Ignore this post if you feel that you largely understand the present financial crisis (and can summarise in three sentences or fewer the theories for which Paul Krugman has just been awarded the Nobel Prize in Economics). If, on the other hand, you're a little more "McCain-like" when it comes to understanding the workings of the global economy -- and I'll freely confess that I am -- you probably can't do better than these podcasts from the Chicago Public Radio show This American Life. Back in May, The Giant Pool of Money examined the origins of the subprime mortgage crisis, and a new programme, Another Terrifying Show About The Economy, looks back at the last few weeks in detail. Despite occasional over-quirkiness, This American Life is surely a strong contender for the best radio being made anywhere in the world, and these podcasts are no exception. (There's also a related blog.) Listen to them and you'll be able to hold your own in pub-based debates about the currently unfolding catastrophe, and will also avoid doing such things as announcing a bold new set of economic proposals one day then hurriedly withdrawing the whole idea the very next day.
[Photograph: Reuters, via Sad Guys On Trading Floors, a photo-extravaganza of depressed and worried-looking financial-sector workers.]
