Financial disaster struck the country the superpower United States. Several world-class giant banks that have mastered to various parts of the world fall. Starting from the bankruptcy of Lehman Brothers, the giant banks and giant financial company Bear Stearns. Moments earlier, the U.S. government was forced to take over the largest mortgage companies in America; Freddie Mac and Fannie Mae while Merrill Lynch had not much different conditions to be acquired by Bank of America. Finally the largest insurance company AIG (American International Group) shows the same critical phenomenon.
Showing posts with label Crisis. Show all posts
The global financial crisis that hit the international world in recent months has given an indication of how fragile the global financial system that relies only to the financial markets in several international markets. Capitalist system which has become the locomotive for world economic movement failed to create a valued new world economic order that is more just, balanced, and capable of providing welfare for the inhabitants of the earth.
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