I think the current financial crisis is due to the shift of well-paying jobs from rich nations to poorer ones. Many millions of well-paying jobs have been lost over the years but the devastation to the economy remained partially hidden because the unemployment rate is typically used to reflect the health of the economy. Someone's $30/hr manufacturing job could be replaced by a $10/hr service job and the unemployment rate wouldn't reflect any difference.
The problem didn't catch up with us because the money many companies saved ended up in the hands of shareholders. They helped keep the economy going business as usual but eventually the loss of those jobs would catch up. There simply wasn't enough people with the purchasing power needed to keep things going as they were. Especially since debt was piling up for those who lost their well-paying job but attempted to keep up the same standard of living.
Also wealthy nations expected to replace economies with manufacturing as their backbone to ones with service industries but that backfired because even many of the jobs they expected to use in such an economy are also being exported. Simply put poorer nations are increasing their standard of living and infrastructure at the expense of richer nations.
Anyways that's what I think happened. I also think the money that governments are pouring in to fix the problem are short-term solutions that won't fix the problem. The government can't prop up the economy forever and when the money runs dry we're back in the same situation again. Possibly even worse since companies are responding to the crisis with layoffs and exporting even more jobs.
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