Financial crises are hard to define, but central banks know them when they see them and must be ready to act. Massive unemployment, bank failures, a run on bonds, the collapse of pension funds, a severe collapse in real estate can all be the result.
Were people stupid to buy a home in the last two years? stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
The money bubble burst on Sunday evening in Day 2 of the WPT Seminole Hard Rock Poker Showdown. Read about the Day 2 action in the Championship Event here.