The first part of this research will discuss the causes of the mortgage bubble and the causes of its blow up in 2007, and the consequences of this crisis on various financial institutions, then it will talk about the manner of forming the packages mortgage bonds and the reasons for their spread, and how crisis turned from mortgage crisis to a liquidity crisis, then to solvency crisis. The second and third part will be allotted to study the indirect causes that led to the global financial crisis, as well as the traditional solutions proposed to get out, and will emphasize that these solutions are only firstaid solutions and the need to adopt radical solutions leading to fortify the global financial system to protect it from crises in the future, because the great imbalance in the basic pillars of that system. In addition to emphasizing that the typical solution is only to replace these pillars with new, more powerful and stable ones, or simply changing the whole current system.