Rothschilds, Railroads, & Ruin | Liaquat Ahamed on “1873” (New Book!)

Liaquat Ahamed, legendary financial historian and author, joins Jack to discuss his latest book, "1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.” Ahamed unpacks the 1873 financial crisis, explaining how Germany's abrupt move from silver to gold during a market panic triggered a massive global scramble for precious metals and severe deflation. He details the preceding infrastructure boom driven by the Rothschilds' bond market expansion, which eventually collapsed due to excessive railroad construction and the infamous Credit Mobilier corruption scandal. Transitioning to modern markets, Ahamed compares the 19th-century railway mania to today's trillion-dollar global AI and data center investment boom. He warns that fierce competition in the AI sector could lead to poor returns and a series of mini boom-bust cycles. While expressing concern over modern speculative bubbles in crypto and loose central bank policies, Ahamed remains hopeful that these technological innovations will spark a significant productivity jump. Recorded June 9, 2026.

“1873”: on Publish Penguin Random House: penguinrandomhouse.com/books/306461/1873-by-li…

“1873”: on Amazon: amazon.com/1873-Rothschilds-Depression-Making-…

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