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Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion.

What were the critical decisions that led to the crisis? Mistakes were made at every fork in the road—we had what engineers call a “system failure,” when not a single decision but a cascade of decisions produce a tragic result. Let’s look at five key moments.

TVNL Comment: This article omits the biggest scam at the heart of all of our economic problems...the creation of the Federal Reserve. Private, for profit bankers were given charge of our money system. In essence they made money itself a for profit business. You can not earn money...you have to BUY their money!

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