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The Epic Interactive Encyclopedia 1998
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Epic Interactive Encyclopedia, The - 1998 Edition (1998)(Epic Marketing).iso
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Black_Monday
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INFOTEXT
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1992-09-03
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A worldwide stockmarket crash that began
19 Oct 1987, prompted by the announcement of
worse-than-expected US trade figures and the
response by US Secretary of the Treasury,
James Baker, who indicated that the sliding
dollar needed to decline further.
This caused a world panic as fears of the
likely impact of a US recession were voiced
by the major industrialized countries.
Between 19 and 23 Oct, the New York Stock
Exchange fell by 33%, the London Stock
Exchange Financial Times 100 Index by 25%,
the European index by 17%, and Tokyo by 12%.
The total paper loss on the London Stock
Exchange and other City of London
institutions was 94 billion. The expected
world recession did not occur; by the end of
1988 it was clear that the main effect had
been a steadying in stock market activity and
only a slight slowdown in world economic
growth.