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Who is going to repay their stuff? >> there's all sorts of instruments and plain vanilla lending back and forth. our banks lend to their banks and their banks lend to our banks. our banks lend to european customers. european banks lend to american customers so even when you -- even if you don't leave the realm of plain vanilla simple banking, there are tremendous interactions. in addition to that, there are all these derivatives and a variety of other things. >> so do you think what europe did recently, the various moves they have taken where the central bank back door financing to the banks, ...

Used to be told about the old russia. you know, what's the difference between communism and capitalism? in communism man -- in capitalism man exploits man and in communism it's the other way around. i -- i always appreciated that. tell us. i was looking at your late book, an you've got some interesting stuff about nobel prizes and the fact that they zigzag in the way the swedish nobel committee ends up rewarding what seems like diametrically opposed views of the economy. tell folks about that. >> i don't know if i would say they are diametrically opposed but certainly folks who don't necessari...

People you would think would be sort of the rational man model would be new evidence emerges, maybe the way we thought about this was wrong and even alan greenspan said i thought self-of banks would make sure they took greater care in their risk management. does that mean the behavior in economists of not waking up to predict this crisis disproves the rational man theory at heart of economics? ten seconds? >> you've done it. now you're going to win the nobel prize. >> well, the book is fantastic. i really enjoy looking through this. >> thank you. >> this is "the cartoon introduction to economi...