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Where were you when the Wall came down?

Global Market Update - Thefalloftheberlinwall1989

Source: Wikipedia

Twenty-five years ago the Berlin Wall came down. We tend to remember disasters, where we were when bad news hits. But the fall of the Wall was good news that sticks in my memory.

In August of 1989 Hungary disabled its physical border defenses with Austria, allowing Germans who wanted to emigrate to travel through Hungary to Austria to West Germany. The East German authorities quickly disallowed travel to Hungary, but the stage was set. Demonstrators gathered all over East Germany chanting, “We want out!”

In early November over half a million gathered in East Berlin’s Alexanderplatz. On November 9th the authorities decided to open the checkpoints, and—in a bureaucratic snafu—announced this in a press-conference before telling the border guards. Thousands of Germans flooded through the gates, mobbing formerly closed-off areas, even juggling atop the Wall. Over the next several months, the Wall came down.

Less than a year later, East and West Germany reunified under a democratic government. Europe’s borders were re-drawn for the first time since World War II. The Berlin Wall was the first part of the Iron Curtain to come down.

Times change. Markets move. Adding millions of producers and consumers to global markets has created trillions of dollars in wealth. It’s good to remember how it began.

Douglas R. Tengdin, CFA
Chief Investment Officer
Phone: 603-224-1350
Leave a comment if you have any questions—I read them all!

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By |2017-07-17T12:23:13+00:00November 10th, 2014|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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