Reading today newspaper, I see that they try to share the blame of this crisis with Europe (see).
Well, the fact that Europe is set to pay for the mess is not a good motive to say they are responsible too, or in the same way.
If I were to think about the root, cultural reasons, well…. it is obvious to see which is the most exposed and leveraged system, and where the lifestyle is more dependent on credit (to the excess).
And.. Europe would not be able to think this big, to have the same impact.
Oh, by the way, thia system is also instrumental to support paying for the national debt, which includes the burden of an incredibly expensive war.