Democracy and Markets under Attack By Will McClatchy September 11, 2001

Attacking a democracy will only make it rally in unity. Attacking a physical icon of capital management will only disperse the administration of capital flows.

Americans have rallied defiantly against cowardly attacks on civilians by a hidden group. The US will justifiably find and destroy responsible organizations and individuals. It must scrupulously seek to avoid civilian casualties.

Investors globally wonder whether equity markets are safe under such attack. Stocks are in jeopardy only if the productive capacity of their underlying firms have been attacked. Terrorism short of nuclear attack, a real possibility, is unlikely to significantly affect US or any other country's productive capacity.

Capital markets must disperse and make redundant back-office operations. This will make less effective and desirable a future strike.

Let us keep in memory the fallen for all time.

(Will McClatchy is a US citizen and site co-founder)