Chapter 1 Summary and Analysis

Chapter 1

In London, the center of the European industrial trading world, there was a growing awareness of the creeping power of the 1984 Ronald Reagan dollar, which was gaining fiscal strength over European currencies. Some called it the gout season—the markets were virtually paralyzed. Traders were wining and dining new bankers and investors. The metal men were out in full force for the next hot metal that could bring life back into the market.

The metal market could have virtually ruled the world. Investors were not aware that every industry in the world was driven by metal. London was the center of this trading world and because of its geographic position could buy a metal for one dollar from a Far Eastern customer and sell it for two dollars to a North American customer before the day ended. There were...