chapter  3
19 Pages

The Crisis Goes Global

The GFC has already proved itself a truly global and historic event. Although its genesis may well have been the US housing bubble, the GFC affected both developed and emerging nations. The crisis did not discriminate on any basis. Put simply, the consequences of the crisis have been devastating. The GFC has been responsible for destroying financial systems and government budgets, undermining market confidence and security in financial markets, and ushering in one of the most severe recessions since the Great Depression.