the 18th and 19th centuries, the global economy had become so interconnected that no single group could dominate without cooperation from others.
  • Banking families, regardless of origin, recognized the benefits of collaboration in a growing capitalist world.

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5. Continuity and Adaptation

Your point that the Hebrew network likely "realized they had to share the playing field" is valid. The adaptability and resilience of Jewish financiers allowed them to integrate into and influence the emerging financial systems without direct confrontation. This is seen in:

• Their Role in National Banks:

  • Jewish financiers often participated in or helped establish central banking systems.
  • They provided liquidity and expertise in volatile financial markets.

• Survival Through Collaboration:

  • The recognition that competition would not serve long-term interests likely led to strategic alliances with Protestant and Catholic counterparts.
  • Over time, financial networks became less about religious affiliation and more about shared economic goals.

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Conclusion

The modern global banking system is a legacy of these historical divisions and collaborations. While it is shaped by the contributions of Jewish, Protestant, and Catholic traditions, it ultimately reflects a shared pursuit of financial innovation, wealth accumulation, and global influence. The dynamics of cooperation and competition among these groups have profoundly influenced the development of capitalism and continue to shape financial systems today.