Stock market crash: Workers will pay

Scan page 1

Sign of the times: It's only a matter of time before the full impact of the Wall St.

U.S. presses unacceptable conditions on Nicaragua The unprecedentedly long period of world capitalist stability has been rocked by the most devastating stock market collapse in history. On Oct. 19, 1987—a day that was instantly characterized "Black Monday," in an allusion to the stock market crash that preceded the great depression of the More on economy, See pp. 9-12.

1930s—the Dow Jones industrial plunged 508 points.

The 22.6-percent decline was the worst since 1914. It was far worse than the 12.80-percent drop on Black Monday, Oct. 28, 1929. Stock prices around the world plummeted, taking their cue from Wall Street. Panic selling swamped stock exchanges in Tokyo, Hong Kong, London, Frankfurt, Amsterdam, and other world financial centers.

Economic "experts" in the major capitalist countries were at a loss to explain the market collapse. John J. Phelan Jr., chairman of the N.Y. Stock Exchange, was typical. At the end of "Black Monday's" trading session he expressed bewilderment at what caused, what he termed, "the closest thing to a meltdown."

In television interviews, usually suave (continued on page 8, in “Wall St. crash cont'd”) An Editorial After winning the Nobel Peace Prize in mid-October, Costa Rican President Oscar Arias issued a public call for the Sandinista government in Nicaragua to release all prisoners and to open cease-fire talks— direct or indirect-with the contras.

In so doing, Arias endorsed two of the key demands of the Reagan/Wright so-called peace plan. This announcement signaled Arias's clear intention to place the Esquipulas Il peace agreement, which he drafted, at the service of U.S. imperialism's designs in the region. This peace agreement was signed by the five Central American presidents on Aug. 1.

The Sandinista government has consistently rejected negotiations with the contras. In his speech to the United Nations on Oct. 8, Nicaraguan President Daniel Ortega called on the U.S. government to open direct, bilateral talks with the Sandinistas 35 days after Nov. 5, when the implementation of the Central American peace plan is to begin.

"We have nothing to gain from talking IS strikes back at bran THE TRIBUNE BETTES with the leaders of the counterrevolution, Ortega said, "and we shall not engage in a dialogue with them. If there is a real desire to take this matter up seriously, the dialogue must be between the United States and Nicaragua."

NOVEMBER 1987 The Sandinista government to Arias's declaration by stati two new demands were not incl Aug. 7 peace plan. Nicaraguan dent Sergio Ramirez, speaking said that the peace accord responded ng that his uded in the Vice Presiin Canada, "does not

Borge

See pp. 14-15.

VOL. 5, NO. 11 50 CENTS Thank crash will be felt by working people.

envision any kind of dialogue between irregular forces and legitimate governments such as the Constitutional government of Nicaragua.

Tomás Borge, Nicaragua's Minister of the Interior, explained the reason why the Sandinista government will not negotiate with the contras. Speaking at a rally of the Sandinista Defense Committees in April 1985, he said:

"To talk with them [the contras] means giving them legitimacy that they do not have and recognizing them as a political (continued on page 13)

----- pull-quotes -----

Wall St panic STIBOULE

I am Homeless. any change for food

Special: 70th nniversa of the Russian Revolution, Pages 16, 17.