In 1911, the Olympic was the largest ship in the world, until a collision with a Navy cruiser damaged its hull and reportedly bent its keel. Its owner, J. P. Morgan, faced a costly repair bill and struggled to find anyone willing to cover the damage.
But the Olympic had an almost identical sister ship sitting unfinished in a Belfast shipyard: the Titanic. According to the theory, the two ships were secretly switched over an empty weekend, and the insurance coverage on the supposedly damaged vessel was increased to $12.5 million.
Morgan cancelled his suite aboard the Titanic, as did dozens of his associates. Meanwhile, three of the wealthiest men in America, John Jacob Astor IV, Isidor Straus, and Benjamin Guggenheim, were invited and boarded the ship and died during its sinking.
It is worth noting that these three men are often portrayed in theories as standing between Morgan and the creation of a central bank. Morgan was one of the most influential bankers in the United States, and the financial system in which he operated played a significant role in creating political pressure for banking reform. In the aftermath of the disaster, the theory suggests, the removal of these alleged opponents helped clear the way for the establishment of the U.S. Federal Reserve (the Fed).
The Why Files examines persistent historical theories surrounding the Titanic disaster of April 15, 1912. This investigation explores long-standing allegations of insurance fraud, a possible vessel switch, and the hidden motives of powerful financiers, examining the evidence to determine how much truth lies behind these enduring maritime mysteries.
