Understanding The Financial Crisis

Pretty good explanation, even though they left a lot out and it's simplified. Variations of this unsustainable debt creation (and the inflation bubbles it feeds) have played out globally in whatever area was more susceptible. For example in Spain, it was housing bubbles, in Iceland, the banks. In Greece its the goverment that went into extreme, unpayable levels of debt. Same principles at work, create high levels of toxic debt, distort the economy entirely, and socioeconomic collapse follows.