The first weak link was Iceland back in 2008. Their bankers had the entire Icelandic economy up for sale. When it imploded that started the Great Recession in 2008. US banks and then others hit panic button and started failing.
The Icelanders did the only sane thing… everyone else is losing their minds…
Their government tried that “Hey, the banks made some poor decisions so we have to take your money to bail them out” schtick, and the Icelanders stepped up and said not only “No!”, but “HELL No!”… they let them fail, which is what you’re supposed to do in a free market. Let them go down and hold the ones in charge responsible. The good and the competent stay, the bad go down.
They let the banksters fail, and then fired their entire government. Replaced them during the next election.
Good for them, says I!
The wicked flee when none pursueth..." - Proverbs 28:1