C8,
There a variety of ways we can come by doom. ONE of them would be through a collapse of the global financial market. If you run back to 2008, end of GEORGE I and start it Obama, that crisis was a crisis of confidence. The President said we were hours away from a complete lock up of the global banking system which is why he ordered extraordinary measures.
So if you believe Obama then your answer is “yes” and it almost happened. I see no reason why it could not happen again. I’ve absolutely no way of predicting when it will happen or what the actual, physical effects would be. Remember that the global economy lost “trillions” in value, but as far as I know no one died because of it. May be different next time, don’t know, no one does.
Just recall the fevered bailouts of troubled banks and the generous role of Uncle Sam in making sure the 2008 crisis did not roll over into another Great Depression. We came very close to Armageddon in those days of tribulation. The failing investment bank Merrill Lynch, which once introduced Wall Street to Main Street America, had to be absorbed by Bank of America, which itself needed emergency financing from the Treasury. Bank of America did double duty by also taking over the troubled mortgage banking firm Countrywide Credit, whose real estate portfolio was in deep trouble
In fact, we came very close to Armageddon that mid-September day of 2008 just after Merrill Lynch was saved by Bank of America and insurance giant AIG was saved from insolvency by a federal bailout loan of $185 billion. There was still General Electric, then very much in the troubled financial business that warned the government it might not be able to roll over or refinance its mighty pile of short-term debt the next morning. Fears abounded of a run on the banking system if the short-term securities called commercial paper froze. The only emergency respite was to that evening plaster a government guarantee of the $600 billion commercial paper market that kept industry oiled and operating. That’s how close to a possibly chaotic condition we came.
https://www.google.com/amp/s/www.forbes ... -bust/amp/As to the reassurances it can’t happen again, they are the same guys who let it happen the last time, they could not predict it then, they can’t predict it now.