Part 7/10:
The events of 1857 highlight this dynamic well. During a financial panic, George Peabody's firm faced immense pressure while seeking assistance from London investors. At the heart of the crisis was a loan from the Bank of England, facilitated through powerful London houses. This interconnectedness with the City became a flashpoint for J.P. Morgan, whose family legacy became intertwined with Britain's financial elite, showcasing an undeniable reliance on London banking.