In 2007, the US subprime mortgage crisis triggered a global economic crisis. In fact, the subprime mortgage crisis appeared as early as 2006, and swept through the major global financial markets such as the United States, the European Union and Japan in August 2007. The direct cause of this crisis is the rising interest rate in the United States and the continuous decline in house prices. The rising interest rate has increased the repayment pressure of users with poor credit, and the number of defaults has risen sharply, leading to the bankruptcy of subprime mortgage institutions. Investment funds were also affected and forced to close. The stock market turmoil has affected the global financial market. The real economy will not be spared. At present, it is hard to say when the crisis will end. \x0d\x0d\ 1997 \x0d\ Asian financial storm \ x0d \ This storm started in Thailand. Due to the impact of hot money in the international financial market and the country's improper foreign exchange policy, the Thai baht announced on July 2 that it would abandon the exchange rate system linked to the US dollar. On the day of the floating exchange rate, the Thai baht fell sharply against the US dollar. The financial market is in chaos. Immediately, the storm swept through Malaysia, Singapore, Japan and South Korea, and the currencies of the corresponding countries fell into devaluation channels one after another, leading to economic depression, and some countries even experienced negative growth of 1998. \x0d\\x0d\ 1973 \x0d\ oil crisis \x0d\ 1973 \ 10, the Middle East war broke out again. In order to attack Israel and its western supporters, Arab countries decided to use oil weapons to teach western countries a lesson. 10 10 17, Arab oil-producing countries in the middle east decided to reduce oil production and impose an oil embargo on western developed capitalist countries. At the end of the year, the oil price rose from 3.0 1 USD per barrel to1.655438+USD per barrel. The rise in oil prices has greatly increased the income deficit of many countries, and the economic growth of all industrialized countries has slowed down significantly. \x0d\\x0d\ 1929 \x0d\ Great Collapse \x0d\ The great economic recession that lasted until 1933 was the most profound in history. The Great Depression began with the fall in agricultural prices. First, the price of wood, and then the overproduction of wheat forced the United States to lower the price of basic grains. At the same time, the crazy American stock market soared like a wild horse. However, 10124, new york Stock Exchange suddenly collapsed. 10 year 10 On October 29th, the American stock market crashed again, and the hard-earned money of thousands of ordinary Americans went up in smoke. The Great Depression also caused a worldwide economic impact, with a sharp decline in international trade and a sharp rise in unemployment. \x0d\\x0d\ 1907 \x0d\ stock market panic \x0d\ 1907. Most bank loans in new york were invested by trust and investment companies in risky stock markets and bonds as collateral, and the whole financial market was in a state of extreme speculation. On March 13, the stock market plummeted suddenly due to market rumors. Banks have recovered their loans, which has aggravated the downward trend of the stock market. People have run on it and the market is on the verge of collapse. At this critical juncture, banker Morgan set up a rescue team composed of consortia and government officials to invest money to save the market. However, this market recession triggered by the stock market panic did not come out of the haze until four years later. \x0d\\x0d\ 1837 \x0d\ bank panic \x0d\ 1836, the seventh president of the United States andrew jackson transferred federal funds from the second bank to state banks, and the banking management system began to decline. The birth of "Free Banking Law" greatly simplified the application procedures of national banks, but the subsequent fraud is also common. 1837, within a few months after Martin Van Buren became president, the number of banks that closed down due to loss of credit increased day by day, and the situation finally got out of control, and the United States entered a recession. \x0d\x0d\ 1720 \x0d\ Nanhai Bubble \ x0d \ Nanhai Company was established in 17 1 for overseas trade. 1720, the British Parliament agreed that Nanhai Company would issue shares to ease the pressure on national debt, which led to a sharp rise in the share price. From 10/720 in October to 128.5, it rose wildly to more than 1000 in August of the same year. The market added fuel to the flames, and some companies took the opportunity to follow suit and issue shares to make profits. The British Parliament subsequently passed the Anti-Financial Fraud and Speculation Act to strictly control the market. In September, the stock market began to fall. By the end of the year, the South China Sea stock market bubble burst and many speculators lost money.