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The Global Financial Crisis (2008)
The Global Financial Crisis of 2008 was a devastating event that had far-reaching consequences for the global economy. It was triggered by the collapse of the US housing market, which had been fueled by risky subprime mortgages. This led to a widespread banking crisis and a financial panic as banks and investors struggled to cope with the fallout. The crisis quickly spread beyond US borders, affecting economies around the world and leading to widespread economic turmoil. Governments and central banks were forced to take drastic measures, including bailing out struggling banks and implementing economic stimulus packages, to prevent the crisis from spiraling out of control. Despite these efforts, the global economy went into a deep recession, with high unemployment, declining real estate prices, and widespread economic hardship. The Global Financial Crisis serves as a reminder of the interconnectedness of the global economy and the importance of responsible financial practices to prevent future economic crises.
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