The insurance and financial industries were especially badly hit. Global trade and commerce dipped as a result. The aviation industry was grounded in the US for days, and elsewhere was subject to the tightest restrictions imaginable to prevent further attacks. Huge chunks of American and global economic life simply stopped working. American financial markets, including the New York Stock Exchange just a few blocks away from “ground zero,” closed immediately.Ī hijacked commercial plane crashes into the World Trade Center 11 September 2001 in New York. The US financial system did indeed grind to a halt, as the attackers had intended. In such circumstances, the immediate economic and financial fallout was grim. Other blue-blooded Wall Street banks, notably Morgan Stanley, also suffered terribly. ![]() In one investment firm, Cantor Fitzgerald, which occupied floors 101 to 105 of the North Tower, every employee who reported to work that day died in the attack. Inside the towers, the human carnage was terrible. They contributed to a decline in tax revenues totaling almost $3 billion in 2002.” Three years after the attacks, Mike Bloomberg, then mayor of New York, told an investigating commission: “The 9/11 attacks took an enormous toll on New York City and New York state. The effect when the towers fell was immediately apparent in downtown Manhattan, where they had stood since 1973. ![]() ![]() Traders begin their work on the floor of the New York Stock Exchange after observing two minutes of silence before the start of the trading day 17 September, 2001. The banks, investment firms and stock brokers in the Twin Towers ran the global capitalist system bring them down and it would be a body blow to US financial hegemony, paving the way for an “Islamic caliphate.” The towers represented American power and bravura, but also symbolized the global dominance of the US financial system. ![]() DUBAI: The Al-Qaeda conspirators who selected the Twin Towers of New York’s World Trade Center for the main focus of their 9/11 attack knew what they were doing.
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