The Date That Will Live In Infamy
Yesterday was the date that Franklin Delano Roosevelt said would forever “live in infamy,” thanks to the Japanese sneak attack on Pearl Harbor.
The U.S. government wasted no time in retaliating. Less than 24 hours after receiving the news in Washington, Congress declared war on Japan. And thus began World War II — the bloodiest and most costly war in history.
Investors reacted negatively. The Dow fell 3.5 percent on Dec. 7, from 116.6 to 112.48. It fell three more points the next day. In fact, the stock market lost more than 20 percent from Pearl Harbor to the eve of the first U.S. victory in the Pacific, at Midway.
Twelve years after the crash of 1929, the Dow was still barely one-fourth of its 1929 peak. But consider: Those numbers are about one-one hundredth of where the Dow is today.
Chip Wood is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.
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