Discussion about this post

User's avatar
Lewis Coleman's avatar

For my part, I believe that the real cause of the sinking of the Titanic was that it had a spontaneous fire in one of its coal bins even before it departed from Ireland for the United States. The ship’s captain gambled that they could consume enough coal to empty the coal bin and stop the fire en route across the Atlantic, which explains the extraordinary speed of the ship when it hit the iceberg.

Expand full comment
Lewis Coleman's avatar

Grok also had this to say: Is there any evidence that Benjamin Guggenheim opposed the formation of the Federal Reserve?

There is no definitive, credible evidence in historical records or reputable sources that Benjamin Guggenheim actively or publicly opposed the formation of the Federal Reserve, which was established in 1913, a year after his death on the Titanic in April 1912. The claim that Guggenheim, along with other wealthy Titanic passengers like John Jacob Astor IV and Isidor Straus, opposed the Federal Reserve is a persistent narrative in conspiracy theories, particularly in online discussions and some X posts. Below is an analysis of the claim and the available evidence:

Analysis of the Claim

Origin of the Theory: The idea that Guggenheim opposed the Federal Reserve often stems from conspiracy theories suggesting that wealthy individuals like Guggenheim, Astor, and Straus were deliberately targeted in the Titanic disaster because they opposed the creation of a centralized U.S. banking system. These theories frequently implicate figures like J.P. Morgan, a key supporter of the Federal Reserve, who was scheduled to sail on the Titanic but canceled his trip.

Historical Context: The Federal Reserve Act was signed into law on December 23, 1913, after debates that intensified following the Panic of 1907, which exposed weaknesses in the U.S. banking system. Discussions about a central bank were ongoing in the years leading up to 1912, notably through the Aldrich Plan (proposed in 1910–1911) and the National Monetary Commission. However, there is no primary source evidence—such as letters, speeches, or business records—linking Guggenheim specifically to opposition against these efforts.

Guggenheim’s Background: Benjamin Guggenheim was a mining magnate whose wealth came from the Guggenheim family’s mining and smelting enterprises, particularly through the American Smelting and Refining Company (ASARCO). His business interests were not directly tied to banking or monetary policy, unlike figures like J.P. Morgan or other financiers involved in the Federal Reserve debates. There is no record of Guggenheim engaging in public or private advocacy against a central bank.

Evidence from Sources

Primary Sources: No known documents, such as Guggenheim’s correspondence, business records, or contemporary newspaper articles, indicate he took a stance against the Federal Reserve. Archival materials from the Guggenheim family or ASARCO, available through institutions like the Library of Congress or the Solomon R. Guggenheim Museum archives, focus on mining and philanthropy, not banking reform.

Secondary Sources: Reputable historical accounts, including biographies of the Guggenheim family and Titanic-related studies (e.g., Walter Lord’s A Night to Remember or Encyclopedia Titanica), do not mention Guggenheim’s involvement in Federal Reserve debates. Academic sources on the Federal Reserve’s formation, such as The Creature from Jekyll Island by G. Edward Griffin (a controversial book often cited in conspiracy circles), lack primary evidence tying Guggenheim to opposition.

Web and X Searches:

Web sources, like posts on Reddit and articles from outlets such as Business Insider or CBS News, dismiss the Federal Reserve-Titanic conspiracy as speculative, noting the lack of evidence connecting Guggenheim, Astor, or Straus to anti-Federal Reserve activism. For example, a Reddit thread from 2019 critiques the theory as “flimsy” due to the absence of contemporary records.

Recent X posts (searched as of May 27, 2025) occasionally repeat the claim, often alongside conspiracies about J.P. Morgan or the Rothschilds, but these posts cite no verifiable sources and rely on anecdotal or fabricated narratives. For instance, one X post from 2023 claims “Astor, Guggenheim, and Straus were against the Fed, and look what happened,” but provides no documentation.

Jewish Conspiracy Angle: Some versions of the theory exploit Guggenheim’s and Straus’s Jewish heritage, tying their alleged opposition to antisemitic tropes about Jewish financiers controlling global banking. These claims are baseless and lack historical grounding, as the Guggenheim family’s wealth was in mining, not banking, and no evidence suggests they were involved in monetary policy debates.

Counterpoints and Lack of Evidence

Timing: Guggenheim died in April 1912, before the Federal Reserve Act was finalized or widely debated in its final form. While the Aldrich Plan was discussed in 1910–1911, it was unpopular across many groups, and there’s no record of Guggenheim’s specific opposition to it.

Business Interests: Guggenheim’s focus was on mining, not finance. Unlike J.P. Morgan, who had direct stakes in banking and supported the Federal Reserve, Guggenheim’s enterprises would not have been significantly impacted by a central bank, reducing the likelihood of his involvement.

Survivor Accounts: Titanic survivor testimonies and inquiries (e.g., the U.S. Senate Titanic Inquiry of 1912) focus on Guggenheim’s actions during the sinking—helping others and facing death with dignity—without mentioning political or financial stances.

Conspiracy Weaknesses: The theory relies on the assumption that the Titanic sinking was orchestrated, which contradicts evidence of the disaster’s cause (iceberg collision due to navigational errors). Additionally, many Federal Reserve supporters, like Senator Nelson Aldrich, were not on the ship, undermining the narrative of a targeted elimination.

Conclusion

There is no credible evidence that Benjamin Guggenheim opposed the formation of the Federal Reserve. The claim appears to originate from conspiracy theories lacking primary source support, amplified by speculative online content. Historical records focus on Guggenheim’s role as a mining magnate and his actions on the Titanic, not on banking or monetary policy. If you’re seeking specific documents or want me to analyze related sources (e.g., Guggenheim family archives or Federal Reserve debates), I can dig deeper. Alternatively, I can explore similar claims about other Titanic passengers or the Federal Reserve’s history. Would you like me to proceed with any of these options?

Expand full comment
1 more comment...

No posts