August 9, 2007 is when the sub-prime debt crisis went global.
On this day, a French bank froze three investment funds, stating that a lack of trading in subprime securities made valuing them impossible. That was an early indication that the crisis would be an international one.
From there, the bond market seized up and it became apparent that the sub-prime lending excesses would not be contained, as Ben Bernanke had predicted months earlier.
The crisis developed into the biggest economic disruption since World War II and culminated in the fall of Bear Sterns and Lehman Brothers, in addition to $182b bailout of AIG by American taxpayers.
Nick Bovell – forexlive