Mises Daily
Author:
David Howden
Online Publish Date:
[Excerpted from chapter 1 of Deep Freeze (2011).] Following the bankruptcy of the American investment bank Lehman Brothers in late 2008, credit markets all over the world seized up in a striking manifestation of the interconnectivity of the global economy. When the dust had settled, the crisis had wiped out trillions of dollars of investments, and