The purpose of this paper is to lay out a logical approach for understanding the flow of funds system and its role in the financial crisis of 2008. It presents the flow of funds system without bogging down into the Fed's flow of funds accounting reports. Once the flow of funds is understood, we...

This Article discusses the so-called "debt crisis" from the perspective of two litigators. They normally advise participants in these matters to stay away from the courts if at all possible. The authors' experience in large-scale international financial tangles reveals that litigation can be...