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On what is known in the financial world as Black Monday, the Dow Jones Industrial Average fell 508 points, nearly 23%—the largest drop since 1914. Although the cause of the crash is still debated, its result was immediately apparent: it sent the value of markets plummeting worldwide. By the end of the month, markets in Hong Kong and Australia had lost over 40%. That December, a group of eminent economists predicted that the next few years could be the worst since the Great Depression. Were they? Discuss
Source: The Free Dictionary