Not exact matches
Oil is currently trading at about US$ 45 / bbl, which in current dollars puts it below where it was at the
end of 2008, back when
global markets were still in the thick
of the
financial crisis.
This isn't just a
financial crisis, this is the
end of the 60 - year era
of American
global leadership.
The great victory
of the Federal Reserve in the half - cycle since 2009 was not
ending the
global financial crisis; the
crisis actually
ended in March 2009 with the stroke
of a pen that changed accounting rule FAS157 and eliminated mark - to - market accounting for banks (instantly removing the specter
of widespread insolvencies by allowing «significant judgment» in valuing distressed assets).
That day marked the
end of investment banking as we knew it and opened the way to a
global financial crisis that brought many to their knees.
As a result
of the
global financial crisis, many unlisted mortgage schemes had insufficient liquid assets to repay investors at the
end of their investment terms, or to allow early withdrawals.
In the fall
of 2008, the world stared into the abyss
of global financial crisis, akin to Calypso's maelstrom in «Pirates
of the Caribbean: At World's
End.»
What makes it especially bad right now, however, is the fundamentally fragile state much
of the world is still in, eight years after the great
financial crisis... So we are very probably looking at a
global recession, with no
end in sight.
The same rating companies that were caught flat - footed by the downturn in the mortgage market during the
global financial crisis that
ended in 2009 may be underestimating the threat
of climate change to coastal communities.