Are We on the Brink of Another Financial Crisis?

The largely unexpected 2008 global financial crisis is firmly etched in the minds of many as the worst financial crisis since the 1930’s Great Depression. The meltdown was triggered by the high default rate in the US subprime mortgage sector earlier in 2007. Predatory lending practices by private institutions, and prevailing low interest rates pushed many people to take mortgages, which they were unable to repay. What followed was a series of events, most notably the international banking crisis that witnessed the collapse of Lehman Brothers and other financial institutions.