A sad tale, by Charles Munger (Warren Buffett partner)
This story can be applied to other economies in the world. Unless we dispose of the zombie institutions that are blocking the restructuring of our economies and societies, it will be very hard to come out of the mess we are in.
Also this article, about the widening income disparity, confirms what everybody knows.
It is not the capitalistic system that's not working. It is the huge inefficiencies and lack of restructuring that have been piling up in the last 30/40 years. The most traditional and conservative societies (Italy, Japan, etc.) will be the first to be hit by the storm, followed by the others; unless we stop making new debts, restructure the system and live within our means.