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 Millions of people around the world face financial difficulties after huge stock market falls across the globe.
It comes as a result of a slowdown in the US economy following the sub-prime mortgage crisis and the eventual housing market slump.
The FTSE 100 fell 5.5 per cent on January 21st, the largest single-day drop since September 11th 2001 when the World Trade Centre towers were attacked by terrorists.
Huge losses were also seen in Asia, Australia, Europe and South America, with the US markets escaping for the time being as they were closed for a national holiday.
Commenting on the falls, Martin Hennecke, a senior manager at Tyche financial advisors, told Channel Four that many face financial difficulties as we enter into a recession.
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"What investors need to understand is it's not just about sub-prime and mortgages it's really a big crisis of depth on all levels, even government depth, hitting the rest now and that's very significant," he warned.
"It's just getting started and it will really develop into a very, very severe recession, maybe a real depression of the style we saw in 1929," added Mr Hennecke.
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