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U.S. Financial Turmoil And Impact on Korea's Economy
Published May 25, 2011
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Black September, Meltdown Monday, America’s Financial 9/11, Financial Tsunami, Perfect Storm, worse financial crisis since the Great Depression 1929… Whatever the term used, recent events on Wall Street will certainly go down in the record books. The speed at which so many prestigious financial institutions collapsed is a dramatic turning point in U.S. financial history. Former Federal Reserve Chairman Alan Greenspan described it as a “once-in-a-century” financial catastrophe. When historians write about the current crisis, much of the blame will go on the failure of the housing and mortgage market. Is Korea safe from U.S. financial turmoil? The short-term impact may be limited, but a global economic slowdown would have a greater impact on the nation’s growth in the long term.

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