Economic emergencies

Economic emergencies, by definition, cause harm to socio-economic systems including people, settlements, environments. Over the last twenty years the Asian crisis of 1997, for example, caused the collapse of global markets due to the decision of the Thai government of devaluating the national currency. Between the end of 1990s and the beginning of 2000s, the dot-com bubble triggered an impressive speculative period following the adoption of the internet in the United States and Europe. The September 2011 terroristic attacks of the Twin Towers as well as the Dow Jones drop in the following days set one of the biggest loss to the American economy. ¹ In 2008, the world sub-prime mortgage crisis in the United States caused the collapse of Lehman Brothers; people could not afford to pay for mortgages and property values fell; unemployment increased and the crisis developed further at global level. Europe realized that a default could be a probable event for high indebted countries like Portugal, Greece, Ireland, Italy, and Spain with a consequent fall-out of the banking system. Lastly, the Brexit referendum of June 24, 2016 caused a fall of the exchange rate Sterling Pound to Dollar. This event had not occurred in 31 years.