well basicly the us is responsible for the whole pile of shit, the other countries are only partly responsible.
first off the us manualy increased inflation this can be a good thing for countries that have problems like the ware effort...., and reduced the % of income from bonds probably cause the us needed cash and did not want to go too fahr in debt the second one led to some bad investments but the first one was a real dosie.
because the inflation if an european sold to the us something worth say 1000 000 EUR 1700 000$ by the time the us byer hadt to pay the 1700 000$ the money was worth only 800 000EUR so they lost 200 000EUR worth do to inflation. that caused companies in europe and the rest of the world to go WTF we are loosing shit loads of money let us raise the prices, the same it happend on export so they did the next best thing lets fire some assholes to to cut our losses from there and whit the new increased prices and people out of work they screwed up their own economy cause people did not have enough to buy their shit and if they did not buy their shit they did not make any money and if they did not make money they hadto fire some more..... and this circular event braught us to where we are today