năng lượng cho các cơn bão phá hoại hơn là có thể. Các nghiên cứu thực hiện tại Phòng thí nghiệm địa vật lý của Bộ Thương mại động lực học chất lỏng ở Princeton, New Jersey, cho thấy vào năm 2080, một cơn bão thông thường có thể tăng cường một bước thêm một nửa trong thang SaffirSimpson cơn bão | 164 POLITICS FIGURE Eu ro versus . Dollar Source Used with permission from Bloomberg . FIGURE IBEX 35 Index Source Used with permission from Bloomberg . Terrorism 165 FIGURE Spain Generic 10-Year Bond Source Used with permission from Bloomberg . destructive in terms of buildings and more disruptive in terms of shutting the stock exchanges. There was also the shock of the 9 11 attacks as they were the first major attacks by al-Qaeda on American soil. At that point the United States or the world hadn t previously experienced such an event and due to inexperience no one was sure how to react. When 3 11 transpired the markets were able to contextualize the event and realize that this would not necessarily mean that a major disruption would ensue. The airspace was not shut down in Spain nor was the train system. The biggest disruptions in Spain occurred due to the protests that happened the following weekend. The biggest indication that this was not a disastrous event for the financial system of Spain was the fact that the European Central Bank didn t think it was necessary to lower interest rates to counteract the potential downside effect. The interesting play would ve been to buy those Spanish bonds when they hit percent or so. The bond market went sideways for a month before rallying very strongly to drop yields below where they had been before the event. Once again they reestablished the existing trend in the market. The euro against the . dollar had a very similar play as well. It was rallying prior to 3 11 sold off with the event and then resumed its trend afterward. To a lesser extent the IBEX was not necessarily rallying prior 166 POLITICS to the attack did sell off and then began a major rally that would see the index end at the highs of the year. JULY 7 2005 LONDON TRAIN AND BUS BOMBINGS On the day of the attack here s what I wrote The greenback is wildly fluctuating with the news of a terrorist bomb attack in London. The .
