The Panic of '89 [antikvár]

Foreword to the Charter editionOn Black Monday, October 19, 1987, panic struck Wall Street. The stock market plunged 23 percent, and over half a trillion dollars was lost in a space of six and a half hours. During the next 24 hours, similar crashes occurred in Tokyo, Hong Kong, Zurich, Frankfurt and London.The whole world held its breath, fearing that the debacle which began on Wall Street could lead to much worse. It didn't. Instead, this time the collapse was contained to the stock markets of the world.But what about next time? And there will be a next time, since the problems that led to the first panic this warning signal remain unsolved.As I see it, next time will be much worse, since the meltdown on Wall Street was just the precursor to a crisis in our entire economic system, one that is now just waiting to happen. When will the next crisis occur? Probably in 1989.This is the story of that next time The Panic of '89. Let's hope it remains what it was originally intended to be: fiction!PAUL ERDMAN