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There is nothing small or trivial about the global financial crisis.
According to the Bank of England’s recent Financial Stability Report, governments worldwide have already pledged more than trillion in loans, guarantees, capital injections, and other assistance in their coordinated effort to prop up the global financial system.
Some countries, like Iceland and Pakistan, are threatened by bankruptcy.
For example, the crises in Argentina (1981-1990), South Korea (1997-1999) and Thailand (1997-2000) all cost more than 30 percent of these countries’ GDPs.That’s the worst-ever monthly point decline for the S&P 500.The Dow similarly dropped 14.1 percent, or 1,526 points.Often compared to Jenny Mc Carthy - Alyssa is a wild-child known to be outspoken, funny, and one of the guys.Most irrelevant andy roddick and maria sharapova dating write email on dating site information about rumoured boyfriend.This speculative trading (which some call the “casino economy”) is meant to hedge risk, but it also increases the volatility and systemic risk of financial markets.We would do well to recall economist John Maynard Keynes’ warning: “Speculators may do no harm as bubbles on a steady stream of enterprise.Irresponsible Banking I’d like to suggest a multi-level approach to this.At the first and most obvious level, we can say the financial crisis is a direct result of irresponsible banking.This is not the first financial crisis the world has seen over the past century.The worst, of course, resulted in the Great Depression in the 1930s.