(Times of India) Strange are the ways of the market. At a time when billionaires around the world are counting their losses from the ‘Black Monday’ carnage and governments are looking for every available rule in their books to assuage frail nerves of jittery investors, ‘Shemitah’, a little know Biblical term is keeping marketmen around the world busy.
Meaning the last year of a seven-year cycle in the Jewish calendar, the end of the past several Shemitahs have brought in immense financial hardships to the world. The biggest Wall Street crash, which was in 1987, happened during Shemitah. The 9/11 terror attack happened a day after Shemitah in 2001 and Lehman Brothers filed for bankruptcy and the subsequent 777-point fall in Dow Jones in 2008 also happed around Shemitah.