Black Friday after a bad week. The Dow is now 40 percent below last year’s peaks, the NASDAQ has lost 60 percent. In Tokyo, the Nikkei lost 10 percent Oct. 10 in just one session, Europe fares not much better. Confidence is shot. The next roll of the dice will be weekend meetings in Washington of the G7, G20, and the IMF’s policymaking committee of finance ministers and central bankers. But, says Colin Chapman, let’s look at events in the perspective of John K. Galbraith and George Friedman.
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