WORLDWIDE CAUSES
High price in raw materials
After the terrorists’ attacks on September 11th 2001 the USA decided to low taxes and interest rates, creating a real state bubble with the known subprime mortgages (attached to a kind of credit: subprime credit). The problem with the subprime mortgages is that banks didn't know who were they given those credits to, they didn't knew if they were able to pay later. Also we have to had the expenses in the Afghanistan’s war and Iraq’s war.
Because of those factors, the price of the petrol and food increased very much. That much that it led to truly economics harm. Threating the developing countries with social problems, the stagflation (it points out the economic occasion in which, in an inflationary situation, it produces a standstill in the economy) and the halt in the globalization (economic, political, social, etc., process in a worldwide scale that consist in the communication and interdependence between the different countries making the markets, cultures and societies as one). Due to speculative phenomena of high volatility the petrol price exceeded $100 per barrel and drove to a great low in the following month. The same happened with industrial metals (as copper) and essential materials to the production (like sulphuric acid).
Global inflation and deflation
In February 2008, it had been informed that inflation had raised until levels never seen before. The IMF (International Monetary Fund) reported that highest inflation had been recorded in the less developed countries and also in the countries that exported petrol, due to the increase in the reserves of foreign currencies. Inflation was raising in the developed countries too, but much less and mostly because of the imported products.
In 2009, we faced the opposite. The economic scenery pointed to deflation. This led to the FED (Federal System of Reserves) to an interest rate of, practically, 0%.
Lehman Brothers' issue
Lehman Brothers Holding Inc. was a global company of financial services in the USA, build in 1850. This company highlighted in its duties to management of financial assets and investment on fixed rents, commercial banking, management on investment and banking services overall. Before the declaration of bankruptcy, the September 15th 2008, it was the fourth biggest bank in the United States.
In 2007 this company was extremely affected by the financial crisis produced by the subprime credits (credit modality in the financial market in the USA, characterized for having a level of impairment risk a way higher from the average of the rest of the credits). The firm accumulated great losses of titles supported by mortgages along 2008. The company saw itself forced to sell 6000 million of dollars in assets. In the first semester of 2008, Lehman had lost 73% of its value in the stock market. Finally, in September 15th 2008 Lehman brothers announced its firm bankruptcy in front of the Federal Reserve Bank of New York. This was the first step into the Big Recession.