The Marxist interpretation of the crisis goes as follows. By the 1970s, the post-war mixed economy model of capitalism had run out of steam. The long boom led to a lower rate of profit for capital as full employment meant workers received a bigger slice of the cake.
Unemployment coupled with the free-market reforms of the late 1970s and 1980s broke the power of industrial labour and shifted the focus of western economies from manufacturing to finance. Financial capitalism delivered higher profits, but only by suppressing wages. But since market economies can only function if there is sufficient demand for goods and services, a way had to be found to boost consumption. That was achieved through higher levels of personal debt, cheerfully provided by the newly liberalised financial services sector. Growth rates were kept artificially high, and the tax revenues thereby generated allowed governments to spend more than they could actually afford. To complete the picture, the debt was shifted across national borders by globalisation, so China would lend America the money to buy the cheap industrial products being made in the factories of east Asia, and Germany would do the same for the less competitive members of the eurozone, such as Greece and Spain.
There has been what another 19th-century thinker, Charles Darwin, identified as a process of natural selection. The stronger nations, which have retained a better balance between spending and consumption, and have nurtured their productive sectors, appear better able to survive than those nations which persistently lived beyond their means and used excessive debt to borrow growth from the future. Germany fits into the first category, while Britain is a classic example of the second.
The Brits and Americans were warned. I remember. I remember agreeing with those who did the warning at the time. We were going to ship our "dirty" industries offshore to places without labor rights, environmental protections, and other necessary regulations, and simply be an "information" economy, a "finance" economy, rather than cleaning up industrial processes at home and continuing to lead the world forward to greater and greater fairness rather than crashes, giant debts, and swelling poverty. Well, the economic, greedy airheads got their way instead.
What's really sad is that they are still being listened to. The people really are easily misled and duped. It's just astounding.
The only way out is debt-free money, but the powers that be refuse to discuss it in the mainstream media because the banksters would fall and the common people would rise as never before. So, if you aren't a bankster and if you want the common people to rise as never before, then promote debt-free money to replace Federal Reserve Notes and the euro, etc. It's very doable.
Coins are debt-free, and paper money and cyber money could be just as easily: no more National Debts -- all paid off immediately; no more taxes going to pay interest on National Debts. We could also avoid all deflation and inflation via real-time controls on supply and velocity.
I've spelled it all out on this site, but the superrich suppress the information in the mainstream and the "alternative" press is very slow to pick it up — too stuck in their ways.