This was part of a video I recorded in July while in the US and has now appeared as part of a series put out by the National Center for Policy Analysis. My point was that for the US the Global Financial Crisis looked like a domestic issue, but for the rest of us it looked like a problem that had begun internationally but which had swamped our economies irrespective of the domestic policies that had existed up until then. So while the US can examine its various institutional arrangements, the rest of us have few lessons to learn about the causes of the GFC, but many lessons about what not to do when an economy enters recession. And most importantly, neither in the US or elsewhere could the explanation be based on a theory of over-saving and demand deficiency. All recessions are due to structural imbalances which are never repaired by increases in public spending.