It is almost 10 years since the onset of the global financial crisis, and yet the world is more polarised between rich and poor and politically more unstable, writes Tom Bramble.
When the US property market began to sink in 2007, few people foresaw what was about to transpire. The US financial system, which had built up huge stocks of debt gambling on the residential property market, began to totter. A string of banks went into liquidation. In late 2008, the crisis came, paralysing the North Atlantic financial system.
Governments around the world pitched in to prevent a total meltdown. Hundreds of billions, and soon trillions of dollars, were thrown at the banking system, and unlimited government guarantees were introduced….
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