＜ The youngest finance minister. (2) >
The Senate confirmation hearings were successfully completed, and Detroit Morgan’s appointment as Treasury Secretary was expedited.
“Treasury, thank you.”
“Leave it to me.”
I shook hands with Lyman Gage.
Secretary Liman Gage, who was working at the existing Treasury Building, took over the takeover to Detroit, Morgan, and Morgan had the most important issue at hand.
“The finance minister has been decided, now it’s time to appoint a finance minister.”
White House.
President Roosevelt was having a private conversation with me. For key positions in the Treasury, the White House had no choice but to appoint them.
finance minister.
Representatively, he was a finance person with working powers for the dollar in charge of the US Mint, the Federal Printing Office, and the Treasury Bureau. Recruitment was important as one of the signs entering the US dollar was the signature of the finance minister.
“Are you the Treasurer?”
In fact, there was a person whom I wanted to appoint as the finance minister. It was James, but he couldn’t make me Treasurer because he had to act as my secretary.
“It’s an important position to be the finance manager, but isn’t there a suitable appointment? What is it you can ask your father? You’ve only been in this industry for six years, but your father has several decades. “
“Are you okay?”
“You still don’t know my inclinations? I don’t care about anyone who can promote the interests of the United States. Besides, your father’s people are a bit unique. There are many people who care about the interests of the United States. Your father is also.”
“…But why do you hate your father?”
“It’s because you’re destroying the US market while protecting it. Your monopoly is expanding the US market by attracting the outside market, but your father is the type of person who builds a monopoly in the country and builds a stronghold. There is no advantage of monopoly.”
“Aha…..”
“But there are a lot of smart guys.”
Roosevelt tapped the desk with his index finger.
However, I had no intention of using my father’s talent for the first time. My father’s personnel would have pledged allegiance to my father, but not to me, so I could be a helper in a blind spot.
‘At least Director Hill knows a little about me.’
Railroad Director of the Great Northern Railway.
Director Hill is the person most closely related to me among the people on my father’s side. However, he cannot because he is in a position to manage the Philippine company, the Great Northern Railway, and the railway lines in East Asia.
“Rockefeller’s side is a bit different… I’m not very familiar with the Western banks of the United States… Hmm.”
In order for the Treasury Department to move smoothly, it must start with the New York Finance system quickly.
New York is at the heart of the American economy, as most financial institutions are concentrated on Wall Street and the financial district of New York.
It was a place where not only financial institutions, but also the headquarters or core business units of various large corporations, command departments, and chief executives were clustered together.
‘…Most railroad companies have headquarters in New York. Also near my father’s office.’
23 Wall Street.
The headquarters of JP Morgan Bank and the headquarters of railway companies were crowded together. Although the railroad company is said to have lost its power compared to the end of the 19th century, its vast railroad lines and interests, commercial facilities and telegraph facilities have power that cannot be ignored.
It’s because I’m financially in jeopardy.
The Federal Reserve was also at the heart of the Federal Reserve Bank of New York, and was powerful enough to be appointed Vice-Chairman of the Open Market Steering Committee (FOMC).
First of all, New York needs a nimble person.
“…there’s only James, after all.”
Then the question is who should I entrust my secretary to? At this point, I felt a little emptiness about my cramped talent pool.
It was very encouraging to have quite a few reliable entourage, but the numbers are absolutely lacking.
The Treasury is vast, and the United States is even more massive.
Considering that the Federal Reserve was in my hands, the reality was that I lacked personnel.
“Let’s start by talking about your seat as chairman of the Federal Reserve.”
Roosevelt rubbed his chin.
Chairman of the Federal Reserve Board. Because of my unique nature as the first chairperson, I had permission to concurrently hold this position. In other words, the personnel of private banks could hold concurrent positions.
“Actually, the Federal Reserve is even called a bank. In fact, it’s a private company, a money-managed conglomerate with banks as shareholders.”
“It’s a private institution.”
“I mean. In fact, it was easy for me to get permission for concurrent positions. But it is not the Ministry of the Treasury. The Ministry of Finance is an American public institution and administration. Besides, high-ranking officials. Under the current system, it will be difficult to amend permission for concurrent positions.”
This I was well aware of.
The Federal Reserve is an open market operating institution that must be respected independent of the U.S. Department of the Treasury. It has to act as a central bank and gain de facto control over the dollar.
If the Treasury was the commanding body that controlled the national fiscal and economic issues, the Federal Reserve could be seen as the commander of a knight who jumped into the forefront and wielded a bayonet.
close to the market
It can be seen as the front line. That’s why independence is so important. An understanding of the market is essential.
This novel was posted at https://noblemtl.com
One of the bridges between the Treasury and the Federal Reserve is the Treasurer, who has the authority to print money.
“Anyway, unlike the Federal Reserve, which is like a private company, the Treasury Department has tight regulations. Even if the regulations are changed to a concurrent position, it will have to be an executive order or a bill passed by Congress.”
“Is the president going to do that?”
“Because it is in the national interest that you take over the Federal Reserve system. In the beginning, the Federal Reserve system itself is unclear. They say it is a central bank and powerful, but while you were abroad, you were almost vegetative. one year.”
“Well…that’s just because the US economy is doing well, so I couldn’t find a place to touch it.”
“It’s only during the FOMC regular meeting every month that they flirt.”
“haha….”
‘No, you don’t need to do anything, just touch the FOMC that is running well. Even if I just let it go, the US economy would do well.’
This novel was posted at https://noblemtl.com
Of course, the US economy has been busy and moving fast ‘still’, but for the time being, you will have to swing the mace once.
Inflation has to catch up.
“As you can see, inflation has risen to a rather dangerous level. Inflation is no joke, and bond yields are rising because of that. Of course, when bond interest rates rise, the FOMC has no choice but to raise the base rate, and then the market interest rate will rise. it’s okay.”
“It sounds like inflation and interest rates are going crazy.”
“Before that, you should swing the mace.”
Roosevelt had a chair armrest over his arm.
“But after next year’s election.”
“Haha, I thought you would. Don’t worry. It’s not that serious yet. Unless nothing else happens, we’ll do it after next year’s election.”
“Yeah, you’re supposed to take the reins of the Federal Reserve. You’re talking like this.”
“Is there a way?”
“Yes.”
Roosevelt answered quite confidently.
I drank coffee slurp. The taste of cigarette smoke in the water was disgusting. How are you drinking this in the White House? First of all, I hate coffee.
I’m craving cola.
But I was startled by the name that followed.
“Secretary Lyman Gage.”
“…..?”
“I’m thinking of appointing the former Secretary of the Treasury as temporary Federal Reserve Chairman for now. Then I’m not your puppet. I know I’ve been closer to you than Morgan in the last six years.”
“It’s mine.”
“Then ‘Write.’”
Should I write…?
I felt my hair bulge and goosebumps.
Wasn’t he a retired man?
Is this what fear is? Should I say I can see my future?
I couldn’t shake the creepy feeling.
“Well, don’t make a face like that. Because Secretary Liman Gage has also given him permission. Besides, he’s just going to make him the barge. Most of the FOMC is under your control anyway, so you can run it as it has been.”
“Secretary Lyman Gage is just a place to stay.”
“It’s a sweet job where you have to go to work eight times a year. You get a salary. You get bonuses. First of all, it’s a private company. How awesome. I feel like I’ve just become a useless person, anyway.”
‘Self-rationalization like this… Roosevelt’s a big deal. This.’
You seem to think of people as some kind of working machine, but I like to play. It’s just that play is a job for me. Before possessing, in the world, did they say that they were all virtues?
Making money is my hobby and my job.
….workaholic?
‘This… f*ck. I feel like I’m being caught up in something by Roosevelt.’
Is this political power jjambab?
It’s not even Moorim masters who are learning how to make mud inside a person. The White House, this is a terrifying pandemonium.
It’s even worse in that it’s not wrong.
“First of all, aside from those who could be used as the finance minister, there were a few people who could be used for the finance department.”
“Can the Federal Reserve be chaired by former Secretary Ryman Gage?”
“…Yeah, I’d love it if former Secretary Gage allowed it. You’re capable. You’ve got Wall Street experience.”
In fact, it could be said that this period itself was the period in which capitalism was born in earnest, or precisely, the period in which the influence of Wall Street rapidly expanded.
Although the father played a big role, and although everyone interprets it differently, it can be said that the period when the influence of Wall Street spread to the whole of America was from the end of the Gilding Age or the beginning of the 20th century.
If you look at the career lists of high-ranking officials in the US federal government, including the Senate and House of Representatives, most of them have Wall Street or banking careers, except for most legal figures.
“Hmm. So someone. Your pick is.”
“Two of them. William Rockefeller, current director of Citibank, and Andrew Mellon, director of Mellon Bank.”
“Um. There’s a mix of people I hate and people I’m okay with.”
“Unfortunately, of the two, Director William Rockefeller is the most likely.”
“…..f*ck.”
Both are oil related.
Standard Oil’s Rockefeller and Texas Petroleum’s Melon. First of all, although the two participate directly, they usually participate as investors or financial partners.
“The US oil market continues to grow. Not only that, but the international oil market itself is expanding. There is a movement to run warships with oil, especially the Royal Navy.”
In actual history, around 1903, the Royal Navy started moving for petroleum fuel.
to build an oil storage base in their own country.
However, because of my intervention, by the end of 1903, the oil storage facilities were being completed.
“It seems inevitable that the Treasury will intervene in the oil market. In particular, cooperation with Standard Oil and Texas oil companies is essential. In the future, the era of oil is coming. The era of Standard Oil before is ridiculous.”
“…I knew it through the Ministry of the Navy, but hearing it with your own mouth makes me feel it even more.”
“Not only that.”
I spread out the world map on the desk.
He glanced through the old-fashioned map through the eyes of a hawk, and pointed at Russia with his pen.
“Are you aware of the sanctions network against Russia?”
“The newly established State Department’s intelligence agencies reported a report. At first, I was terrified, but I thought it was not going to spread, so I destroyed all the documents.”
“Well done. Anyway, it has been over 4 years since deflation pushed the Russian market down. What will happen to the international market if oil and coal prices are down for 4 years?”
“Over the past four years, the logistics network has grown and became denser. Your Pacific route has not been completed by now. It was very deliberate on the Great Northern Railroad in Director Hill.”
heel line.
The world in which I intervened, the Pacific route that has been pioneered since the American War. It was a new route pioneered by Director Hill, led by the Philippine company, the Bank of Japan for Settlement and the U.S. Navy.
“Yes, thanks to that, logistics prices have come down a lot over the past four years. I think I said it before…”
“I told you.”
“Anyway, for that reason, the world’s lowest price of oil has been in the last four years. There was even a time when the $0 level broke.”
There was even a time when the international oil price fell to 0 dollars because of the release of stockpiles at once.
“The oil war will break out in the future. They will rush to gather oil supplies from all over the world. The UK and the US have already entered this market through the cooperative relationship of sanctions against Russia.”
“What does that mean?”
“It means that the small oil companies in the international oil market have gone bankrupt. We’ve been expanding for four years.”
“What oil companies are surviving now?”
“Standard Oil, Texas Petroleum, Royal Dutch, Cell, and Bra Novel are the five major companies.”
“Five….”
“But first, the US needs to solidify its domestic market. In fact, the oil market does not mean a monopoly. Market players are replaced as soon as a new oil field bursts. Instead, an oligopoly is essential.”
“You’ll need to link up with other administrative departments.”
“As head of the Treasury, I just do what the Treasury can do. So I want to put either William Rockefeller or Andrew Mellon into the Treasury.”
“It would be suitable for the assistant secretary of finance.”
“Yes.”
“For now, I’ll support Andrew Mellon. Bringing in the already steadfast Standard Oil will lose its meaning and we have an obligation to protect Texas Oil.”
“I think Andrew Mellon, on the other hand, would be more suitable for a real ministry like the Department of Commerce or the State Department. William Rockefeller would be better for the Treasury Department. In many ways.”
“Okay…..”
Roosevelt was not very fond of it.
But in the future when oil becomes important, Rockefeller could not be ignored. There was a sense of ‘I’m going to tear it apart’ at once, but Roosevelt controlled his mind.
“Huh, if you think about it coolly, you’re right. But I think it’s right to keep a check on Rockefeller. The personnel action that puts him directly into a department that will directly affect Standard Oil, such as tariffs, in the Treasury is the opposite.”
“So what?”
“Let’s appoint him as Treasurer. It can influence him indirectly, but he has no direct authority over the real economy. It’s perfect. The president of the bank is also from Citibank, a large New York bank.”
“…..okay.”
“It’s a bit distasteful to see the Rockefeller family’s signature on the US dollar bill alongside yours, but you can’t be swayed by your personal feelings. Let’s just know that.”
I nodded.
“Yeah, that’s enough. I’m tired of the real thing for a while because of steel, so I’m going to leave the direct intervention to the Ministry of Commerce or the State Department. I will take indirect measures financially,”
The Minister of Finance has been appointed.
The next chairman of the Federal Reserve was also appointed. In fact, all the key positions to be appointed immediately have been decided.
It was time to start slowly with Russia.
Roosevelt looked at me with a serious expression on his chin.
“Oil market, does our new finance minister have any insight?”
“Any insight?”
“Iron mine, your eyes on the veins are crazy. There are a lot of people selling them.”
“ah.”
I owned almost all of the new iron mines in Australia and the US. Because I knew the iron mine map.
I know the iron mine map, but I don’t know the oil map?
no way.
“Now, the United States must also jump into full-scale at the national level. The oil market.”
f*ck.
Me and Roosevelt looked wickedly at each other and grinned fiercely.
＜ The youngest finance minister. (2) > end
