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What was the financial crisis of 2007–2008?

The financial crisis of 2007–2008 was years in the making. Financial markets around the world were showing signs by the summer of 2007 that the reckoning was overdue for a years-long binge on cheap credit.

Why was '08 a global financial crisis?

And this, says Adam Tooze, is the key to understanding the crash of '08, a global financial crisis because of global financial interconnectedness, a crisis that would have been far worse had the U.S. not dispensed dollars worldwide. Wall Street is a global banking center. So you have banks from all over the world.

What caused the financial crisis?

According to Barry Eichengreen, the roots of the financial crisis lay in the deregulation of financial markets. A 2012 OECD study suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis.

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