Global financial crisis

General inflation was all around the world
Reason

Food Crisis
Energy Crisis
USA War against terrorism

This has been created general inflation in the world


Due to General inflation saving of people went down

Now about banking sector as it has been explained already quite well

Banking was financing but not recovering as they should prime reason was general inflation due to that saving decrease

Now even those people who has there income in banks they were taking it back because saving was low and they have to maintain life standard so they were taking money bank

Now bank that was already in problem not recovering their income and people who landed the income to banks asking it back so it makes collapse to bank

Although there are few other research has been done on GFC

They relates petrol with dollar
Iran, Iraq, Venezuela
All are petrol producer

And as we know petrol transaction should be done in US $ only

These countries were taking stand against it that the will deal in Euro
Iraq become war Zone
Venezuela Anti American
Iran Anti American

If it start in Euro so it means demand of Dollar US $ will be hell of down which can surely destabilized the financial system of America