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To: d:oug who wrote (39712)	8/27/1999 8:55:00 PM
From: baystock	Read Replies (1) \| Respond to of 116842

<<THE GLOBAL FINANCIAL CRISIS by Michel Chossudovsky The writer is Professor of Economics at the University of Ottawa and has written widely in issues of international finance and macro-economic reform. He is the author of "The Globalization of Poverty, Impacts of IMF and World Bank Reforms", Third World Network, Penang and Zed Books, London, 1997 . Copyright by Michel Chossudovsky, Ottawa 1997. All rights reserved. (This text can be posted, for publication in printed form, contact the author) . The author can be contacted at chosso@travel-net.com, fax: 1-613-7892050 .Black Monday October 19, 1987 will be remembered as the largest one day drop in the history of the New York Stock Exchange overshooting the collapse of October 28, 1929, which prompted the Wall Street crash and the beginning of the Great Depression. In the 1987 meltdown, 22.6 percent of the value of US stocks was wiped out largely during the first hour of trading on Monday morning... The plunge on Wall Street sent a "cold shiver" through the entire financial system leading to the tumble of the European and Asian stock markets.. . Almost ten years later on Friday August 15, 1997, Wall Street experienced its largest one day decline since 1987. The Dow Jones plummeted by 247 points. The symptoms were similar to those of Black Monday: "institutional speculators" sold large amounts of stock with the goal of repurchasing them later but with the immediate impact of provoking a plunge in prices .Futures' and options' trading played a key role in precipitating the collapse of market values . The tumble on August 15, 1997 immediately spilled over onto the World's stock markets triggering substantial losses on the Frankfurt, Paris, Hong Kong and Tokyo exchanges. Various "speculative instruments" in the equity and foreign exchange markets were used with a view to manipulating price movements .>> trican.com