The Global Financial Crisis according to Vox Day

Global Financial Crisis Survey

Vox Day is the author of The Return of the Great Depression. He blogs regularly here and also writes for WorldNetDaily. In 2002 he warned in a 2002 column titled My hero, Alan Greenspan that "there can be little doubt that the implosion of the equity markets will soon be followed by the pricking of the credit and real estate bubbles. As great financial houses such as Citigroup and JP Morgan Chase teeter on the edge of bankruptcy, it is well within the realm of possibility that the triple whammy of the equity, credit and real estate implosions will lead to the collapse of the entire global financial system."

1. Which FCIC View best represents the causes of the Financial Crisis?


None of the Three Views.

2. Which narrative presented by Douglas Elliott and Martin Baily of the Brookings Institute in Telling the Narrative of the Financial Crisis: Not Just a Housing Bubble best represents the causes of the Financial Crisis?


It was Wall Streetís fault. The government didn't force the financial sector to go from 0.85 percent of Total Credit Market Debt to 32.66 percent in sixty years. The government is merely an enabler; the culprit is Wall Street.

3. I believe the Global Financial Crisis is ongoing and will end in the year

2013 or beyond.

4. What were the primary causes of the Global Financial Crisis?

Credit boom and malinvestment in the financial sector.

5. What still should change as a result of the crisis?

Assets marked to market, the closure of all insolvent banks, the Congressional removal of the Federal Reserve monopoly on money.

Compiled by Gary Karz, CFA
Host of InvestorHome

Global Financial Crisis Survey

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