Fiction:2802 GITO Financial Crash

The 2802 GITO Financial Crash was a major economic collapse that took place in countries affiliated with the Gigaquadrantic Intergalactic Trade Organization after the defeat of the Orion League during the Great Xonexian Schism.

The crash came after a period of rapid economic growth from 2795 to 2802, making possible the emergence of new economic superpowers such as the Draconid Imperium, challenging the historical dominance of the Universal Trade Union. These nations founded the Gigaquadrantic Intergalactic Trade Organization and worked to integrate their economies, relying heavily on the conventions of free trade to further common prosperity. GITO-affiliated stock markets opened on many planets such as Tropicana and, feeding into the central GITO market on. The interconnectedness of this new Xonexi economy made it far easier for trade to happen, boosted the availability of goods, and reduced their price across the board. However, its critics pointed to the fact the organization lacked stability: if one of the galactic markets were to collapse, the whole network would go with it.

The political events of 2802 had a profound impact on GITO markets, initially spurring growth as the industries of the involved nations geared up for war. The increased consumption of andasium and other such elements caused a dramatic rise in Gigaquadrantic production. Yet, as the war turned against the Allies with their defeat at Tholfame-22, the failure of Operation Deviant Rim, and the final defeat of the Orion League at the Battle of the Dying Sun, speculators quickly lost faith in the GITO economy. Prudent investors had liquidated their assets in the weeks preceding June 21, leading to a steady decline in stock prices across the board. On June 21, when the Orion defeat was announced, the floodgates were opened: investors rushed to dump their stocks and reclaim their assets. All GITO stock exchanges were shut down preemptively except for the Parisian "Bourse," which was hit the hardest due to gridlock in the French government.

When the Parisian Bourse crashed, the rest of the Orion economy went with it. The gilo sunk to 0.01% of its original value within days and was declared worthless by the next week. The Drodoian Colonial Dollar, the reserve currency of the Quadrants, began its slow and painful decline. However, the Andromedan and Bunsen economies were to some degree quarantined from the damage. While the Draconid Mimidian Credit lost a significant percentage of its value, it began trading again at a steady rate, reflecting some degree of confidence in the Allies' ability to continue the war. GITO stock exchanges remained closed for weeks, over which period it was difficult to ascertain the damage to stock prices and the wider economy. When trading finally resumed, it was clear that the GITO economy would survive despite incalculable losses.