From legendary short seller to god of American capital

Chapter 380 Durant, a Lifelong Rival? Kennedy, Always Thinking Good Things

William Durant was born on December 8, 1861, and was not yet 32 ​​years old at the time.

Like Larry, he was also from Boston. However, his background was much better than Larry's. His maternal grandfather served as the first governor of Massachusetts after the American Civil War.

Durant was restless and disliked studying from a young age. He dropped out of school at 17 and became a clerk at his grandfather's lumber mill.

Soon, his talents as a salesman and in business management were unleashed.

Before he was 20, he had expanded his business into any profitable industry, including patented drugs, cigars, and real estate.

At the age of 24, the young Durant had already become a partner at Flint Insurance Corporation, one of the largest regional insurance companies in the United States.

In 1886, Durant developed a strong interest in carriage manufacturing. He invested $1500 and, together with another partner, established a carriage manufacturing company.

When Durant started out, he saw the potential in a new type of carriage with spring-loaded shock absorbers. Instead of manufacturing and selling them himself, he borrowed money to buy an entire nearly bankrupt factory, then placed orders with the largest carriage manufacturer in the country at the time to produce springs. He then installed them on his own carriages, branded them with his own name, and sold them.

His carriages became a sensation, even affecting carriage manufacturers who produced springs. Durant only paid for the springs after his factory had become incredibly popular.

In just a few months, he completed a seemingly impossible huge order, making a fortune out of nothing and becoming famous overnight!

Subsequently, Durant used his amazing marketing and integration talents to transform his carriage company into the largest company in the United States, and acquired a number of rival factories that had gone bankrupt due to its competition, thus completing a comprehensive integration from the industrial chain to technology.

Today, Durant has become one of Chicago's biggest manufacturers and one of the youngest and most talented millionaires!

Half an hour earlier, when Kennedy was telling Larry about Durant, his tone was full of undisguised admiration.

And now, in Larry's eyes, this young millionaire truly possesses an intelligence and emotional intelligence that no one can hide.

Back to the dinner party.

Durant stood up, first giving Cleveland a slight nod, then casting a knowing and respectful glance at Pullman, his posture perfectly appropriate.

"Grover's (Cleveland's name) compassion for the people's hardships was deeply moving, while George's (Pullman's name) adherence to order and contracts was the cornerstone of prosperity! Isn't the reason why Chicago has become the jewel of the Midwest precisely because it combines the passion of pioneers with the discipline of builders?"

Durant's words cleverly elevated the debate from a matter of "right or wrong" to the level of "Chicago spirit," giving both sides a way out.

Then, he changed the subject and continued, "Speaking of wheat prices and my father's dinner table—it reminds me of those numbers that are jumping around in the stock exchange every day."

The city beneath our feet is not only a railway hub and the heart of industry, but also the lifeline and price setter for the nation's food supply. Every train whistle affects the joys and sorrows of farmers thousands of miles away.

Durant paused briefly, letting the keywords "wheat" and "Chicago" resonate in everyone's ears, before continuing, "Regardless of our arguments about methods, I think the goal is the same. We want trains to run on time, and food to flow smoothly. We want factory chimneys to be smoking, and every family that depends on all of this to see bread on their table tomorrow—not bread that fluctuates with futures prices. Market price volatility turns everyone's life into a gamble. This requires more than just sympathy or an iron fist, gentlemen—"

'

Durant raised his glass again, his gaze sweeping over Cleveland, Pullman, and everyone else at the table who held the city's fate in their hands. Finally, his eyes, seemingly casually, glanced in Larry Livingston's direction, even briefly meeting Larry's gaze—

What he needs is to operate like a machine, allowing compassion, the spirit of contract, the power of capital, and the wisdom of policy to find that single lubrication point that makes all the gears turn harmoniously. Perhaps that is what we should truly be toasting to here—the "Chicago Consensus"?

At first, everyone at the table remained silent, but after Durant mentioned the "Chicago Consensus," some people started nodding in agreement.

Durant's "what to do" question didn't provide an answer; instead, he posed a more sophisticated question.

Durant's words may seem like a mere attempt to smooth things over, but in Larry's eyes, he instantly overshadowed a veteran industrial capitalist and a presidential candidate, and in just a few words, he found an opportunity to maximize his own interests.

The attendees noticed his emphasis on "Chicago," and this bold "emphasis" was actually meant to highlight the importance of local wealthy capitalists to the Democratic Party.

In the eyes of the Democrats, he avoided a confrontation between Cleveland and local financial backers. He also subtly positioned himself as a spokesperson for Chicago's financial backers.

Impressive! Absolutely impressive.

Durant laughed loudly, downed his drink in one gulp, and exclaimed, "To the future of Chicago, to its ever-pulsing heart—cheers!"

His remarks avoided a direct confrontation of positions, while drawing everyone's attention to Chicago's core function as an economic lifeline. They also subtly implied Cleveland's focus on people's livelihoods and Pullman's emphasis on order, concluding with an inclusive toast.

The instant easing of the atmosphere demonstrated his maturity and composure far beyond his years. A few soft laughs and sporadic applause rang out from the table, and everyone raised their glasses for a sip.

The taut string quietly loosened.

Larry sat at a distance, silently finishing his drink. Durant's words were impeccable, but what truly made Larry's expression turn serious was Durant's seemingly casual glance at him at the end.

That morning, Kennedy's description of his shorting wheat trade was still fresh in his mind. That evening, this man named Durant looked at himself again—was Larry wondering if he had secretly become the focus of these wealthy men's attention?

This isn't paranoia; it's a disturbing concern from those in positions of power.

Larry couldn't help but become more vigilant.

Of course, Durant's words also highlighted his understanding: he not only saw the bread on the table, but also clearly saw the huge capital and logistics network behind the bread, from farms to stock exchanges, and then radiating across the country via rail.

This perspective, more akin to that of later generations, made Larry very uncomfortable. He immediately recalled Kennedy's introduction of him:

Durant made a fortune from the surge in demand for horse-drawn carriages during the railroad strike, but he did not blindly expand his production capacity.

Instead, he acquired several short-haul freight companies that were on the verge of bankruptcy due to the railway paralysis at low prices, and began lobbying the state legislature to promote a bill called the "Interstate Highway Fund".

This seemed like a fantasy to people at the time, but Larry instantly saw through it—Durant must be planning ahead for a logistics network that doesn't rely on railways.

What is this? It's so hard to guess!

Larry even had a familiar feeling of same-sex repulsion.

Could it be that the other person is also a time traveler?

Thinking of this, Larry frowned slightly and looked at Durant again. Durant was also looking in their direction.

Their eyes met briefly, then they looked away.

Back in his hotel suite that evening, Larry tossed his coat onto the cool back of a high-backed chair, casually unbuttoned his tie and shirt, and plopped down on the sofa.

Outside the window, the autumn rain in Chicago began to fall quietly, the fine raindrops streaking across the glass.

Larry remained silent, watching the streetlights outside the window shimmer and turn into a dim, yellowish glow in the mist. He thought about many things, yet it was as if he thought about nothing at all; his mind was filled with meaningless white noise.

Don't rush—let's sort these things out from the beginning!

Larry took a long breath, then stood up and poured himself a glass of whiskey.

The amber liquid swirled in the glass. Larry focused his attention on the glass in his hand, trying to think of nothing else.

After a while, the chaotic thoughts in my mind gradually calmed down.

After a while, the room became so quiet that you could hear your own heartbeat.

At this point, Larry felt relieved and immediately remembered the deal Kennedy had made with him at the train station.

Kennedy's "two little requests" are quite interesting.

The first demand, according to Kennedy and even the top Democrats he represents, is that wheat prices plummet. This is because one of their driving forces in winning swing states is the plight of farmers.

This would allow them to launch a massive attack on the Republican Party's monetary policy and the negative consequences of the trade war.

Kennedy's request to Larry was to keep wheat prices low as much as possible. This involved very sophisticated operational skills, and Kennedy also promised that if Larry needed cash support, he could raise the issue, and the Democratic National Committee would find a way to provide it!

Larry didn't feel relieved when he heard this request; instead, he felt that he was starting to become the other party's "thorny stick," which was definitely not a good thing.

Profiting from factional strife is one's own idea. But if one ends up becoming someone else's tool while playing the game, that's when one's own dead end is reached.

Kennedy's other request was even more outrageous—he wanted Larry to create chaos in the commodity futures market so that farmers would think Wall Street was sucking their blood.

When Larry first heard this request, he had no idea what the other party's motives were. It seemed to offer no benefit whatsoever to the Democrats!

However, Kennedy later explained that this seemingly outrageous request was actually due to the presidential election.

It turns out that in the Midwestern states of the United States at that time, the Democratic Party's biggest opponent was not the Republican Party, but a newly formed third party.

Aside from cities like Chicago and Detroit, most Midwestern states are primarily agricultural. In these areas, the Republican Party, representing large factory owners and capitalists, is inherently disadvantaged.

Because most people here are small farmers and ordinary pioneers, typical rednecks. They are more easily swayed by populism.

James Weaver was a Union general and Republican congressman during the American Civil War. But after a few years, Mr. Weaver left the Republican Party and began to voice his own political demands.

He believed that railways should be nationalized to break the monopoly of major railway companies on grain transportation and reduce freight costs.

He believes that all those large companies should be punished and broken up. Anti-monopoly measures will free farmers from being exploited by "middlemen."

More importantly, Mr. Weaver believed that the money supply should be increased to drive up the price of agricultural products so that farmers could pay off their debts. This was the most popular monetary demand in the Midwest for the freedom to mint silver coins.

At that time, in the American Midwest, many people shared Mr. Weaver's view. They believed that the gold standard led to a tightening of the money market, which in turn increased farmers' debt and caused food prices to fall.

These people, who shared the same political views, founded a third-party political party in Omaha in 1890—the People's Party.

The party’s main political slogan was “Freedom to mint coins and mint silver coins.”

Currently, the People's Party's support is soaring in agricultural states. Weaver's campaign slogan is simple and effective: either mint silver freely or die of starvation!

Farmers in the Midwest repeated these words and concluded that their difficulties were caused by the gold standard dollar.

The most paradoxical thing is that the Democratic Party's basic demand at this time was to abolish the gold and silver dual standard and fully return to the gold standard.

This political ideology clashed dramatically with the general perception of farmers in the Midwest.

Recently, wheat futures in Chicago have fallen sharply, and spot wheat prices have collapsed accordingly. Because both wheat futures and spot prices are declining, oat and corn prices are also falling.

The BJP has attributed the decline in food prices to deflation caused by a gold shortage. This simplistic logic has garnered the BJP more sympathy and votes in the west.

For the Democratic Party to gain more votes in these states, it needs to prove that the People's Party's perceptions and demands are problematic.

At least partially, it needs to be proven that their political demands are completely unreliable!

Larry closed his eyes, and the image of Kennedy on the train platform suddenly became clear—a look unique to politicians.

A calculated chuckle.

"Larry, I need you to create chaos in the futures market so that farmers think Wall Street is sucking their blood, and that it has nothing to do with gold or deflation."

This is the only way to ensure that the Democratic Party's demands regarding currency can still gain the approval of ordinary people. After all, whenever market turmoil occurs, we can mobilize public opinion and blame it on greedy Wall Street—after all, Wall Street doesn't care about adding another accusation to their name.

Having been influenced by the internet-based political party system in his previous life, Larry immediately understood the Democratic Party's logic.

The People's Party's narrative is that peasants are poor because of deflation caused by the gold standard. The current bimetallic standard is fundamentally flawed, and the ban on silver coins should be completely lifted. Supporting free minting of silver coins is, in effect, supporting the People's Party itself.

The Democratic Party's agenda is to create the illusion of "Wall Street sucking blood," making farmers believe that their poverty is caused by monopoly capital and Wall Street. The Democrats promise to fight monopolies, so people should vote for them.

This is a shift in mindset, all aimed at defeating the ruling Republican Party.

The People's Party's prescription was free minting of silver coins, while the Democratic Party shifted this narrative logic, directing the conflict at Wall Street, thus turning it into a political demand primarily based on the Democratic Party's anti-monopoly stance.

Right now, the Democratic campaign committee is trying every means to distort public perception and create a stock market turmoil that everyone is supposed to be doing their job of, and you are the most emotional and direct proof of that.

The problem is that Kennedy's two demands are fundamentally contradictory—on the one hand, he wants a stable decline in food prices, and on the other hand, he wants the futures market to be volatile.

Mr. Kennedy is really dreaming of getting married; he's always thinking about the best things!

Larry couldn't help but complain.

but-

Larry suddenly opened his eyes, a smile playing on his lips. What others might perceive as a contradictory and impossible event was actually something he had been secretly planning all along!

Despite their different motivations and ways of thinking, Larry's previous planning perfectly aligned with the demands of the Democrats today!

Of course, my initial plan was only to manipulate futures prices. But now, thanks to the Democratic Party's campaign strategy, I can make an extra profit!

Of course, the most crucial thing is to manage the pace well and not let the Democrats think they are their tools.

Another point is how to maximize one's own benefits amidst this great chaos of the future!