[Marxism] Fwd: Ten years on | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Tue Aug 8 05:28:08 MDT 2017


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/



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