Martin Armstrong has commented on this-
https://www.armstrongeconomics.com/international-news/nature/california-earthquakes-2/
"It was the 1906 Earthquake that set in motion the Panic of 1907 since the insurance companies were in NYC and the claims were in California. It was JP Morgan who stepped up to save the banks in NY and that became the model for how the Federal Reserve was created with 13 branches to manage the regional capital flows that resulted in the financial crisis in the aftermath of the 1906 San Francisco Earthquake which was a 7.7 on the Richter Scale."
Martin Armstrong has commented on this- https://www.armstrongeconomics.com/international-news/nature/california-earthquakes-2/ "It was the 1906 Earthquake that set in motion the Panic of 1907 since the insurance companies were in NYC and the claims were in California. It was JP Morgan who stepped up to save the banks in NY and that became the model for how the Federal Reserve was created with 13 branches to manage the regional capital flows that resulted in the financial crisis in the aftermath of the 1906 San Francisco Earthquake which was a 7.7 on the Richter Scale."