Monday, October 06, 2008Stalinism insulated Russia from the 1929 crash and the Great Depression. Now it's a capitalist country. Yesterday its stock market plunged 20 percent, which is far worse than even the steepest declines in 1929. Funnily enough, one of the main causes of the 1929 crash is asserting itself on the 13 year-old Russian exchanges. Note the words in bold:
"In September, growing financial turmoil in the United States and a wave of margin calls sent the Russian stock markets into their biggest downward spiral since 1998."
It's as if Russia is reliving capitalism's biggest crisis, the Great Crash, on a 70-year time delay.
("Vlad, it's for you!")
Posted by Penn @ 8:09 PM | |