All of us of have extensively heard of, if not studied, the various bubbles in recent times, like the Housing Crisis of 2008 and the Dot-Com bubble of the early 2000s. However, one of the lesser known bubbles is the Souk Al-Manakh Meltdown. This stock market was Kuwait’s unofficial over-the-counter stock market. It managed to grow to a point where it became the third largest equity market in the world, only behind America and Japan. Stock prices doubling on an hourly basis became a regular occurrence.
But like every bubble, this too had to burst, because the greed of “getting rich quick” got to the heads of people. This pursuit of wealth ultimately led to each Kuwaiti man, woman and child to have a debt of $240,000. Why did this stock market get erased from public memory? What led to the downfall of this institution? What are certain lessons that we should learn from such instances in order to prevent similar problems in the future? Click on the link below to find out.
Watch the video below to find out more: