The collapse of the U.S.housing market in 2007-2008 led to

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The collapse of the U.S. housing market led to a worldwide recession as the shockwaves of the crisis spread throughout the global economy. The crisis had significant impacts on financial institutions, governments, and individuals worldwide, resulting in job losses, bankruptcies, and a decrease in economic output. While there were various responses to the crisis, including government intervention in several countries, there was no firm international agreement about how to manage the global economy. Falling prices for gold and a necessary recalibration of the international debt-to-capital ratio were not direct outcomes of the housing market collapse.

The Collapse of the U