I have a confession to make. I’ve been trying to grasp the
national global economic situation. I even constructed a (popular and recently updated) timeline. But I’ve never felt I could make any sense of it. Because, no matter how many times I’ve had it explained to me, it sounded like a bunch of people playing games with Monopoly Money; or some other “worthless” paper (a phrase I’ve heard a lot in the past week). Then this handy video from The Guardian confirmed my worse fears.
During these last several months I’ve had to learn phrases like “debt securities “ and wrap my brain around concepts like “credit swaps.” Just when I think I’ve got a handle on it, I find myself thinking , “No, it can’t’ be that. Surely not everyone would fail to see what was wrong with what going on. Someone must have known that it couldn’t go on; that it was unsustainable, because nothing in the system had any real value.” )
[Photo via Matthew Hull.]