How did the Global Financial Crisis spread from america to worldwide?

USA was the biggest buyer and consumer of various exports from many countries. And when US consumers accumulated so much debt that they couldn't borrow and spend any more. Then they decreased their buying and consuming a lot. And that put a lot of people out of work in countries that were exporting their services and things to USA.

Also, US investment banks and officially approved rating agencies deceived a lot of domestic and foreign investors into buying mortgage backed securities. And it was a deception because the agencies that loaned the money to people for buying houses didn't care how they loaned. They didn't care if people could pay back their debts or not.

And all of this lead to large monetary losses among unsuspecting investors in USA and in many foreign countries.
 
It didn't spread from America to the rest of the world. The crisis has been occurring simultaneously throughout the entire world because all of our economies are tied together somewhat. Globalization is probably the thing that has helped keep everything floating because it expands the market and promotes trade and economic growth. Most of the problem is caused by people, companies and governments over extending their credit coupled with wasteful use of natural resources to fight wars. Everyone everywhere needs to be less wasteful and live within their means until the world economy stabilizes.
 
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