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Financial Crisis and Comets Hitting the Earth

  • Date Submitted: 03/21/2010 06:41 AM
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Financial crisis of 2007–2010
  The financial crisis of 2007–present is a financial crisis   triggered by a liquidity shortfall in the United States banking   system.
      It is considered by many economists to be the worst financial   crisis since the Great Depression of the 1930s.
      It contributed to the failure of key businesses, declines   in consumer wealth estimated in the trillions of U.S. dollars,   substantial financial commitments incurred by governments,   and a significant decline in economic activity
    Responses to financial crisis:
  The U.S. Federal Reserve and central banks around the world   have taken steps to expand money supplies to avoid the risk   of a deflationary spiral, in which lower wages and higher unemployment   lead to a self-reinforcing decline in global consumption.
      U.S. Federal Reserve, the European Central Bank, and other   central banks purchased US$2.5 trillion of government debt   and troubled private assets from banks.
      The governments of European nations and the USA also raised   the capital of their national banking systems by $1.5 trillion,   by purchasing newly issued preferred stock in their major   banks.
        Lessons learnt:
The collaboration of many governments in the world and banks that caused the fast relief of the economic crisis shows that inter-government collaborations can solve big problems that threatens the world.
Possible crisis in the future:
  A half-mile-wide asteroid crossed Earth's orbit on March   23, 1989, about 400,000 miles from Earth. Our planet had been   on that spot six hours earlier.
      The closest near miss was an asteroid about 30 feet wide which   passed within 106,000 miles of Earth on January 17, 1991.

Scientists have had a hard time getting   Congress to fund an early-warning system. A 1991 NASA study,   requested by Congress, called for an international Spaceguard   Survey system of ground-based telescopes surveillance cameras...


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