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Here's what happened the last time the Fed raised rates

After years of leaving U.S. interest rates at near zero, the Federal Reserve raised its target federal funds rate to a range of 0.25 to 0.5 percent.

This was the first time the Federal Reserve raised its interest rates since June 29, 2006 - nearly a decade ago.

While experts debate away on the timeline of future rate hikes, here is a look back at what was happening around the world in 2006.

Digital whistle blowing

Thomas Trutschel | Photothek | Getty Images

The international whistle blowing platform WikiLeaks launched in Iceland, making public over a million classified government documents from around the world.

Australian programmer Julian Assange became its editor-in-chief.

North Korea went nuclear

The reclusive country sprung onto everyone's radar, claiming it successfully conducted its first ever nuclear tests.

Blackberry hit 5 million

RIM BLACKBERRY
Alicia Hansen | Bloomberg | Getty Images

Before the iPhone was released, Blackberry was a notable name in the smartphone market. Research In Motion, the company behind the Blackberry handsets, reported surpassing the 5 millionth subscriber milestone early in the year.

Turning 64

Beatles member Paul McCartney turned 64, having allegedly written "When I'm Sixty-Four" at the not so ripe old age of 16.

Pirate's chest

Barry King | WireImage | Getty Images

Starring Johnny Depp as the eccentric Jack Sparrow, "Pirates of the Caribbean: Dead Man's Chest" was the fastest film to gross over $1 billion in box office sales amassing $1.07 billion.

Going Blu

The first Blu-ray DVD format titles were released in the United States, including "The Terminator".

Tech hatchling

Jack Dorsey, CEO of Twitter.
Getty Images
Jack Dorsey, CEO of Twitter.

A micro-blogging platform named Twitter, was launched in July, 2006 by a certain Jack Dorsey.

Start of video streaming

Google bought over a nascent video streaming service named YouTube for $1.65 billion.

Craig. Daniel Craig.

Pierre-Philippie Marcou | AFP | Getty Images

The British actor played James Bond in officially the 21st film in the series. "Casino Royale" premiered in London and grossed $599 million worldwide.

"Plutoed"

The American Dialect Society voted the word "plutoed" as the word of the year - the word means to demote or devalue someone or something, in a nod to the planet Pluto, which was demoted to a dwarf planet.

Italy's triumph, 24 years in the making

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John Macdougall | AFP | Getty Images

The former world champion won its fourth FIFA World Cup in Berlin after 24 years, when it beat France 5-3 on penalties. French playmaker Zinedine Zidane was sent off in his final game for France for head butting Italian defender Marco Materazzi during the final.

Up in Highbury

English football club Arsenal moved from their old stadium in Highbury to the new 60,000 seated Emirates Stadium in Islington.

Start of social networking

Daniel Acker | Bloomberg | Getty Images

MySpace was considered the most popular social networking site in the U.S. while Facebook was still in its nascent stage - popular mostly among the college-going crowd.

Saddam Hussein tried and executed

Former president of Iraq, Saddam Hussein and his co-conspirators were sentenced to death for their role in the massacre of 148 Shi'as in 1982. Hussein was hanged in December.

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