Warren Buffett once referred to derivatives as "financial weapons of mass destruction" created by "madmen." Real WMD have rarely been used. However, derivatives are used quite a lot, and it appears that Italy got hit by the derivatives WMD in January.
We've experienced a three-decade long attack on government. While this may have had the effect of constraining unchecked power, it has also started to destroy critical government capacities. This has been especially true at the local level.
I was (at first) happy to see 60 Minutes highlight fiscal problems of states and municipalities. It explained how Illinois was late on payments to service suppliers, and it's a huge problem for people doing business with the state. Then 60 Minutes went completely off the rails.