Dr. Rasmus explains the financial crash of 2008, from the collapse of Bear Stearns investment bank to the Lehman Brothers collapse of September that set off the general financial crisis. Are we seeing something similar beginning in Emerging Market Economies like Argentina, Turkey, So. Africa, Brazil, Indonesia, India perhaps? Rasmus explains the 2008 crisis was not simply a subprime mortgage crash, but was a contagion across credit markets enabled by financial derivatives securities created at the time. How contagion was propagated and accelerated across financial markets and institutions in 2008 is explained; How a similar contagion effect may be emerging across economies like Argentina, Turkey and others in 2018. Rasmus explains contagion channels: currency to currency; currency to stock markets; stocks to stocks; stock to bond markets and how contagion processes work is poorly understood by mainstream economists today. Why understanding financial crises must distinguish between fundamental, enabling, and precipitating causes. How the Fed and the US Treasury politics also played a key role in allowing the 2008 crisis in bailing out Bear Stearns in March and then allowing Lehman to collapse in September. Who benefited from the 2008 bail out.