Since the summer of 2008 the world has experienced the greatest destruction of wealth – paper losses measured in the trillions of dollars – in its history. No industry in the world has been left untouched. The financial powerhouses of Bear Stearns and Lehman Brothers have gone bankrupt and mortgage giants Fannie Mae and Freddie Mac had to be bailed out. Attempts by the US government to save industries led to an increased budget deficit, making some experts predict that the global power epicenter might shift away from the US before the crisis ends. On the other hand, it has become clear that Asian countries need to restructure their domestic economies to encourage consumption. They cannot continue to rely on credit-fueled American consumption to promote growth. Consumer confidence remains low with fears of a double-dip or an anemic recovery being voiced daily. Some poor countries, insulated from foreign finance, suffered from reductions in tourism, remittances and foreign aid. What began as a local problem of excess credit in the United States is likely has affected every member of the global community. All crises in the twentieth century have had world-wide consequences but the crisis of 2008 will go down in history as the first full-blown global crisis.

Global Crisis: How Far to Go? Part III

Europe’s leaders model global leadership with a coordinated bank rescue
Scott B. MacDonald
October 13, 2008

Scrambling to Clean Up After a Category 4 Financial Storm

There’s only so much the US government can do about debt nobody wants to pay for or hold
Steven Pearlstein
September 24, 2008

Wall Street Dodges a Bullet, How About Next One?

By rescuing AIG and others, the US may be biting off more than it can chew
David Dapice
September 17, 2008

Globalization and the Markets – Part I

Complicated new financial tools outpaced the comprehension of regulators, bankers or customers
David Dapice
January 22, 2008

Globalization and the Markets – Part II

Despite initial flutter, China won’t let its stock market fall in the much anticipated year of the Olympics
Xu Sitao
January 24, 2008

The Invisible Hand of Globalization

Billions of economic decisions from entrepreneurs and consumers are a force beyond the control of regulators
Susan Froetschel
January 3, 2008

The Dollar in Danger

Global players have many reasons to root for a strong dollar
Sebastian Mallaby
November 14, 2007