It is therefore more appropriate to look to macro global problems as the true background to today's financial crisis. It is undeniable that the low interest rates and excess liquidity that have prevailed around the world since the collapse of the IT bubble are behind the crisis.
In that sense, we were in a situation in which it would have been quite plausible for a financial crisis to occur anywhere and in any form. Why did the US subprime housing loans trigger the crisis? The US current account deficit has begun to expand rapidly since the latter half of the 1990s.