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As long as they were earning higher interest on the money loaned than they were paying on the money borrowed, it worked. But when the market went through turmoil, and the short term looked riskier than the long term, the yield curve "inverted"

"Basis point" is the finance term for 1/100^th of a percent

[...] remember that southern Europeans are often "racially" subordinated in Europe, similar to the way in which African Americans are positioned in the US: they are coded as lazy, dishonest, and biologically inferior even and sometimes most in their own countries [...]

The southern nation-states (the so-called "PIIGS": Portugal, Ireland, Italy, Greece, and Spain) have private financial institutions no more stupid or myopic than banks in Germany or France

[...] the main ideologues and beneficiaries of neoliberalization managed, amazingly, to spin the collapse they precipitated into a story about the profligate irresponsibility and unrealistic expectations of workers, students, and the unemployed. The massive holes in every capitalist nations public …