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Economic News - Wednesday, page-138

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NineLives

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27/08/15

07:40

Post #: 15882899
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Originally posted by edgardig ↑

Nine lives, perhaps I'm taking you out of context but the biggest difference between what happened in 1929 and today is as you mentioned, "global interconnections".

In 1929 the White House installed the first telephone in the Oval Office. Other telephone systems were so rare though that it often took days before a response could be implemented to financial news. Communications are the only thing that saved us from a '29 event during the GFC and rapid communication/rapid response will probably save us from a terminal crash in future.

Incidentally, the first official call made on it was to Treasury. They had the only other phone.

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I think you illustrate my point perfectly edgardig......and nowadays billions can race back and forth across currency borders thanks to the internet.

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