|W.G. Hill Books, Underground Knowledge, Offshore Banking and Investing|
|Page: Money and Investing - 2008 Financial Crisis|
Stories behind the Global Financial Crisis of 2008
The most recent economic and financial crisis started in 2007 and the financial crash happened worldwide in late 2008, after the U.S. sub-prime housing and real estate collapse, which led to subsequent banking crisis. The recovery has been very slow and it's still too early to look back and conculde that the crisis is over - it's not. We're still going through the longest recession since the Great Depression of 1929.
Years later it looks like those few sobering, non-mainstream economists and financial analysts were right at the time when they estimated that the effects of the 2008 Global Financial Crisis might last 10 years or longer. According to the most recent analysis in April 2013 by 400 economic analysts the global economy is still staganting. Eurozone is still having serious problems, while the US economy is showing signs of slight optimism. It seems that China is the only force proping up global economy at the moment, although it too is showing signs of slowing down. True economic revival seems to be still a long way off.
The real culprits that caused these economic problems, the banks and financial institutions, have of course tried to point the fingers of blame somewhere else. At the same time they filled their half-empty coffers with "free" taxpayers money, to cover for their greedy financial escapades.
Only now, in 2013, EU is finally set to put limits on banker's pay and cash bonuses. The City of London is opposed to those limits. It remains to be seen if this will happen and whether those pay curbs will bring desired results. Somehow, we have our doubts.
For example, in late October 2014, 25 of Europe's 130 top banks failed 'stress test'. These are now conducted regularly to determine if the banks are strong enough to withstand sudden pressures on the bank's finances, such as higher loan defaults, higher unemployment, or other unexpected economic problems that can 'test' the bank's ability to do normal business. Evidently, the crisis is still dragging its feet, or we could be facing another one!?
A 2011 film Margin Call (with Kevin Spacey, Jeremy Irons, Zachary Quinto, Demi Moore) highlights how the financial crisis started at a large Wall Street investment bank. It explores capitalism, greed and investment fraud. The New Yorker magazine called it 'the best Wall Street movie ever made'.
These articles on money and investments shed some light on what was happening at the time, as governments tried to reign-in the effects of 2008 global financial crisis. The effects are still around us, in what has become a truly global economy, for better and worse.
Here are some of the stories that evolved at the time, as governments and financial markets scrambled about to try and "plug the holes", while giving an impression that they're fixing the problem. Time has shown us since that all they did is fix precious little, sweeping most of the problems "under the carpet", which is why the crisis and its consequences still linger on.
While you're trying to get your hands on some money, it's also
important to understand the bigger picture - what goes on
in the world at large and how the "big players" play their game