Through the private business contacts of J. P. Morgan, supported by the business and political elite of the American Northeast, the Entente was carrying out a mobilization of a large part of the US economy, entirely without the say-so of the Wilson administration. Potentially, the Entente’s dependence on loans from America gave the American President huge leverage over their war effort. But would Wilson actually be able to exercise that power? Was Wall Street too independent? Did the Federal government have the means to control the activities of J. P. Morgan?
