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In 2008 the world almost came to an end

When Lehman Brothers went bankrupt and AIG was taken over by the US government in the fall of 2008, the world almost came to an end. 

Over the next few weeks, stock markets went into free fall as trillions of dollars of wealth were wiped out. However, even more disturbing were the real-world effects on trade and businesses.
A strange silence descended on the hubs of global commerce. As international trade froze, ships stood empty near ports around the world because banks would no longer issue letters of credit. Factories shut and millions of workers were laid off as commercial paper and money market funds used to pay wages froze. 

Major banks in the US and the UK were literally hours away from shutting down, and ATMs were on the verge of running out of cash. 

The world was threatened with a big deflationary collapse. 

John Mauldin 29 October 2013

Read more here

Lehman Brothers

Financial Crisis

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