I am convinced that this crisis we are in is mostly due to demographics of the baby boomer generation. Blame it on them.
The boomers are starting to retire, their production has peaked, their cash inflow has peaked, their leverage has peaked, their consumption has peaked. They will start selling assets to support their lifestyle in retirement. The convulsions right now are the beginning of this transition.
When all is said and all is done, the Japanese crisis was one of aging demographics as well. I got 4 kids on my own, doing my part.
Demographics and monetary levels drive the current financial crisis.