Bad things happen in this month and, as IMF prepares for annual meeting, signs of a crisis loom
Bad things happen in October. It was in this month 13 years ago that the global banking system came close to imploding. There was a stock market bloodbath in October 1987. And it was in October 1929 that the Wall Street Crash triggered the Great Depression.
One consequence of the economic horrors of the 1930s was the creation of the International Monetary Fund, with the idea to create a multilateral body that would help countries through short-term problems and prevent systemic crises from developing.