The global financial crisis has gone through five stages, starting with the subprime mortgage market crash and leading to the downfall of investment banking in the U.S. This crisis is fueled by unstable global savings allocations, causing asset prices to be overvalued, leading to market, credit, and liquidity risks. The researchers suggest that these changing allocations create a "wandering asset-price bubble" that has spread from the U.S. to affect global financial institutions and various types of assets. Monetary policy responses are proposed to stabilize financial markets in the face of this crisis.