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It’s ten years on to the day since the global financial crash began with the news that the French bank, BNP had suspended its sub-prime mortgage funds because of “an evaporation of liquidity”.
Within six months, credit tightened and inter-bank interest rates rocketed (see graph above). Banks across the globe began to experience huge losses on the derivative funds that they had set up to profit from the housing boom that had taken off in the US, but had started to falter. And the US and the world entered what was later called The Great Recession, the worst slump in world production and trade since the 1930s.
full: https://thenextrecession.wordpress.com/2017/08/08/ten-years-on/ _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
