Did Subprime Mortgages Cause the 2008 Crisis?

The global economy has been experiencing "rolling blackouts" aka deflationary shocks in the eurodollar system going back to 2007.

At 2:44 am Eastern Time on the morning of Thursday, August 9, 2007, BNP Paribas issued a quaint little press release (the financial equivalent of the 1914 assassination of some Austrian Archduke no one had ever heard of outside that realm) stating plainly the bank hadn’t been able to precisely calculate the Net Asset Value (NAV) for three of its money market funds going on several days.

...Not all the ABS was of subprime mortgage bond tranches as many outside observers at the time had inferred, yet already by August 9 it didn’t really matter. Market liquidity for pretty much all kinds of MBS and ABS had disappeared, which is why BNP Paribas came to finally admit it couldn’t value these funds.

What's Lacking Right Now Is the Fed's Will To Act