<span>Between 1776 and 1786 American colonists fought for independence from Great Britain in the American Revolutionary War. This war has severe effects on the American economy. Many countries broke off trade with America during the war, and money flowing into the colonies plummeted. Some businesses fell into massive debt, and people began to focus on buying American to support local businesses. Inflation and taxes rose steeply.</span>
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The financial crisis that began in the 1980s was the result of lax government regulations and management fraud that led to the closure of more than 1,000 savings and loans. The 2007 crisis was the result of risky mortgage loans and investments connected with those loans. In each case the situation resulted in borrowers’ inability to pay back loans and caused many to lose their homes due to foreclosure.
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They ambushed the Mongol Empire in China.
