What Actually is the Financial Crisis?

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Ten years ago (2008) the UK was thrown into chaos.Imagine that you have asked a friend for some money to buy the materials to make them a watch,they agree.You then tell one person that you are not sure you can make the watches. They tell this to everyone including your friend ,who asks for the money back.However you have already bought the materials so cannot do this so everyone gets worried.

This is what happened to the bank - they became greedy,borrowed money and sold things for more than they had bought them for.Because of this, the bank enentually went bust.Nobody could borrow money so many people lost their jobs and homes.This also happened in America.

Some people are worried that this will happen again soon.

What do you think ,please comment your opinions.

Comments (8)

  • Millbank-logo-250x250.jpg supportive_guineapig | Millbank Academy A
    21 Nov 2018

    I think it will happen in a few years again because people are getting more greedy about money.

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  • Millbank-logo-250x250.jpg polite_independence | Millbank Academy A
    21 Nov 2018

    I think it will also happen again because they are making more technology and more young men and women are working to buy all this. People are also saving for more expensive things so they will become more greedy with money.

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  • Millbank-logo-250x250.jpg poetic_camel | Millbank Academy A
    22 Nov 2018

    I think that after a few years this will happen again and it might be a bigger one as people endeavour to create money and other big pieces of technology and might end up as a argument.

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  • Millbank-logo-250x250.jpg allowing_singer | Millbank Academy A
    22 Nov 2018

    This might happen again because there are more electronics which make people more into it. So now there are many people getting aggresive with money

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  • Millbank-logo-250x250.jpg enchanted_lake | Millbank Academy A
    23 Nov 2018

    The UK might be thrown to chaos again because people are making more electronic things. People save money so they can get expensive things that they want to use so they become very greedy with money . It’s just like yours polite independence.

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  • Millbank-logo-250x250.jpg precious_cheetah | Millbank Academy A
    10 Dec 2018

    I also agree that the financial crisis will happen again because the banks are becoming more and more greedier.They are charging more money to people and some who borrow money might be able to pay back the extra money that the bank charge .This is called the interest when banks charge you more money than you borrowed

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  • Millbank-logo-250x250.jpg precious_cheetah | Millbank Academy A
    10 Dec 2018

    . A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics.

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  • Millbank-logo-250x250.jpg precious_cheetah | Millbank Academy A
    11 Dec 2018

    There will be a financial crisis which will be bigger than 2008 because of depth this is what caused the 2008 financial crisis. The depth today is becoming bigger and bigger which will cause another financial crisis. Depth is when people borrow

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