Major Market Meltdown?Amy Barrett
The financial blows dealt by rising interest rates last spring hit novices and pros with equal force. Private money managers and major corporations alike suffered devastating losses. Had any of the large institutional players failed, some firms trading with them could have been forced to close down, which could have set off a chain reaction. That reminder of the potential for disaster has raised anew a troubling question: How vulnerable is the global financial system to a major meltdown?
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