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Something just broke in the financial markets in the world, and I've got that 2008 feeling all over again.

We're going to have to take a look at this, folks.

Hello, everyone, Dr. Chris Martinsen of Peak Prosperity here and I've got that 2008 feeling all over again. Here it is. Now, let's set the context for this. What I mean, 2008. Maybe not everybody listening to this was paying attention to the markets or very closely. But you know, there was this great financial crisis, right? Really kicked off 2008 sometime.

They said it was because of housing,

and then, well, it was because of these funny things called synthetic credit default swaps or obligations,

the CDO, blah, blah.

You know what it actually was?

Trust got broken.

We have a faith-based system of money in credit.

And if I know that you're good for something and I loan you money, that's great.

I have trust in that situation.

But if suddenly trust breaks down, the system can freeze up.

And if the system freezes up, very bad things happen.

That's what actually almost broke

was the system almost entirely froze why because bank a no longer could trust bank

b they just i didn't know if i'm bank a i didn't know that bank b was going to be able to

honor all of these very complicated pipings and subterranean loan arrangements and collateral swaps and this

and that's. So what happened was Bank A and Bank B stopped doing business with each other,

and that's really what we call the financial crisis, or it could have been financial entity C and

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