October 2011 - Meltdown Month??
Meltdown month: Wall St Crash, Black Wednesday, collapse of Lehman Brothers... all were hit in September. So is history about to repeat itself?
By DOMINIC SANDBROOK
23rd September 2011
"September is rarely a cheerful time. The warm days of summer, as always all too brief, are disappearing into history. Holiday memories are beginning to fade; the children are back at school; the bills have to be paid. Savage tropical storms from the Caribbean sweep west towards the American coastline at this time of year.
And although New York escaped the worst of Hurricane Irene last month, financial experts are already warning that a far more devastating tempest may be at hand.
Worldwide markets have been in turmoil for weeks. Even now, confidence in debt-crippled Greece, Spain and Italy remains disturbingly fragile, while American growth is virtually non-existent.
Markets in New York, London and across Europe plunged yet again yesterday as fresh worries about the eurozone and the U.S.’s towering national debt continued to spook investors.
The FTSE was down 4.7 per cent — its biggest fall since early 2009 — wiping £64 billion off the value of Britain’s biggest companies. Meanwhile, the Dow Jones in the U.S. had fallen by more than 3.5 per cent at its close.
Despite the best efforts of the European political elite, the euro teeters on the brink of collapse.
Here in Britain, manufacturing output remains desperately sluggish, while the latest figures show house prices fell once again in August.
But there is another good reason politicians and financiers should be on their guard in the coming days." (snip) ...
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