Current Financial Crisis (jan 1, 2008 – 23h 57min, jul 21, 2026 y)
Description:
The backbone in the current economic crisis lies in the Global Financial Crisis from 2007 to 2008, where problems in the United States’ subprime lending mortgage market caused housing prices to plummet and the bankruptcy of the Lehman Brothers, leading to an international banking crisis. This resulted in the Great Recession and the European Debt Crisis. In 2008, conservative governments such as the United States under the Obama administration, France, and Canada believed that government intervention in the economy through regulating national bank systems and the financial markets, as well as the financial assistance of important industries, were favourable solutions. Evidently, America and Canada’s response to the crisis was a movement towards modern liberalism where necessary government intervention is desired to help save the economy from great turmoil. However, in 2017 and up to the present the Trump administration favours a shift away from government intervention, returning back towards classical liberal principles.Added to timeline:
Date:
jan 1, 2008
23h 57min, jul 21, 2026 y
~ 18 years