Panic is but a step away from euphoria in a market that has run amok. History has demonstrated time and again that manic speculation produces violent reactions. In this respect, the recent stock market collapse is no exception. Why it happened precisely when it did is of little relevance, since sooner or later the turn from euphoria to panic was inevitable. What happened this time, however, was not just another pricking of a speculative bubble. In the present global context, the stock market crash in the citadel of capitalism threatened to disrupt the whole world's financial system.
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