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Mayer Amschel Rothschild

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2021-08-11

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2021-08-11

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1. “Sons were strong willed, difficult, impulsive men. He was afraid of their tempers. On his deathbed he urged them once more to remain united at all cost. It had become an obsession with him. He said on his deathbed Amshal, keep your brothers together, and you will become the richest men in Germany. Unfortunately, he didn't live to see how much of an understatement that was. That is where I'll leave it for the full story. Read the book. If you want to buy it, if you want to read the book, if you buy the book using the link in the show notes on your podcast player, you'll be supporting the podcast at the same time. That is 197 books down 1,000 to go, and I'll talk to you again soon.”

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2. “Last day on Earth after. Was carried back to the house where his condition grew worse. He called in his lawyer and revised his will. His main concern in his last hours was to secure the continued happiness and prosperity of his sons. He knew that riches came and went. He had seen in his lifetime fortunes dissipate through waste, vanity or infighting among heirs, fortunes he warned his son do not keep longer than two generations for two reasons one because housekeeping and other expenses are not considered two because of stupidity. In his will he avoided the disclosure of his total assets by simply selling his shares in the business and all other possessions to his five sons for nominal son, his love of secrets to the day he died, if you could think about that. He urged his dear children to relate to one another with mutual love and friendship. He knew his”

   2021-08-11 · Founders · #197 Founder of the Rothschild Family Dynasty · IDENTIFIED FROM THE TRANSCRIPT · source

3. “And two things before I get to his last day on this earth was that at this point, or excuse me not at this point, but his entire life, he could have lived anywhere he wanted to, his wealthy as he needed to be. He never left the ghetto. They had a slightly better house in the ghetto. I think they owned the whole thing instead of three eighths. But him and his wife, his wife would refuse to move away. He didn't want to move away. He just thought it was where he was born. That's where he's going to live. And it gets a little better now that the control, like the masters of Frankfurt are different. But it's just found that very interesting and surprising. And then just to bring you up to date, this happens before he dies from this date on. The House of Rothschild's trading goods of all kinds declined. Nathan was leading the family to a more lucrative field. He was becoming to play an active role in English war effort. So this is where they're going all in on finance and banking. All right, so this is Meyer Rothschild.”

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4. “Fortune, and when you've got it, it requires 10 times as much wit to keep it. That gives you an insight into the extreme, extreme outliers that you and I are studying at this moment. These are not by any means normal people. They are not balanced. They are completely in.”

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5. “So this is a year before Meyer dies. It says his astonishing concentration on business continued as before. They call him an old, single minded self. Okay, so it does not seem like he had much room in his life for many things other than his business. I'm not going to spend too much time, like I said, on the sons. This book's almost over, but I do want to pull a quote from his son Nathan, who inherited that exact same mindset. It says, Nathan was single-minded in his pursuit of business and more business. He was at a dinner party one time and someone expressed a hope to him that Nathan's children were not too attached to business. On the contrary, Nathan answered. He's like, no, I wanted to do this. I wish them to give mind and soul and heart and body and everything to business. That is the way to be happy. It requires a great deal of boldness and a great deal of caution to make a great”

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6. “By the parties and their decisions was final. They reflected an overriding desire to perpetrate unity among the brothers, prevent the dispersion of capital, and retain the compact, disciplined, well coordinated character of a family firm.”

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7. “absence of Nathan's name in this document is noteworthy. He was not, however, disinherited. On the contrary, Nathan was on the best terms with his family. Ampshell, I don't know how to pronounce his name, Amschell, was four years older than Nathan, but recognized Nathan's superior ability. He wrote, he deferred to Nathan, calling him our dear and wise teacher. Nathan's name was left out of the official document because as an English citizen living in enemy territory, it was deemed politically wise at the time, so another secret here. The document throws a fascinating light on Rothschild's evolving dynastic scheme, the line of succession would be strictly limited to male offspring. The partners and their errors were enjoyed not to molest the company with litigation. Keep it private, right? Litigation is public. Heavy penalties were foreseen for breaking this rule. All differences had to be submitted to neutral arbiters.”

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8. “partnership agreement they had been junior partners and a firm directed exclusively by their father the new partnership because he's almost dead here you know he's in the 60s the new partnership agreement refined these roles and established a new delicate balance between the chief and his grown up sons the sons were authorized to commit the firm and given the right to signature the new deeds stimulated their industry by granting them more substantial shares in the business profits so now they have more skin in the game it paid homage to their father's proven industry good business sense and experience who through his tireless activity from youth to advanced age was the sole cause of the present flourishing state of the business and the worldly happiness of his children in other words this guy is the generational inflection point for the Rothschilds talks more about this partnership agreement and why was set up this way”

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9. “So it says, and this is where they're like laying them out, you know, some weird, there's definitely some weird shit here, right? Lots of them wind up marrying nieces. They're marrying cousins, which is semi-common. Then he was intent on keeping in the family in more ways than one. Obviously, they were forbidden to pass any kind of inheritance. It only had to go through the son because they didn't want a Rothschild woman to marry another person that's not a Rothschild. And then that dude has some access to their wealth. They did this very much like nobility. It made you marry other members of the family and stuff like that. Like you have uncles marrying nieces and that kind of thing. But this idea that we are keeping the family unit is the strongest single structure in human history if we can keep it together. And that's the way I would think of, that's how my interpretation of how Rothschild thought, right? So he says, in the old agreement,”

   2021-08-11 · Founders · #197 Founder of the Rothschild Family Dynasty · IDENTIFIED FROM THE TRANSCRIPT · source

10. “And so this is what the family learned from this experience. The experience served as a warning to Sierra more cautious course between the exiled Wilhelm and the new masters of Frankfurt. Henceforth, the Roche, and they also realized, hey, we're not going to be like we're too concentrated. We need to serve not just this guy that has a vast fortune, but let's go out and find all the states that can use our services. Henceforth, the Rothschilds would no longer limit themselves to the service of a single sovereign. And it's at this point where all the sons are now grown. He spreads out and they're laying the foundation. The chapter is called forging the dynasty. And that's the great way to think about this. It says on September 27th, 1810, Russia and his sons drew up a new irrevocable partnership agreement. This is very important. And again, I'm just very fascinated by things that last a long time. Especially things that can be done outside of one lifetime. It's like catnip to me. It's very fascinating.”

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11. “Spread out to take care of all the details. They go to Hamburg. They go to Dunkirk. They go to Ambrose. Rothschild coordinated everything. French attempts to stop them were half-hearted and ineffective. So it was during this, there's all these rumors that you're involved, you're laundering money for this guy we kicked out of here, you're selling goods, but Rothschild's too good to get cart. Too good to get caught, much too smart. So they come to his house. They're like, we're going to catch you now, buddy. The investigation now turned in the direction of Rothschild. The investigator suspected that Rothschild was administering the exiled Wilhelm's fortune and that he had been the channel through the recent uprising had been financed, but he lacked proof. So some of that money went to hiring like a militia to try to get his lands back. That failed though. So anyways, they show up at his house. Nothing like this had been seen in the ghetto for a long time. Rothschild and his two sons were placed under house arrest. The house was systematically searched.”

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12. “So his son Nathan is in England and he has access to all these goods, and so they're going to have this huge markup. It says less than a month after Wilhelm had given Rothschild access to his money, Napoleon provided him with a golden opportunity to put it to profitable use. Napoleon announced the closure of all the continental ports. He says Napoleon says no ship which comes directly from England or her colonies will enter many of my harbors. All trade with England was prohibited. Napoleon had not reckoned sufficiently with the ingenuity of the Frankfurt merchants from the Rothschilds down to the last peddler, all threw themselves with gusto into trade in contraband English goods and made a good deal of money. The trade in English and colonial goods never flourished in Frankfurt so much as it did after the imposition of the French blockade. Rochefuns played a major part in the orchestration of this boom. His brothers were in attendance at all ports of call to forward the merchandise on the brothers.”

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13. “So, there's examples in the book where even sometimes this is downplayed, Nathan winds up saying publicly, like, yeah, this guy sent us a bunch of money. And this is years after his dad died. But anyways, this opportunity, Napoleonic Wars are giving them an opportunity to get really rich because they can define Napoleon. Napoleon says, hey, we're not importing any lands I have controlled. You're not importing anything, any English goods. And so what happens is when you pass that law, it's not like they're going to stop importing goods. It becomes a black market and things on the black market are a lot more expensive than if it was above board and you have all these people competing, right?”

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14. “Him as Rothschild builds up his own business here is default aggressive. He's not sitting around waiting like his competitors are. Other bankers mostly awaited orders to reach them in their offices, their trading halls. Rothschild went out to solicit them. Default aggressive. And so now we see Napoleon kind of wrecking shop. We see the cutthroat, that is Napoleon, realizing, hey, this guy over here in Castle, that's the name of the city. He's like really rich. So he says Napoleon ordered his troops to march on Castle. His generals were to arrest Wilhelm and confiscate his treasures. Listen to how Napoleon ends the Hess. That's the family, right? The house of Hess will cease to reign.”

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15. “So the land grave, that's that Wilhelm guy, this is when Rocha starts acting as an international banker, international broker, because this guy's throwing, he has so much surplus of money and he doesn't know where to put it. So this is by helping Rothschild was able to gain access to Langgross funds. He was able to negotiate large loans to foreign governments at little risk for himself. He's using essentially the assets almost like a state asset. This guy's not like, it's not like a personal fortune. It's like the size of a state, right? And then using those assets and loaning it out to other, you know, with interest, obviously, to other foreign powers. The Landgrave had large surpluses and was ready to buy up large packets of foreign state bonds, much in the same way that pension funds today acquire shares and treasury bonds. As an institutional broker, Rothschild's function was to match Lund Langrave with the right borrower. He negotiated prices, rates of interest, and dates of maturity. And so we also see...”

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16. “He starts criticizing his bookkeeping. He says, if you are so disorderly, especially because you have no one to help you, you will become a victim of thieves all around. That's actually happened to Rothschild. His bookkeeping was very sloppy. Winds up being one person who's helping him wind up stealing quite a bit of money from him. A lack of, this is still in the letter he's writing to his son, a lack of order will make a beggar out of a millionaire. In my youth, I was, just as you are now, a very active merchant. But there was no order in my business. And he talks about, you know, I didn't have any, I was just schooled in religious. He's like, the reason was I was a student in the Talmud, but I had learned nothing of practical business. You have brains, but you need to learn to keep order.”

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17. “Another example of the Rothschild family benefiting greatly from war. These are the Napoleonic Wars. They just provide a massive opportunity. This time Nathan's in England. He says England was the center of the English, Manchester was the center of the English textile industry. Nathan was amazed to discover that prices there were sometimes a fraction of what they were in Germany. Large armies were gathering everywhere on the continent, and those armies had to be clothed and the demand for all kinds of cloth was constantly rising. Nathan threw himself into the challenge with the fervor of youth, and then we start to see we have all these correspondence between Nathan and his father. And so we see the way Rothschild parented. He was a critical and strict father. He anguished over Nathan's carelessness and disorganized work habits. Dear son, a father who has to think of the happiness of all his children must be excused if he wants to know the real state of your fortune. My dear Nathan, you must not be angry with your father. Unfortunately you are not very good in writing. You should engage a secretary.”

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18. “Nathan, who acted as though... So he winds up going to England and it says Rothschild was establishing his first foreign branch. I want to go back to that Rothschild MO though. The fact that your margin is my opportunity, he winds up getting a near monopoly because of that. Rothschild owed his success. He himself was more outgoing and quick-witted than his competitors, but he offered better terms. He practiced his old policy of maximizing volume by minimizing profits. His competitors, who for decades had handled the affairs, this is that Wilhelm guy were gradually squeezed out. And by 1807, Rothschild enjoyed a near monopoly.”

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19. “Biggest creditors at the time were becoming silent partners, our investors in his company. But, anyways, back to this, this is where Rothschild's going to establish its first foreign branch. That's like the famous blueprint, the Rosshaud blueprint, where he sends all his sons out to like the main cities in Europe. And then they collaborate extremely closely. And he tries for as long as he's alive, he basically is like the, what's the person that's in charge of the puppeteer, like the one that's pulling all the strings? And then eventually, you know, he still produces very formidable sons that wind up vastly taking the dynasty to just the stratosphere compared to where it was when the first Rothschild died. The bulk of his business was still trade, not banking, and more of it was in English imports. Young Nathan was in charge of this. And I'm just going to give you an insight. Again, I'm going to talk a lot more about Nathan in future podcasts. In 1978, Nathan had a conversation with one of these traveling salesmen.”

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20. “Little update on his again, I already said this, but again, it's not, did not all happen at once. He has several significant events that they give him one step up, but it's just, I'm going to grab the opportunity, gonna accumulate all that money, gonna throw it back in the business, and we keep expanding. This is where the nature of his business around 1797. The detailed description of 1797 reflects the nature of his affairs and the diversity of his main business partners. Debtors, as well as his creditors. They were located in Frankfurt and most other German markets, also in Vienna, Paris, Amsterdam, and London. And this is where he starts, so Russia, the House of Rothschild is thought of as like one of the first multinational banking institutions, as you can think about that. It's hard to categorize because they were very unique in what they not only how they raised their money, but also how they employed it. And the book talks a little bit about that. But let me finish the sentence. Some of Russia is a bit.”

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21. “To supply the Austrian army with wheat, uniforms, pack horses, and other equipment. In addition, he was to arrange the regular distribution of the soldiers' wages. Rothschild's profit as a pay agent and supplier of fodder to the Austrian military provided his first major capital accumulation. That is why I am reading that section to you.”

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22. “Like Churchill, Napoleon, you have to do Napoleon. He's constantly like, I'm interested in who influences the influencers, right? And when you go and study these entrepreneurs, they constantly referencing people like Napoleon, taking ideals from him, taking ideas from Churchill. So anytime I run down, I find people like that, I'm obviously going to run down biographies and do that in the future. I don't know when I got a huge queue and a large part is because I'm getting so many thoughtful recommendations from you guys. My queue is going to be hundreds, 500 books deep. I'm not going to have anywhere to put these books. France was relentlessly sucking Frankfurt into a maelstrom of international affairs. The large armies assembling nearby provided a natural market for enterprising businessmen. Rothschild secured a contract to supply. Remember, he's still doing a little finance, a little banking, but vastly reselling and wholesaling and stuff like that. Goods. Russia secured a contract.”

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23. “His sons quoted him as saying something three people know about is no more a secret. Something three people know about is no more a secret. I do have to tell you his sons are working with him in the business from the time from a young age. The books I'm reading for parts two and three, we're going to go into way more detail, especially with the son Nathan, I find. It's just really fascinating. So I'm omitting them from here because I really want to focus on the founder, the patriarch, the generational inflection point of the Rothschild dynasty. This is an example of them profiting from war. War breaks out and Rothschild services are in demand. See, when you think of these governments, they're not very sophisticated. They have like, they don't, a lot of the infrastructure and services they need, they have to go out and hire for. So Rothau takes advantages of the skills they lack by providing them. So there's English, Prussian, Australian war against revolutionary France. This is when Napoleon's going to come through and wreck shop. I do have a book. Eventually, again, almost all the biographies are going to be on entrepreneurs, but just...”

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24. “And so let's go back to this idea. Now, back to the book. This is another example of Rosshell's desire to hide his wealth and his love of secrets. There was little, if any, visible, if any visible wealth, right? The family's modest lifestyle did not reflect the true extent of Rothschild's accumulated riches, which he continued to channel back into the business. Now I just started the second book, and I'm not very far into it that I'm going to read for the next podcast. And it made me think of, because they kept referencing like vast wealth. And so I went to go look at some of these estates that the Rosschilds owned. It's unbelievable how such another direction that his ancestors or his sons and I guess future generations went away from what he thought was very important, which he continued to channel back into the business. This coupled with Rothschild's inborn compulsion to hide his still modest wealth, and he even taught this to his sons. And this is one of my favorite quotes in the entire book long after his death.”

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25. “We could use less telegraphing of our intentions, our ambitions, and see what secrecy, patience, and planning might accomplish. I'm going to interrupt my interrupt Ryan's writing there. That's exactly what my understanding of when I read this book on Rothschild. He secretly plotted. And in some cases, he has to secretly plot because he could wind up drawing unnecessary attention to him and because of his race or his religion, he could wind up being killed. We could use less telegraphing of our intentions and ambitions and see what secrecy, patience, and planning might accomplish. We could use a little more craziness and disruption, even from the people we disagree with. This book is my homage to that complicated idea told in part through the complicated story of one almost unbelievably conspiratorial act. Please use it wisely.”

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26. “Children shared two rooms under one roof. The most remarkable thing about the house, however, was a secret cellar that was built and was reached through a door concealed by a false wall, anything hidden and now not only is it hidden, then you have the secret cellar, but it's also connected to other. And he winds up getting police come to his house and stuff that happens later on in his life, and they don't find anything. And it's probably because he had the foresight to build this. Anything hidden in the cellar could not easily be found during the search of the house. And when I highlighted that, I didn't even know his house was searched. That comes towards the end of the book. A feature that would prove useful in later years. An underground passage led from the secret cellar to the secret cellar of a neighboring house. It was to pass easily and it was possible to pass easily an unseen from one house to another without going through the street or climbing the wall out back. And so one of the craziest books that I ever did for the podcast was.”

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27. “Take a quick tangent here in the book because another thing that when you study rationality realize that he believes the value of secrets, that secrets are extremely, extremely valuable. A lot of this has to do with the fact, you know, if you're flaunting your wealth, you're getting put in a cage and tortured to death, right? So I'm going to shut the hell up if I was Rothschild too. And a lot of this comes with why when you think of the word Rothschild, you have all these, you know, conspiracy theories. And so this is a little bit about the ghetto. They wind up building all these secret passages. There's rumors that he hid like when after Napoleon tries to take over Wilhelm's entire fortune, some of Wilhelm's fortune was hid in these secret tunnels. And I want to tie this together with something else I did in the past. So it says every recess on the walls in every free corner, behind every stairwell under the roof, and in the rooms upstairs was used for storage. Little actual space was left for living.”

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28. “So I'm skipping way ahead. This book is a very short book, but I have a ton of highlights. But he winds up becoming Russia becomes a court factor, so they call him the court Jew. And this is just, again, I don't want to deviate. The fact is he's building his business and he's still in prison-like conditions in the ghetto. In 1783, 14 years after his appointment as a court factor, Rothschild was finally granted one of those coveted gate passes that allowed a few privileged Jews to leave the ghetto at night and on Sundays.”

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29. “So his wife is obviously involved in the business as well. This is a whole family operation. And even where they were unbelievably wealthy, they never moved out of the ghetto and they wouldn't let their wealth. His wife winds up outliving him by 30-something years. And she was extremely resourceful. If she was alive today, she'd be a successful entrepreneur in her own right. Her name is Guttle, I think. Thrifty Guttall Rothschild spent only a fraction of their annual income on the household, and they pumped a large percentage of the money back into the business. The bulk of Rothschild's business was still trade at this point in their history. As a banker, he was still waiting for his main chance. Now this blew my mind, so he winds up making a good deal of money here because we have the American Revolutions going on. So he's in Europe, right? So in 1776, the enterprising Wilhelm”

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30. “He brought to work a certain natural flair, a knowledge of human nature, and a capacity to generate trust. As a rule, he preferred to minimize profits in hope of increasing turnover and consequently his prices were often lower than those of other dealers. He was ready to lower them and at times even take a small loss in hopes of more profitable business in the future. His affairs prospered during this year.”

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31. “Because it gives us like his basic philosophy. And again, these are basic business fundamentals. They worked in his time, they worked today, they work in the future. I'm just going to give you my note here. He studied human nature. He preferred lower prices and higher volume. He optimized for long-term relationships. He watched expenses and he invested most of his profits back into the business. Is that Rothschild or is that Jeff Bezos I just described?”

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32. “Some were furnished with, he would actually put the person's name. So it's like targeted down to the person's name. So you put your, not only is it leather and golden boss, but it has your name on it. Rothschild spent much time and effort on their preparation. Of course, he did. Each coin was carefully, oh, this is the important, he understood the importance of storytelling. Listen to how he describes this, or maybe copywriting. Each coin was carefully dated. Visually described and identified by its number in a recent scientific handbook. Unlike coins traded in the normal exchange of business, the value of rare coins and metals depended not on their silver or gold content, but on their beauty, history, and state of preservation. So he's telling the story. It's very similar to the value that you might get in art, right? Oh, this is the sentence I referenced earlier. The Frankfurt Commercial Register and Address Book of 1778 listed Rothschild as the city's only dealer in antiques, metals, and objects of display.”

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33. “Determination and sess. This is really more about his personality. He spent a large part of his time traveling between neighboring cities where he'd be introduced to these rich, like think of them as noble. His target market market was the rich. And why is that? Because he's going to start this mail order business. Think about he's doing mail order in the 1700s. How crazy is that? So he gets introduced to all these noble people that were interested in Rothschild's coins, jewels, metals, and other unusual items. And so he says he ran something like a mail order business in 1771. He published the first of several printed coin catalogs, which he sent out during the next 20 years at regular intervals to potential customers all over Germany. So it's like the king of Bavaria, the Duke of Weimar. I'm going to skip over listing all these people, but you get the point. Several of these catalogs were 10 to 16 pages long, and they still existed. You can still get copies of them. They were luxuriously bound in gold embossed leather.”

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34. “I write, I listen every time they speak. I got to talk to them for a few hours about investing. The things they said changed some of the actions I am taking in my work. Embrace peers in your field, have discussions with them. This is how you learn. This is the way to hone your ideas. Always share your best practices. Don't worry about proprietary advantage. It is a non-zero sum game.”

    2021-08-11 · Founders · #197 Founder of the Rothschild Family Dynasty · IDENTIFIED FROM THE TRANSCRIPT · source