Overview

On October 19th, 1987, known as Black Monday, the behaviour of the stock markets caused panic throughout the world. Why did this happen? Could it have been predicted? Perhaps it could have been foreseen with Brendan Brown's insight. The book provides a fascinating comprehensive analysis of the recent history of international money movements. Taking 1931 as the turning point between old-style and modern methods of conducting monetary affairs, the author relates currency shifts and investment trends to political events. He deal with five eras in the history of international capital: the unsettled post-crash period 1931-1936; the flight of capital to the US before World War II; the dollar and Swiss franc's time as the only 'hard monies' till the late fifties; the emergence of the mark-dollar axis before 1971; and finally the behaviour of floating currencies. There is a new post script showing how the crash of October 1987 and the Sterling flotation against the mark in March 1988 correspond to the hypotheses and predictions in the first edition. Anyone wanting to acquire a sense of perspective about financial panic had better consult Brendan Brown's book , William Keegan - The Observer

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