#比特币与代币化黄金的对比 The 2007 Subprime Mortgage Crisis: A Reflection on a Global Financial Earthquake

Do you remember that shocking financial crisis? The collapse of the US subprime mortgage market in 2007 triggered a chain reaction that swept across the globe.

**How did the problem start?** Between 2001 and 2003, the Federal Reserve aggressively cut interest rates to 1%, leading to a疯狂 expansion of the housing market. Banks疯狂ly issued high-risk loans, packaging these bad debts through asset securitization (MBS) and shipping them worldwide. The issue was, from 2004 to 2006, the Fed suddenly raised interest rates sharply to 5.25%, making it impossible for borrowers to repay.

**How did the tsunami come about?** The default storm first destroyed housing prices. As home prices fell, more people abandoned their homes and stopped paying loans. Funds under Bear Stearns were the first to collapse, causing liquidity to dry up instantly. Central banks around the world were forced to intervene. In September 2008, Lehman Brothers filed for bankruptcy, and two major mortgage giants were taken over by the government, with the US government injecting a staggering $700 billion bailout.

**How severe was the damage?** The crisis spread from the housing market to credit, capital, and the real economy, with layers of transmission. In 2009, US GDP shrank by 2.6%, and the global economic loss exceeded $50 trillion. This crisis彻底改写了世界金融生态。