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If you watch just one funny and handsome Marxist critique of the financial crisis, make it the Royal Society for the Encouragement of Arts, Manufactures and Commerce's animated version of David Harvey's RSA speech "Crises of Capitalism." It's been making the rounds this afternoon, and for good reason: Mr. Harvey, a Marxist scholar who heads CUNY's Center for Place, Culture & Politics, describes not just the failures that caused the ongoing fiasco, but the failure of how we've explained it.

One of the singular victories of the rich has been convincing the rest of us that their disproportionate success has been due to abstract economic forces beyond anyone's control (technology, globalization, etc.), not old-fashioned power politics. Hopefully the financial crisis and the recession that has ended only on paper (if that) will provide the opportunity to teach people that there is no such thing as abstract economic forces; instead, there are different groups using the political system to fight for larger shares of society's wealth. And one group has been winning for over thirty years.

The Great Recession could have spawned another era of fundamental reform, just as the Great Depression did. But the financial rescue reduced immediate demands for broader reform. Obama might still have succeeded had he framed the challenge accurately. Yet in reassuring the public that the economy would return to normal, he missed a key opportunity to expose the longer-term scourge of widening inequality and its dangers. Containing the immediate financial crisis and then claiming the economy was on the mend left the public with a diffuse set of economic problems that seemed unrelated and inexplicable, as if a town's fire chief dealt with a conflagration by protecting the biggest office buildings but leaving smaller fires simmering all over town: housing foreclosures, job losses, lower earnings, less economic security, soaring pay on Wall Street and in executive suites.

The period from March 2009 was the year of wishful thinking. Central banks cut interest rates and governments opened their cheque books providing a flood of cheap money that gave the illusion of recovery and a normal functioning economy. By pouring a lot of water into a bucket with a large hole, the world sustained the impression that the receptacle was almost full.

Knowing a bailout for Athens would be unpopular, Chancellor Angela Merkel wanted to postpone taking action on the Greek crisis until a key state election on May 9. But financial markets don't care about domestic German politics. Her delay could end up costing the country billions.

After a nearly $1 trillion rescue package meant to end Europe's debt crisis once and for all, financial markets took a second look Friday and began to worry about how the plan would actually work and the implications of the drastic austerity measures for the fragile European economies.

Rumors of the imminent collapse of the eurozone continue to swirl despite the Europeans' best efforts to hold the currency union together. Some accounts in the financial world have even suggested that Germany's frustration with the crisis could cause Berlin to quit the eurozone - as soon as this past weekend, according to some - while at the most recent gathering of European leaders French President Nicolas Sarkozy apparently threatened to bolt the bloc if Berlin did not help Greece. Meanwhile, many in Germany - including Chancellor Angela Merkel herself at one point - have called for the creation of a mechanism by which Greece - or the eurozone's other over-indebted, uncompetitive economies - could be kicked out of the eurozone in the future should they not mend their "irresponsible" spending habits.

First came the real estate crisis. Then the financial system melted down. And now, skyrocketing public debt is threatening entire countries. Star economist Nouriel Roubini tells SPIEGEL that more crises will come and go before world leaders agree on true reform. He says breaking up huge banks would be a good place to start.

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DOMINIQUE PLIHON, de ATTACT, dice que detrás de la crisis están la dominación de las finanzas y la especulación por encima de los Estados, la pérdida del poder político frente al financiero, la degradación consiguiente de la democracia, los déficit y la pobreza.

The EU is not lending money to Ireland, Greece, and Portugal to help those nations' citizens. The EU is lending those nations money because if they don't those nations and their citizens and corporations will be unable to repay their debts to banks in the core. That will make public the fact that the core banks are actually insolvent. When the Germans and French realize that their banks are insolvent the result will be "severe banking crises and a return to recession in the core of the eurozone." The core, not simply the periphery, will be in crisis. The ECB and the EU's leadership would be happy to throw the periphery under the bus, but the EU core's largest banks are chained to the periphery by their imprudent loans.

In the past, I have talked about risk-aware culture and Enterprise Risk but have not so far talked about a risk that is part of the business. In the same vein without taking that risk companies can't survive. This situation becomes a reality as soon as a company or a lender issues credit or lends money.Now as a CFO, this is a difficult balance to strike as credit risk is linked more to potential bankruptcy of a customer. So do you say no to a potential transaction because the financial metrics of a customer are weak or do you take the current benefits associated with the transaction to be executed and hope that bankruptcy situation doesn't arise?

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Hedge fund regulations, a tax on financial markets, a ban on naked short selling. The EU's bid to rein in the speculators has the financial industry up in arms. Lobbyists are already preparing to systematically attack the new proposals.

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Few doubt that US ratings agencies contributed greatly to the global financial crisis. Europe is now worried that the euro could also fall victim to credit downgrades -- and is exploring the possibility of creating its own ratings agency.

"You can't cut debt by borrowing." How often have you read or heard this comment from "austerians" (a nice variant on "Austrians"), who complain about the huge fiscal deficits that have followed the financial crisis? The obvious response is: so what?

Many observers assign a large part of the blame for the 2008 financial crisis to the "big three" credit rating agencies, which gave their AAA seal of approval to worthless investments. Now those same agencies are helping to bring the euro zone to its knees -- and no one is trying to stop them.

Greece is only the beginning. The world's leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it.