{"id":26615,"date":"2024-08-05T10:18:18","date_gmt":"2024-08-05T08:18:18","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=26615"},"modified":"2024-08-05T10:18:18","modified_gmt":"2024-08-05T08:18:18","slug":"black-monday-who-is-to-blame","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/crack-2\/black-monday-who-is-to-blame","title":{"rendered":"Black Monday: who is to blame ?"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

Collapse of the Japanese Stock Market on August 5, 2024: A 12.4% Drop in a Single Session \u2013 The Worst Since the Infamous “Black Monday” of 1987!<\/strong><\/p>\n

I see multiple reasons for this:<\/p>\n

    \n
  1. Low Liquidity<\/strong>: The traditionally low liquidity in financial markets during the summer months.<\/li>\n
  2. Weak Governance<\/strong>: The poor governance by Japanese authorities. I take this opportunity to pay tribute to Shinz\u014d Abe, who was assassinated just over two years ago. He had managed to break the Japanese curse of the “lost decades,” which has been so characteristic of this country.<\/li>\n
  3. Geopolitical Risks<\/strong>: Major geopolitical risks, particularly the looming threat of war in the Middle East, which will inevitably engulf the entire region in the very short term.<\/li>\n
  4. Aggravation of the War in Ukraine<\/strong>: The likely worsening of the war in Ukraine, which has somewhat faded into the background due to the current events in the Middle East. I imagine that some will take advantage of diverted attention to breach all remaining barriers.<\/li>\n
  5. Economic and Human Fallout<\/strong>: The inevitable economic, financial, security, and human repercussions on us in the West. The level of stress and anxiety is unfortunately bound to rise significantly, especially in countries like France, where sensitivity to the turmoil in these regions is more pronounced than in other European nations.<\/li>\n
  6. Start of a Market Bubble Burst<\/strong>: The beginning, and I emphasize only the beginning, of the deflation of the speculative bubble in the stock markets. The market surges and valuations in recent years have been inversely correlated with the real world.<\/li>\n
  7. Any other suggestions?<\/strong><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      Collapse of the Japanese Stock Market on August 5, 2024: A 12.4% Drop in a Single Session \u2013 The Worst Since the Infamous “Black Monday” of 1987! I see multiple reasons for this: Low Liquidity: The traditionally low liquidity in financial markets during the summer months. Weak Governance: The poor governance by Japanese authorities.…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941943,648942282,648941646],"tags":[],"class_list":["post-26615","post","type-post","status-publish","format-standard","hentry","category-crack-2","category-financial-crisis","category-speculation-2"],"yoast_head":"\nBlack Monday: who is to blame ? - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/crack-2\/black-monday-who-is-to-blame\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Monday: who is to blame ? - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"  Collapse of the Japanese Stock Market on August 5, 2024: A 12.4% Drop in a Single Session \u2013 The Worst Since the Infamous “Black Monday” of 1987! 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Capital has of course always garnered more power than work, but this phenomenon is now reaching quite terrifying levels. It only needed a virus to destabilise\u2026","rel":"","context":"In "Cash"","block_context":{"text":"Cash","link":"https:\/\/michelsanti.fr\/en\/category\/cash-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/02\/25c58678130d779fa825941d679e465d-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/02\/25c58678130d779fa825941d679e465d-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/02\/25c58678130d779fa825941d679e465d-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/02\/25c58678130d779fa825941d679e465d-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/02\/25c58678130d779fa825941d679e465d-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":26678,"url":"https:\/\/michelsanti.fr\/en\/china\/japanification-of-china","url_meta":{"origin":26615,"position":1},"title":"Japanification of China","author":"Michel Santi","date":"August 29, 2024","format":false,"excerpt":"\u00a0 \u00a0 Extended periods of deflation, economic stagnation, a declining real estate market, financial pressure and stress impacting households, businesses, and the state. All signals suggesting credible parallels between today's China and Japan in the 1990s. China risks becoming an aging and heavily indebted country before it becomes a wealthy\u2026","rel":"","context":"In "China"","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":29729,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/perfect-storm-in-the-land-of-tsunamis","url_meta":{"origin":26615,"position":2},"title":"Perfect storm in the land of tsunamis","author":"Michel Santi","date":"June 30, 2025","format":false,"excerpt":"\u00a0 The Bank of Japan (BOJ) is teetering on the edge of a financial abyss. As of March 31, 2025, it holds \u00a5575.9 trillion (US$3.97 trillion) in Japanese Government Bonds (JGBs), representing 52% of Japan\u2019s total public debt. For years, its massive bond-buying program\u2014part of an ultra-loose monetary policy\u2014flooded the\u2026","rel":"","context":"In "financial crisis"","block_context":{"text":"financial crisis","link":"https:\/\/michelsanti.fr\/en\/category\/financial-crisis"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":23812,"url":"https:\/\/michelsanti.fr\/en\/neoliberalism\/the-financial-crisis-will-not-happen","url_meta":{"origin":26615,"position":3},"title":"The financial crisis will not happen","author":"Michel Santi","date":"January 5, 2023","format":false,"excerpt":"\u00a0 This phenomenon occurs quite rarely, always in the event of liquidity crises, i.e. in times of great financial stress such as in 2008 or at the start of the Covid crisis. It translates into a gluttonous appetite for the US dollar sought after by the entire planet because it\u2026","rel":"","context":"In "neoliberalism"","block_context":{"text":"neoliberalism","link":"https:\/\/michelsanti.fr\/en\/category\/neoliberalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/01\/robinet.png?fit=897%2C672&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/01\/robinet.png?fit=897%2C672&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/01\/robinet.png?fit=897%2C672&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/01\/robinet.png?fit=897%2C672&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13808,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese","url_meta":{"origin":26615,"position":4},"title":"If only we were all Japanese!","author":"Michel Santi","date":"June 17, 2018","format":false,"excerpt":"Japan is known as much for its smartphones and robots as it is for the implosion of its real estate mega bubble nearly twenty years before the subprime crisis in the US in 2007, which itself preceded the collapse of the Spanish and Irish real estate markets in 2009. In\u2026","rel":"","context":"In "Japan"","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":19796,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese-2","url_meta":{"origin":26615,"position":5},"title":"If only we were all Japanese!","author":"Michel Santi","date":"December 12, 2019","format":false,"excerpt":"\u00a0 The economists and bankers of my generation have had the habit of entertaining themselves by dividing the world into four types of economies: developed, emerging, Argentina and Japan. It is worth, however, updating this somewhat simplistic and caricatural joke by removing Japan from the list of economic aberrations. Albeit\u2026","rel":"","context":"In "Japan"","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=26615"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26615\/revisions"}],"predecessor-version":[{"id":26618,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26615\/revisions\/26618"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=26615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=26615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=26615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}