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Update from May 9 weblog

May 15, 2014

On May 9 I wrote in a weblog that Jacob Schiff, the banker from Kuhn Loeb & Co. had helped finance the Russian Revolution. It was really the Western Bankers Revolution to overthrow the Russian monarchy.


I mentioned that Schiff had written a congratulatory note for a revolutionary celebration in New York City, but that I had lost it over the years. Someone found a copy and sent it to me.


The Friends of Russian Freedom had sowed 50,000 seeds of liberty in 100 Russian regiments. I do not know how many of these officers and men were in the Petrograd fortress last week, but we do know what part the army took in the revolution.”

Then was read a telegram from Jacob H. Schiff, part of which is as follows: “Will you say for me to those present at tonight’s meeting how deeply I regret my inability to celebrate with the Friends of Russian Freedom the actual reward of what we had hoped and striven for these long years.”[9]

The reaction to the Russian revolution by Schiff and indeed by bankers generally, in the USA and London, was one of jubilation. Schiff wrote enthusiastically to the New York Times:

"May I through your columns give expression to my joy that the Russian nation, a great and good people, have at last effected their deliverance from centuries of autocratic oppression and through an almost bloodless revolution have now come into their own. Praised be God on high! Jacob H. Schiff." [10]

Writing to The Evening Post in response to a question about revolutionary Russia’s new status with world financial markets, Schiff replied as head of Kuhn, Loeb & Co.:

"Replying to your request for my opinion of the effects of the revolution upon Russia’s finances, I am quite convinced that with the certainty of the development of the country’s enormous resources, which, with the shackles removed from a great people, will follow present events, Russia will before long take rank financially amongst the most favoured nations in the money markets of the world." [11]

Schiff’s reply reflected the general attitude of London and New York financial circles at the time of the revolution.

See also this newspaper clipping from 1917:


As you can see, Western bankers have been fomenting revolutions for a very long time. The present situation in Ukraine is no different. But this time Putin has registered his objection, and for that he is vilified by the Western Press.

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