From Lehman’s Fall to the Cambridge Five: A Week That Shook the World
Explore major historical events from 14-20 September, including the Lehman Brothers collapse and the Cambridge Five revelation.
POLICY WIRE — New York, United States — This week, we examine pivotal moments that shaped global history between September 14 and 20, as captured by The Independent’s front pages.
The world was thrown into chaos when the Burmese military seized power, leading to widespread violence in Rangoon. Just a day later, opposition leader Aung San Suu Kyi defiantly declared that the people would not surrender their cause.
The KGB made a rare public appearance during its first press conference, confirming the existence of a fifth member in the Cambridge spy ring, later identified as John Cairncross. Meanwhile, the British pound faced a dramatic decline as the currency was forced out of the European Exchange Rate Mechanism, sparking political turmoil.
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A historic moment occurred when Israeli Prime Minister Yitzhak Rabin and PLO Chairman Yasser Arafat shook hands in a symbolic gesture of peace. In the U.S., President George W. Bush vowed a global strike force in response to the September 11 attacks, setting the stage for military action in the Persian Gulf.
The British National Party won a controversial local council seat in Tower Hamlets, marking a significant shift in the political landscape. The front page also featured a haunting image of a rescue worker at the World Trade Center, with an initial death toll reported at five thousand, later revised down to nearly three thousand.
The collapse of Lehman Brothers sent shockwaves through the global financial system, triggering stock market crashes and economic panic. In Scotland, voters cast their ballots in a referendum that threatened to end a three-century-old union, ultimately choosing to remain part of the United Kingdom.
Reporting by Policy-Wire (PW)
