The origins and causes
High prices for commodities
In the 2000's has seen an explosion of consumption, accompanied by the steady rise in commodity prices - after the Great Depression of consumer goods in 1980-2000. But in 2008 the prices of many commodities, especially oil and food products (agflyatsiya), have reached such a level that began to cause significant economic damage. In January 2008, oil prices crossed $ 100 a barrel. July 11, 2008 WTI price of crude reached a record in the history of $ 147.27 a barrel, then began to fall - to $ 61 on Oct. 24 that same year and up to $ 51 in November. Food and fuel crises were discussed at the July 34 th summit of the Group of Eight.
Decreased dramatically the demand for automobiles: the August 2008 car sales in Europe declined by 16% in the U.S. in September car sales dropped 26% in Japan - by 5,3%. This led to a reduction in the production of metal and reduction of jobs in the automotive and related industries.
Mortgage crisis in the U.S. in 2007
The immediate predecessor of the general financial and banking crisis in the U.S. were subprime mortgage crisis (subprime) in 2007, that is, mortgage lending for low-income and poor credit history. As a result of 20% fall in prices, American homeowners are poorer by almost $ 5 trillion.
American financier George Soros in Die Welt on 14 October 2008 defined the role of the "mortgage bubble" as "a trigger that led to the fact that the bursting of the larger bubble.
Innovations in the financial market
An important factor in creating the credit crisis in the U.S., according to several experts, it has become widely used since the early 1990's derivative financial instruments, derivatives (English derivatives) and the desire to improve profitability by increasing risk. If there is no analysis that would show that it was nearer the derivatives crisis that did not come there would be a crisis in the construction of even earlier if the derivatives are not contributing to the expansion of effective demand for real estate and luxury goods.
Alternative views on the crisis
October 6, 2008 Pope Benedict XVI said that the global financial crisis shows futility of money and the futility of accumulating wealth, but "the only stronghold of the word of God:" The collapse of large banks shows that money disappears, they are nothing. All things seem real, actually turn out to be minor. "
March 27, 2009 at a meeting with members of the Synod of the BOC President of Belarus Alexander Lukashenko said: "I insist that the basis of this crisis lie not economics and finance. In its basis - the consciousness, morality of the current population of the world. It's more psychological, moral crisis, not financial or economic. "