Irish banks global capital borrowing deposits 2008 crisis

Irish banks relied on foreign money that could disappear overnight

Before the 2008 financial crisis, Irish banks expanded lending far beyond what domestic deposits could support. They increasingly relied on funding from international financial markets. When that funding dried up, banks faced severe pressure just as Ireland's property bubble collapsed. Dependence on easily withdrawn money turned a housing downturn into a banking emergency.

The richest 10% held 72% of U.S. wealth

In 2011, the richest 10% of U.S. adults owned 72% of household wealth. The bottom half owned just 2%.

Ancient oceans turned dissolved iron into rock

Early deep oceans could hold large amounts of dissolved iron. When iron-rich water met water containing oxygen, the iron reacted, formed solid compounds, and sank to the seafloor. Repeated over time, this process helped create Earth's striped deposits of iron-rich rock.

Irish banks global capital borrowing deposits 2008 crisis

Irish banks relied on foreign money that could disappear overnight

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