War, from Andrea Ravano

October 24, 2008 |

 I have the privilege of being born in Western Europe in 1958, and I don't know what being shot at means. On a day like this though, I get the feeling of looking at my city being shelled, in ruins. I do remember two days after the Monday October 19 1987 we were waiting for the 14:30 CET Economic data from the US. Not a noise could be heard. Telephones as well as mouths were shut. The figures for the balance of payments came out much better than expected and the market came back to life. Very few of us were aware at that moment that the market had changed direction. The general manager of the bank had started buying the US market the very same day of the crash. Some executions came in by late Friday due to the massive volume traded on the NYSE. Most purchases were already very profitable by the time the booking was done. As I write I relive some of the feelings of those days, fear, hope, dismay and disbelief are running around in my brain (Dillinger "Cocaine" late 70's). The contract futures limit down early on Friday October 24 2008 are a pretty good sign the forced sales are almost over.


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