19-10-1987. Stock Market Crash. Can we learnOn this day (19-10-1987) the global stock market crashed in a short time and millions were lost in few hours. The New Zealand stock market fell by 60%, other markets fell by 22-45%. Many countries suffered and took a few years to recover.
Around the same time (15-16 October 1987) a great storm affected England, France, Spain and parts of Europe. The insurance industry had to pay out an estimated bill of 2 billion pounds in England. During the storm, the stock markets of Europe were closed and hence could not react better.
Incidentally again, On 15-16 October 1987, Iran hit two US ships with silkworm missiles on two successive days and the US retaliated by hitting an Iranian oil platform on 19th October.
Egos, ambitions and greed of a few men, aided by Nature's fury destroyed the lives of many.
30 years later we have similar issues ( a few hurricanes in Atlantic, Korea and the US threatening each other and the market may have a mini-crash).