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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.
by BobbyJo 8mo 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.
- zeroonetwothree 8mo agoIt felt like the entire global financial system had a chance of collapsing.
- edmundsauto 8mo agoWe 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.
- verzali 8mo agoWe 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.