Liaquat Ahamed - 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World
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Episode: Liaquat Ahamed - 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World
Pub date: 2026-08-03
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In this episode of A Book with Legs, Cole Smead, CEO and Portfolio Manager, and Bill Smead, Chairman and Chief Investment Officer at Smead Capital Management, sit down with Liaquat Ahamed to discuss his book, “1873: The Rothschilds, The First Great Depression and the Making of the Modern World.”
Liaquat Ahamed explores 1873 as the first truly global financial crisis, centered on the Rothschild family, then the wealthiest bankers in the world. The conversation traces how the Rothschilds nearly collapsed in 1848, losing 40% of their capital, only to rebuild over the next 25 years into a bank controlling a third of the entire European banking system. Liaquat and the Smeads discuss how market psychology moves in generational cycles, why it can take a full generation to recover confidence after a crash, and how President Grant’s decision to defend the gold standard during the 1873 panic prolonged deflation across the U.S. economy.
“1873: The Rothschilds, The First Great Depression and the Making of the Modern World,” published by Penguin Press, is available now.
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