The Global Contagion: How the US Crisis Became a World Recession

The 2008 financial crisis was a global catastrophe, beginning with Lehman Brothers’ collapse and rapidly spreading across the globe. European banks were heavily exposed to US subprime mortgages, leading to a domino effect that triggered nationalizations and collapses in countries like Iceland and the UK. The crisis shattered global trade, industrial production, and economies worldwide, highlighting the interconnectedness of financial systems.