The global financial crisis has been brewing for a while, which really started to show its effect in the middle of 2007 and into 2008 when manufacturing slowed and the first signs of trouble began to emerge. It could also be said that it became a global financial crisis the second any foreign banks started to look as though they weren't doing stable business and didn't have a lot of financial stability, and needed a cash advance from central governments. The key to progress from now on is going to have to be how to avoid extreme boom and bust cycles, and practice fiscal responsibility on the global scale like we would with personal finance issues, so no huge payday loans are needed in the next global financial crisis.