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# Follow the Money: The Panic of 1873
- URL: https://www.erensel.com/commentary/follow-the-money-the-panic-of-1873/
- Published: 2026-08-13T02:20:25.000Z
- Updated: 2026-08-13T04:14:04.000Z
- Author: Robert

[The Panic of 1873The Panic of 1873.pdf361 KBdownload-circle](https://www.erensel.com/content/files/2026/08/The-Panic-of-1873.pdf "Download")

The parallel for investors is today’s record deployment into artificial intelligence and private capital: large, opaque, mark-dependent capital flows merit scrutiny, while regulated banks operating under CECL should be better equipped to absorb a normal credit cycle.