Tom Bilyeu

The oil shock created a sudden, massive spike in dollar demand from Asian importers that were scrambling to replace their Gulf supply.

They needed billions in emergency credit that they hadn't planned for.

They went to the banks, and the banks, for a shocking reason we're about to discover, were already tightening long before the first missile was ever fired in the Iranian war.

But if the trouble began before the war, and the war is merely highlighting a systemic weakness,

What is that weakness?

What's really going on?

Welcome to part three.

We've seen this movie before.

September 15th, 2008, Lehman Brothers files for bankruptcy and the world shuttered.

Within 24 hours, the global credit system, the same Euro dollar system we just walked through, began to seize up.

Not slow down, not tighten, just stop.

GE Capital, one of the largest and most respected financial operations in the world, suddenly can't access short-term funding.

Harvard University struggles to roll its commercial paper.

Companies across America start to worry about making payroll.

The Federal Reserve's own internal notes from that week describe what is happening in a single phrase that is truly haunting.

And I quote, We came as close as we have ever come in history to a total cardiac arrest.

not just of the American economy, but the entire world economy."

That's not hyperbole.

That's the official assessment from the people who are in the room.

2008 was a much-studied shitshow, but there are still parts of it that people just don't understand.