Comment by BobbyJo
10 days ago
As a young adult in 2007, what cliff were we close to?
The GFC was a big recession, but I never thought society was near collapse.
10 days ago
As a young adult in 2007, what cliff were we close to?
The GFC was a big recession, but I never thought society was near collapse.
We were pretty close to a collapse of the existing financial system. Maybe we’d be better off now if it happened, but the interim devastation would have been costly.
It felt like the entire global financial system had a chance of collapsing.
We weren't that far away from ATMs refusing to hand out cash, banks limiting withdrawals from accounts (if your bank hadn't already gone under), and a subsequent complete collapse of the financial system. The only thing that saved us from that was an extraordinary intervention by governments, something I am not sure they would be capable of doing today.