What happened in the GFC?

10 Years Since the GFC, we live in an economy propped up by the Federal Reserve.
For those of you who don't remember the details, the GFC began slowly with the collapse in April 2007 of the second largest Subprime mortgage lender in the USA, New Century Financial. In August 2007, the largest bank in France froze 2 Billion Dollars worth of Investor funds, claiming it could not accurately value the sub prime loans bundled in its portfolio. 5 days later the British Bank Northern Rock was bailed out by the Government, after a run of withdrawals by the depositors.

The cork was out of the bottle, and the financial sector, tried to play pass the parcel with the toxic investments. Bear Stearns, Fannie May and Freddie Mac all declared they where heading for bankruptcy. By September 2008 the massive Investment Bank of Bankers, Lehman Brothers Collapsed.

Governments around the world began dropping interest rates, and the Federal Reserve began printing money, in a too little too late attempt at stopping the contamination of the crisis spreading throughout the world.

Quantitative Easing began and Governments around the world unleashed huge financial stimulus with Public spending. The GFC caused worldwide recession, and millions of people lost their savings and investments.

Massive amounts of money have been printed, decaying the wealth and spending power of the middle class.

We live in the same house of cards, but all the cards have been dealt.

How can we survive the almost inevitable next GFC?

My view is to store assets outside of the financial system in Cryptocurrency- what is your plan?

Free use photograph from Google

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