Missing from this otherwise good infographic: the role played by private-sector financial firms, which are tightly interlinked with each other in a massively co

Missing from this otherwise good infographic: the role played by private-sector financial firms, which are tightly interlinked with each other in a massively complex global network no one really understands, even today. The structure and behavior of private-sector financial firms appear to have been a major destabilizing force leading to the crisis. A (relatively tiny) number of reputable economists are starting to look beyond these current-account imbalances to the disproproportionate growth and destabilizing role of the financial system -- a welcome development IMO. Here's a recent example (in lay language): http://www.voxeu.org/index.php?q=node/7446 http://www.voxeu.org/index.php?q=node/7446