The Bubble, Crash, Recession, Crunch, Crisis, Blowout, explained in as few a words as possible.
"Think of it as a car pile-up. Imagine we see an enormous rise in the number of traffic accidents in a major city. Cars keep colliding at intersections as drivers all seem to make the same sorts of mistakes at once. Is the most likely explanation that drivers have irrationally stopped paying attention to the road, or would we suspect that something is wrong with the traffic lights? Even with completely rational drivers, malfunctioning traffic signals will lead to lots of accidents. Keeping interest rates artificially low is like getting all the lights stuck on green."
And who was responsible for the traffic lights, Bankers or Government?
I am sympathetic to the Austrian school, there is little doubt in my mind they got it right prior to the crash and have given the whole thing its best explanation, where I differ is I don't think we can go back to a pure hard economic currency (Gold)
Fiat Money gives great power to politicos and bankers who create it, and this is the issue we have to find a solution too. The nexus of money creation is the nexus of power creation.