Events, Verisoph

July 1987 Fukui defends expanding bank loans in Nikkei interview ai_extracted 1 cit. In July 1987, just after setting off the bubble as head of the Banking Department, Toshihiko Fukui told the Nikkei Financial Daily that the BoJ would not tighten loan quantities, justifying loan expansion by the need for long-term structural adjustment. ●●

May 1987 Second Maekawa report announced ai_extracted 1 cit. An updated Maekawa report, expanded from eleven to forty-one pages, reiterated the first report's goals with detailed concrete changes and a timetable for structural transformation by the year 2000. ●●●

July 1987 Fukui endorses continued monetary easing to implement structural reform ai_extracted 1 cit. In July 1987, shortly after the second Maekawa report, Toshihiko Fukui, head of the department implementing window guidance, said the right central bank policy for structural transformation was to continue monetary easing and expand bank loans. ●●

1987 Window guidance extended to foreign-currency loans ai_extracted 1 cit. From 1987 the Bank of Japan's credit controls were also imposed on non-yen (impact) loans, which previously had only been reported. ●●

16 September 1987 Montreal Protocol 0 cit. Protocol phasing out CFCs and other substances that deplete the ozone layer, ratified by every UN member state. It is widely considered the most successful environmental treaty ever. diplomacy / environment / science ●●●●

8 December 1987 Intermediate-Range Nuclear Forces Treaty 0 cit. US-Soviet treaty eliminating an entire class of ground-launched missiles with ranges of 500 to 5,500 kilometers. It was the first treaty to abolish, not just limit, nuclear delivery systems; the US withdrew in 2019. diplomacy / politics / war ●●●

c. 1987 Dublin as an international financial services hub 0 cit. Ireland opens the International Financial Services Centre in Dublin's docklands in 1987, using low taxes to attract global banks and fund administrators. The city becomes a major European base for investment funds and aircraft leasing finance. economy ●●

21 February 1987 Founding of TSMC 0 cit. Morris Chang founds the Taiwan Semiconductor Manufacturing Company, the first pure-play chip foundry. Making chips designed by others, it becomes the world's most advanced chipmaker and a linchpin of the global economy. economy / technology ●●●●

15 September 1987 Founding of Huawei 0 cit. Former army engineer Ren Zhengfei founds Huawei in Shenzhen, initially reselling phone switches. It becomes the world's largest telecom equipment maker and a focal point of U.S.-China technology tensions. economy / politics / technology ●●●

August 1987 Fairness Doctrine repealed 0 cit. In 1987 the Federal Communications Commission stopped enforcing the Fairness Doctrine, which had required broadcasters to present contrasting views on controversial issues. The change opened the way for partisan talk radio and, later, opinionated cable news. politics / society ●●●

4 August 1987 The Fairness Doctrine is repealed 0 cit. The FCC abolished the Fairness Doctrine, freeing broadcasters from the duty to present opposing views. The change helped fuel the growth of partisan talk radio and later cable news. politics / society ●●●

December 1987 to 1993 The First Intifada 2 cit. A Palestinian uprising against Israeli rule began in 1987, marked by protests, strikes and stone-throwing met with military force. It reshaped the conflict and helped lead to peace talks. politics / society ●●●

December 1987 Founding of Hamas 0 cit. The Islamist movement Hamas was founded in Gaza in 1987 during the First Intifada. It rejected recognition of Israel and later became a major armed and political force. politics / religion ●●●

1987 UNICEF's Adjustment with a Human Face 0 cit. A landmark UNICEF study argued that structural adjustment was harming children through cuts to health and education spending. It pushed the World Bank and IMF to acknowledge the social costs of their programs. economy / society ●●●●

c. 1987 Adjustment and the burden of user fees 0 cit. Adjustment programs often introduced or raised fees for health clinics and schools to cut public spending. Studies documented falling attendance and use of services, especially among poor families and girls. economy / society ●●●

16 August 1987 The Harmonic Convergence 0 cit. Author Jose Arguelles promoted the Harmonic Convergence as a globally synchronized meditation tied to Mayan calendar cycles, drawing thousands to sacred sites. It was the first mass New Age event and showed the movement could organize people worldwide. culture / religion ●●●

c. 1987 The televangelist boom and its scandals 0 cit. Prosperity preaching reached mass audiences through 1980s religious television, but figures such as Jim Bakker and Jimmy Swaggart fell in fraud and morality scandals that damaged the movement's image. The scandals sharpened public scrutiny of ministry finances. religion / society ●●

26 February 1987 The Tower Commission reports on Iran-Contra 0 cit. A review board led by Senator John Tower found a chaotic, secretive process and faulted President Reagan's hands-off management. It stopped short of proving he knew of the diversion. politics / society ●●●

7 July 1987 Oliver North testifies before Congress 0 cit. Oliver North testified in nationally televised hearings, defending the operations and admitting he had shredded documents. His testimony made him a household name and a divisive figure. politics / society ●●●

c. May 1987 Iran-Contra congressional hearings 0 cit. Joint congressional committees hold televised hearings on the Iran-Contra affair, taking testimony from Oliver North and other officials. Fourteen administration officials are eventually charged; several convictions are later overturned or the defendants pardoned by President George H.W. Bush in 1992. politics ●●

August 1987 Battle of Cuito Cuanavale 0 cit. South African forces, allied Angolan rebel movement UNITA, and Cuban and Angolan government forces fought an extended battle in southern Angola, part of the wider Border War tied to Namibia's occupation and the Angolan civil war. The battle ended in a costly stalemate that pushed all sides toward negotiation. It is widely seen as a turning point that made South Africa more willing to accept Namibian independence. war ●●

1987 D. Michael Quinn examines Joseph Smith's esoteric and Masonic context 0 cit. Historian D. Michael Quinn published "Early Mormonism and the Magic World View," situating Joseph Smith's religious development within a broader nineteenth-century milieu of folk magic, hermeticism, and esoteric societies that included Freemasonry. Quinn, then a Latter-day Saint historian, argued for a documented pattern of cultural borrowing and synthesis rather than treating Mormon ritual as wholly self-contained, a position that drew both scholarly interest and institutional criticism. religion ●●

29 July 1987 Thomas Sankara denounces Third World debt at the OAU 0 cit. Burkina Faso's president Thomas Sankara urged fellow African leaders to collectively refuse repayment of debts he called a continuation of colonial exploitation, arguing they had mostly been contracted by predecessor regimes and mainly benefited foreign creditors. Three months later Sankara was assassinated in a coup led by Blaise Compaore, who restored closer ties with France; French involvement in the coup has long been alleged by researchers and was the subject of a 2021 French judicial investigation, though it is disputed rather than fully proven. economy / politics ●●

10 March 1987 Daniel Morgan murdered in Sydenham 0 cit. Private investigator Daniel Morgan is found murdered with an axe in a pub car park. The case is never solved despite five separate police investigations, and allegations of police corruption in the botched inquiries persist for decades, later prompting an independent panel review. society ●●

8 November 1987 Enniskillen (Remembrance Day) bombing 0 cit. An IRA bomb exploded at a Remembrance Sunday commemoration in Enniskillen, killing 11 civilians and injuring more than 60; a twelfth victim died from his injuries in 2000. The IRA later said the bombing had not been sanctioned as planned and expressed regret, but the attack caused widespread revulsion and significant damage to republican support both in Northern Ireland and internationally. It is remembered as one of the most condemned attacks of the Troubles. religion / war ●●●

13 July 1987 Spycatcher published after government ban fails 0 cit. Former MI5 officer Peter Wright published his memoir Spycatcher, alleging extensive MI5 wrongdoing including a claimed plot by rogue officers against Prime Minister Harold Wilson, an allegation Wright made but never proved. The British government's attempt to suppress the book failed in the Australian courts and the House of Lords eventually lifted the UK injunction. The affair exposed internal MI5 disputes to public view for the first time and embarrassed the Thatcher government. culture / politics ●●●

26 February 1987 Tower Commission report 0 cit. The Tower Commission found that the National Security Council staff had run the Iran-Contra operation with inadequate oversight, and criticised President Reagan for detachment from and poor management of his own staff, though it did not directly conclude that Reagan knew of the diversion of funds to the Contras. It recommended reforms to how the NSC operated. National Security Adviser John Poindexter and staffer Oliver North were later convicted of charges related to the affair, though the convictions were subsequently overturned on appeal. politics ●●●

December 1987 The INF Treaty scraps a class of nuclear missiles 0 cit. Reagan and Gorbachev sign the Intermediate-Range Nuclear Forces Treaty, the first agreement to eliminate an entire class of nuclear weapons. Backed by intrusive on-site inspections, it marked a real thaw and showed that Gorbachev's new thinking could translate into arms cuts. diplomacy / war ●●●

29 July 1987 Sankara calls for a united refusal to pay debt 0 cit. Burkina Faso's president Thomas Sankara tells an African summit that the debt is a tool to keep the continent under control and urges states to refuse payment together. He argued that the loans financed the colonizers' interests and could never be repaid on fair terms. Months later he was assassinated, and the speech became a touchstone for the argument that the system is built to keep the periphery dependent. economy / politics ●●

1987 Formation of the Rwandan Patriotic Front 0 cit. Tutsi exiles in Uganda reorganized their political movement into the Rwandan Patriotic Front, or RPF, with an armed wing drawn largely from Rwandan veterans of Museveni's army. It demanded the right of refugees to return home and a share of power. Within a few years it would invade Rwanda. politics / war ●●

15 October 1987 Thomas Sankara is killed in a Burkina Faso coup contested 0 cit. President Thomas Sankara, a radical anti-imperialist who challenged France's role in Africa, is gunned down in a coup that brings Blaise Compaore to power. A Burkinabe court later convicted Compaore in absentia over the killing. Critics have long alleged French and regional involvement, a claim that remains contested. politics / war ●●

1987 Mwakenya publishes its Draft Minimum Programme 0 cit. Mwakenya set out its aims in a document titled the Draft Minimum Programme, which called for the removal of Moi's one-party government and a more democratic and equal Kenya. The programme was passed hand to hand in secret because open opposition was banned. It remains a key surviving record of what the movement said it stood for. politics ●

c. 1987 Economic stagnation under mismanagement 0 cit. After steady growth in the early independence years, Kenya's economy stalled under Moi as debt rose, jobs grew scarce, and living standards slipped. Bloated state companies, poor planning, and political interference drained public money. Ordinary Kenyans felt the squeeze while a connected elite prospered. economy / society ●●

4 May 1987 US Supreme Court forces Rotary to admit women 0 cit. For most of its history Rotary International barred women from membership. In Board of Directors of Rotary International v. Rotary Club of Duarte, the US Supreme Court ruled that California could require Rotary clubs to admit women under a state civil-rights law. The decision opened the organization's membership to women worldwide. politics / society ●●

4 May 1987 Service clubs admit women 0 cit. For most of their history the main service clubs admitted only men, with women organized into separate auxiliaries. In 1987 the United States Supreme Court ruled in Board of Directors of Rotary International v. Rotary Club of Duarte that California could require Rotary to admit women. Rotary, Lions, and Kiwanis all opened full membership to women that year, ending a long-standing exclusion. politics / society ●●

1987 Battle of Jaji makes bin Laden's name among Arab jihadists ai_extracted 1 cit. On April 17, 1987, Soviet forces attacked Osama bin Laden's fortified compound at Jaji near the Pakistani border. Bin Laden and about fifty Arab volunteers held out for days, and the fight, chronicled by Arab journalists, launched his public reputation as a warrior and his global media campaign. ●●●

1987 The Bamako Initiative brings user fees into public health 0 cit. African health ministers, WHO, and UNICEF adopt a community-financing scheme that spreads user fees for drugs and clinic visits as part of cost recovery in strained public health systems. Supporters said it would fund and sustain local services when state budgets were collapsing. Critics documented that charging fees pushed poorer patients away from care. economy / society ●●

1987 UNICEF publishes Adjustment with a Human Face 0 cit. The UNICEF study by Cornia, Jolly, and Stewart documents that structural adjustment cut spending on health and education and worsened child welfare and poverty across many countries. It urged lenders to protect the poor and social services during reform. This gave the critical reading of adjustment an evidence base from inside the UN system. economy / society ●●●

c. 1987 An asset bubble inflates in stocks and Tokyo land 0 cit. Cheap credit and easy bank lending pushed share and land prices to extraordinary heights in the late 1980s. At the peak, the grounds of the Imperial Palace were said to be worth more than all the real estate in California, and Japan's total land value dwarfed that of the United States. Banks lent freely against land collateral whose price kept climbing. economy ●●●●

15 October 1987 Thomas Sankara killed in Ouagadougou coup 0 cit. Sankara, the incorruptible young revolutionary who renamed Upper Volta as Burkina Faso and pushed self-reliance and anti-corruption, was shot dead with twelve others in a coup led by his close ally Blaise Compaore. Compaore then ruled for 27 years. Long-standing claims of French and Ivorian backing for the plot remain alleged and unproven. The killing itself and Compaore's role are established. politics / war ●●●

1987 Elijah Masinde dies after decades of detention across three governments 0 cit. Masinde spent much of his life in colonial and post-colonial detention. After independence the Kenyatta government held him for years on charges of stirring religious hatred, and he was released under Daniel arap Moi in 1978 before further arrests. He died in 1987 and is remembered by many as a neglected freedom fighter. politics / religion ●

1987 The Church of England questions Freemasonry 0 cit. The General Synod's report Freemasonry and Christianity found serious difficulties in reconciling the two, and some members judged them incompatible on grounds of the Masonic understanding of God. The Church did not forbid membership, but the relationship cooled. ●●

1988 Asymmetric cross-border acquisitions of 1988 ai_extracted 1 cit. In 1988 Japanese companies acquired 315 firms abroad while foreigners bought only 11 firms in Japan, illustrating how cross shareholdings kept corporate Japan closed to foreign investment. ●●

1988 to 1989 Window guidance begins tightening before Mieno's governorship ai_extracted 1 cit. Window guidance was already tightening in 1988 and 1989, well before Mieno officially became governor, while Governor Sumita knew little about the policy reversal. ●●●

June 1988 Third Maekawa report announced ai_extracted 1 cit. A third version of the Maekawa report was announced in June 1988 under the title "The New Economic Plan, The Japan that Lives Together with the World." ●●

17 September 1988 Founding of CNPC 0 cit. China dissolves its Ministry of Petroleum and creates the China National Petroleum Corporation to run its oil and gas industry. CNPC and its listed arm PetroChina become one of the world's largest energy groups. economy / politics ●●●

1 November 1988 Switzerland ends its nuclear weapons program 0 cit. The Swiss government dissolves its long-dormant working committee on nuclear armament, quietly closing a 43-year study of a Swiss bomb. The program never got beyond planning and stockpiled uranium. politics / war ●●

21 December 1988 Lockerbie bombing of Pan Am Flight 103 0 cit. A bomb destroyed Pan Am Flight 103 over Lockerbie, killing all 259 people on board and 11 on the ground, 270 in total. The attack was blamed on Libyan agents and led to years of international sanctions. politics / war ●●●

c. 1988 BlackRock is founded 0 cit. Larry Fink and partners founded BlackRock as a bond investment firm. It grew into the world's largest asset manager and a central player in global capital markets. economy / technology ●●●

c. 1988 Millennium of the Baptism of Rus 0 cit. State-tolerated celebrations marked a thousand years since the Christianization of Rus, signaling a thaw in relations between the Soviet state and the Orthodox Church. The event helped open the way for a religious revival. religion / society ●●●

c. 1988 BlackRock founded 0 cit. BlackRock was founded as an asset management firm and grew into the world's largest, overseeing trillions of dollars. The rise of large asset managers gave a handful of firms significant influence over global companies and markets. economy ●●●

12 August 1988 to 2001 The ECHELON surveillance network is exposed 0 cit. Journalist Duncan Campbell publicly named ECHELON, a global signals intelligence system run by the United States and allied nations. Later reporting and a 2001 European Parliament report detailed its interception of communications worldwide. politics / technology ●●●

15 July 1988 Basel I sets the first global capital standard 0 cit. The Basel Committee issued Basel I, the first international standard requiring banks to hold minimum capital against their risks. It set a common benchmark that spread to banking systems around the world. economy / politics ●●●●

1988 Founding of MIGA 0 cit. The Multilateral Investment Guarantee Agency was added to the World Bank Group to insure foreign investors against political risk in developing countries. It completed the group's five-institution structure. economy ●●

11 August 1988 Al-Qaeda founded in the Afghan war's aftermath contested 0 cit. Osama bin Laden and associates founded al-Qaeda from networks built during the anti-Soviet war. The group grew out of the war's aftermath, though the claim that the CIA created or directly funded bin Laden is contested and not supported by the documented record. religion / war ●●●●●

1988 Britain introduces the National Curriculum 0 cit. The Education Reform Act created a national curriculum with standard subjects and testing across England and Wales. It marked a move toward central control of what schools taught. politics / society ●●●

1988 Manufacturing Consent and the propaganda model 0 cit. Edward Herman and Noam Chomsky publish Manufacturing Consent, arguing that free-press societies manufacture consent through ownership, advertising, and sourcing filters rather than overt censorship. It names a subtler way speech is shaped: not banning ideas, but structuring which ones get heard. culture / society ●●●

1988 An astrologer in the Reagan White House 0 cit. It emerges that astrologer Joan Quigley had for years helped set the schedule of US President Ronald Reagan, timing events by the stars at the First Lady's request. Documented in the chief of staff's memoir, it showed astrology reaching the highest office in the world. politics / religion ●●●

22 December 1988 New York Accords set the path to independence 0 cit. South Africa, Angola, and Cuba signed agreements committing to Cuban troop withdrawal from Angola and South African withdrawal from Namibia under UN supervision, clearing the way to implement Resolution 435. The accords resulted from months of negotiation mediated by the United States. They set a firm timetable for Namibia's transition to independence. diplomacy ●●

December 1988 British Steel privatized 0 cit. The British government sold British Steel Corporation to private investors, completing the privatization of the nationalized steel industry after years of plant closures and job cuts that had already shrunk the workforce sharply during the 1980s. Supporters pointed to the leaner, more competitive company that emerged; critics of the broader privatization program argued that decades of state assets and jobs had been stripped away in the name of efficiency, with the resulting profits flowing to new private owners rather than the communities that had built the industry. economy / politics ●●

21 December 1988 Drexel Burnham Lambert pleads guilty to fraud 0 cit. Drexel Burnham Lambert, the investment bank that had built the modern junk-bond market under Michael Milken and financed much of the 1980s takeover and buyout boom, pleaded guilty to six felony counts of securities and mail fraud and agreed to pay a 650 million dollar fine. Prosecutors had built the case around insider trading and stock manipulation schemes involving Milken, Ivan Boesky, and others. The plea marked the beginning of the end for the firm that had underwritten financing for many of the decade's most aggressive raids and buyouts. economy ●●●

October 1988 RJR Nabisco leveraged buyout 0 cit. KKR won a fierce bidding war against RJR Nabisco's own management team, led by F. Ross Johnson, to buy the food and tobacco conglomerate in a leveraged buyout worth about 25 billion dollars, the largest LBO of its era. The deal, financed overwhelmingly with debt underwritten in part by Drexel Burnham, became the subject of the book and later film "Barbarians at the Gate," which came to symbolize the excesses of the 1980s buyout boom. RJR Nabisco later sold off businesses and cut jobs to service the debt, and the deal is widely cited in both defenses and criticisms of the leveraged buyout model. economy ●●●

1988 Robert Campeau's leveraged buyout of Federated Department Stores 0 cit. Canadian developer Robert Campeau won a hostile bidding war to buy Federated Department Stores, owner of Bloomingdale's and other chains, in a heavily leveraged deal financed largely with junk bonds arranged through Drexel Burnham. The debt load proved unsustainable, and Federated filed for bankruptcy in January 1990, one of the largest retail bankruptcies to that point. The collapse became a widely cited cautionary example of a debt-fueled takeover that overwhelmed the operating business it had acquired. economy ●●

July 1988 Revco drugstore chain files for bankruptcy after leveraged buyout 0 cit. Revco D.S., a large drugstore chain, filed for bankruptcy less than two years after being taken private in a 1.25 billion dollar leveraged buyout led by its own management with financing from Salomon Brothers. The debt burden from the buyout left the company unable to invest in its stores and unable to service its obligations once sales slowed. The case became one of the most frequently cited examples in Congress and the financial press of an LBO that collapsed under its own debt. economy ●●

17 September 1988 1988 Seoul Olympics opening ceremony 0 cit. South Korea used the Games to present itself as a modernized, democratizing nation just a year after its first direct presidential election, with a ceremony blending traditional Korean performance with displays of industrial achievement. It was among the last Olympics of the Cold War era to be attended by both major blocs, with the Soviet Union and most Eastern Bloc countries returning after the 1980 and 1984 boycotts. culture / diplomacy ●●

c. 1988 First Black Texas Ranger appointed 0 cit. Lee Roy Young Jr. became the first Black Texas Ranger, appointed more than 150 years after the force's origins and decades after the civil-rights era integration of most other American police agencies. The lateness of the appointment is frequently cited by historians as evidence of how long institutional resistance to integration persisted within the DPS Ranger division specifically, even after the broader department had desegregated. society ●●

22 January 1988 Colin Pitchfork becomes the first person convicted using DNA evidence 0 cit. Colin Pitchfork was identified through the mass DNA screening prompted by the Enderby murders investigation, after he arranged for a friend to submit a sample in his place, and pleaded guilty to the rapes and murders of two teenage girls. It was the first criminal conviction in the world secured using DNA profiling. The case demonstrated both the power of DNA evidence and its ability to clear the innocent alongside catching the guilty. science ●●●

5 October 1988 Chile votes No to Pinochet 0 cit. In a plebiscite meant to extend his rule, Chileans vote No and force Augusto Pinochet to accept a return to elections. The peaceful campaign broke the fear that his secret police had spread for fifteen years. Pinochet left the presidency in 1990, though he kept command of the army and a seat in the senate. politics / society ●●

7 December 1988 Spitak earthquake 0 cit. A powerful earthquake devastates northern Armenia, destroying the town of Spitak and heavily damaging Leninakan, now Gyumri. Estimates of the dead generally range from about 25,000 to 50,000, with hundreds of thousands left homeless. The disaster drew rare international aid into the Soviet Union and exposed the poor quality of Soviet-era construction. science / society ●●

1988 to 1994 First Nagorno-Karabakh War 0 cit. A dispute over the mostly Armenian enclave of Nagorno-Karabakh inside Azerbaijan escalates into full war as both republics leave the Soviet Union. Armenian forces gain control of the enclave and surrounding districts, and a 1994 ceasefire leaves a self-declared Armenian-backed republic in place. The war displaced hundreds of thousands on both sides; accounts of its origins and atrocities remain contested between Armenia and Azerbaijan. politics / war ●●

c. 1988 DARPA and the rise of the drone 0 cit. DARPA backed the engineer Abraham Karem, whose Amber and Gnat drones became the basis for the Predator. That lineage produced the armed, remotely piloted aircraft that would define American warfare after 2001. technology / war ●●

c. 1988 ECHELON and global interception 0 cit. Journalists began to describe ECHELON, a Five Eyes system that intercepted satellite and telephone communications on a global scale. A New Zealand researcher and a later European Parliament inquiry documented how it swept up commercial and civilian traffic, not just military targets. It showed that Cold War surveillance networks had turned toward everyday communication. diplomacy / politics / technology ●●

May 1988 The bombing of Hargeisa 0 cit. After the Somali National Movement attacked northern towns in 1988, Barre's forces responded with artillery and aerial bombardment that flattened much of Hargeisa and Burao. Pilots reportedly took off from the city's own airport to bomb it. Estimates of civilians killed in the northern campaign range widely, often cited from tens of thousands up to around fifty thousand, with hundreds of thousands driven into Ethiopia as refugees. Some scholars and a later Somaliland investigation describe the campaign as genocide against the Isaaq. politics / war ●●●

February 1988 Queue-voting rigs the 1988 election 0 cit. In the 1988 KANU nominations the government replaced the secret ballot with mlolongo, a system where voters lined up in public behind their chosen candidate. Officials could see who backed whom, and results were widely manipulated in favor of loyalists. The open queues stripped away any secrecy and hardened public anger at the one-party system. politics ●●

1988 Geneva Accords set the terms of the Soviet withdrawal ai_extracted 1 cit. On April 14, 1988, Afghanistan's communist government, Pakistan, the U.S., and the Soviet Union signed the Geneva Accords formalizing the Soviet pullout. The mujahedin were excluded, and under a formula called "positive symmetry" the CIA kept arming them as long as Moscow supplied Kabul. ●●●

1988 President Zia and the U.S. ambassador die in a plane crash ai_extracted 1 cit. On August 17, 1988, Pakistani dictator Mohammed Zia-ul-Haq died when his C-130 crashed after a tank demonstration near Bhawalpur. Also killed were ISI chief General Akhtar, U.S. ambassador Arnold Raphel, and much of Pakistan's senior military brass; the cause was never established. ●●

March 1988 Queue-voting rigs the 1988 general election 0 cit. KANU ran the 1988 party primaries using mlolongo, an open system where voters lined up behind their preferred candidate instead of casting a secret ballot. Officials were widely accused of declaring winners against the visible queues to favor loyalists. The blatant manipulation discredited the ruling party and pushed many Kenyans toward demanding reform. politics ●●

1988 Kibaki is dropped as Vice President and moved to Health 1 cit. After the 1988 elections, Moi dropped Kibaki as Vice President and appointed him Minister for Health. This demotion pushed Kibaki further from Moi's inner circle, but he did not immediately resign. He stayed in government until the return of multiparty politics opened a different route. politics ●●●●

1989 Yasushi Mieno becomes Bank of Japan governor ai_extracted 1 cit. Yasushi Mieno became governor of the Bank of Japan in 1989, with Haruo Maekawa having become governor ten years earlier; both had long been tipped as certain successors. ●●●

1989 Peak of the Japanese asset bubble ai_extracted 1 cit. By 1989 speculative credit had pushed asset prices to extremes: the land surrounding the Imperial Palace in Tokyo had the same market value as the entire state of California. ●●●

1989 End of the Showa era ai_extracted 1 cit. The Showa era, the official calendar of Emperor Hirohito's reign, ended in 1989, sixty-four years after it began; Hirohito had remained in office after 1945, exchanging his military uniform for civilian clothes. ●●●

December 1989 Nikkei peaks at all-time high of 38,915 ai_extracted 1 cit. After rising an average 30 percent per year from 1984, the Nikkei 225 stock index peaked at an all-time high of 38,915 yen in December 1989. ●●●●

1989 Bubble lending reaches 27 percent of all bank loans ai_extracted 1 cit. By the end of 1989, loans to real estate, construction, and nonbank financial institutions used for speculation totaled 27 percent of all bank loans, some 98.9 trillion yen or 25 percent of nominal GDP. ●●●

1989 Banks suddenly restrict loan growth ai_extracted 1 cit. In mid-1989 Japanese banks suddenly restricted loan growth, cutting off the flow of new money into asset markets; stock prices peaked half a year later and land prices stopped rising. ●●●

December 1989 to 1994 Mieno becomes BoJ governor ai_extracted 1 cit. Yasushi Mieno served as governor of the Bank of Japan from December 1989 to 1994, determined to end the bubble he blamed for dividing Japan into haves and have-nots. ●●●

December 1989 Mieno's 'Christmas present' rate hike ends the bubble ai_extracted 1 cit. Only a fortnight after becoming governor, Mieno raised the official discount rate in December 1989, the infamous Christmas present; asset prices began tumbling in 1990 and land prices eventually fell around 80 percent. ●●●●

June 1989 BoJ tightens window guidance and ends the bubble ai_extracted 1 cit. The Bank of Japan ended the bubble by suddenly tightening its window guidance credit controls in June 1989, an act the author identifies as the trigger of the recession of the 1990s. ●●●●

1989 Death of Haruo Maekawa ai_extracted 1 cit. Former Bank of Japan governor Haruo Maekawa died in 1989, but his chosen successors Mieno and Fukui remained in power at the central bank. ●●

1989 Mieno appointed governor of the Bank of Japan ai_extracted 1 cit. Yasushi Mieno was appointed official governor of the Bank of Japan in 1989, with observers noting parallels between his career and that of former governor Sasaki. ●●●

July 1989 to 28 July 1990 Structural Impediments Initiative ai_extracted 1 cit. The bilateral U.S.-Japan Structural Impediments Initiative was launched in July 1989 and released its final report on July 28, 1990, detailing U.S. structural reform demands. ●●●

8 August 1989 Founding of Gazprom 0 cit. The Soviet Ministry of Gas Industry is converted into the State Gas Concern Gazprom, the USSR's first state corporate enterprise. Privatized after 1991, it controls the world's largest gas reserves and Russia's export pipelines. economy / politics ●●●

4 June 1989 Tiananmen Square crackdown 0 cit. The Chinese army crushes pro-democracy protests centered on Tiananmen Square, killing hundreds or more. The crackdown sets China's course of economic opening without political liberalization. politics ●●●●

9 November 1989 Fall of the Berlin Wall 1 cit. East Germany opens its border and crowds tear at the Berlin Wall. Communist rule across Eastern Europe collapses within months, ending the Cold War division of the continent. politics ●●●●●

c. 1989 to c. 1991 South Africa dismantles its arsenal 0 cit. As apartheid winds down, F.W. de Klerk orders South Africa's six nuclear weapons dismantled and the program shut. It remains the only state to build a nuclear arsenal and then voluntarily destroy it. politics / war ●●●●

c. 1989 Washington Consensus formulated 0 cit. Economist John Williamson coins the term Washington Consensus for the package of liberalization, privatization, and fiscal discipline urged on developing countries. The label comes to stand for market-oriented globalization. economy ●●●

27 November 1989 Bombing of Avianca Flight 203 0 cit. A bomb planted by the Medellin drug cartel destroyed Avianca Flight 203 shortly after takeoff, killing all 110 people on board. The attack targeted a presidential candidate who was not aboard. politics / society ●●

6 December 1989 DAS building bombing in Bogota 0 cit. The Medellin cartel detonated a bus bomb outside the headquarters of Colombia's security police, killing about 63 people and injuring hundreds during Pablo Escobar's war on the state. politics / society ●●

March 1989 The World Wide Web 0 cit. Tim Berners-Lee proposed the World Wide Web, a system of linked pages accessed over the internet, and opened it to the public in 1991. The web turned the internet into an everyday tool for billions. technology ●●●●●

c. 1989 Washington Consensus named 0 cit. Economist John Williamson coined the term Washington Consensus to describe a set of free market policy reforms recommended for developing economies. It came to stand for the prevailing economic orthodoxy promoted by Washington based institutions. economy ●●●●

4 June 1989 Tiananmen Square protests 0 cit. Student-led demonstrations for reform filled Tiananmen Square in spring 1989. The government declared martial law and used troops to end the protests with many deaths on 4 June. politics / society ●●●●●