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Economist columnist Philip Coggan discusses why western economies have splurged on debt in the past 40 years, and what the repercussions are. In Paper Promises: Debt, Money, and the New World Order explains the origins of the debt crisis and how it will affect the new global economy.

Margaret Atwood, author of Payback: Debt and the Shadow Side of Wealth, and Jennifer Baichwal, director of the documentary "Payback," discusses the new documentary film adaptation of Atwood's 2008 book of essays on debt, opening at the Film Forum in New York on Apr. 25th. 

"All Greek people should bring their Euro to the bank. They put it in an exchange machine (see left on my picture). You see, the Greek guy does not look happy!!"

Anya Kamenetz, senior writer for Fast Company, discusses a recent report from the NY Fed on student loans that found nearly half of loans in deferment or forbearance, and gives advice on paying off those kinds of loans. Kamenetz is the author of DIY U: Edupunks, Edupreneurs, and the Coming Transformation of Higher Education and Generation Debt: How Our Future Was Sold Out for Student Loans, Bad Jobs, No Benefits, and Tax Cuts for Rich Geezers--And How to Fight Back.

Economist columnist Philip Coggan discusses why western economies have splurged on debt in the past 40 years, and what the repercussions are. In Paper Promises: Debt, Money, and the New World Order explains the origins of the debt crisis and how it will affect the new global economy.

As evidenced by the Congressional debt panel's failure, MF Global's $600 million missing investor funds, and lagging employment numbers, the U.S. has a long way to go in terms of solving the economic problems that created the 2008 financial crisis. And there are plenty of potential pitfalls abroad — China's inflation rate is at 10 percent, and the euro zone's ongoing debt crisis. Yet, there are bright spots with many manufacturing, energy, and tech sector jobs growing.

Jon Corzine, the former head of investment firm MF Global, told lawmakers he did not intend to break any rules and that he has no idea where $1.2 billion in missing money is during testimony before Congress on Thursday. The New Jersey Democrat became the first former U.S. Senator to be subpoenaed by Congress in more than a century. During his testimony, Corzine repeatedly apologized to investors and customers, saying he never ordered any movement of money out of clients' accounts.

European leaders meet in Brussels on Thursday for the start of a two day summit in what many are hoping will be a turning point for resolving the euro zone crisis. Expectations are high that a deal can be brokered by Germany and France to overhaul economic rules and create confidence in the beleaguered currency. Treasury Secretary Timothy Geithner met with European officials earlier this week, a sign of American interest in reaching a resolution. But some economists and politicians are beginning to question whether, from the U.S. perspective, the euro is really worth saving.

Standard and Poor's announced on Monday that it is considering a credit rating downgrade for both Germany and France, the euro zone's two biggest economies. The move takes place as euro zone countries meet in Brussels in an attempt to stop the ongoing crisis. The two countries currently have a top-notch AAA rating from the agency. Standard and Poor's said that 13 additional euro zone countries are also vulnerable to downgrade as a result of the continent’s economic crisis. 

In an effort to help alleviate the symptoms of Europe's debt crisis, the Federal Reserve, the European Central Bank, and other international banks funneled U.S. dollars into European financial systems on Wednesday. The move helped markets by making American dollars more easily available outside the U.S. Stocks shot up in reaction to the news. The increased liquidity had the immediate effect of boosting the Dow Jones industrial average by 484 points. It was the biggest single day gain since March 2009. Some wondered, however, whether the move was a smart long-term investment, or just a temporary fix.

Much of the political turmoil surrounding the euro zone crisis has centered around the question of whether fiscally stronger nations, such as Germany and France, should have to bail out Greece and other struggling economies. German Chancellor Angela Merkel has held the purse strings along with other leaders who have demanded strict austerity measures in those countries receiving assistance. Merkel is under political pressure at home with many in her government feeling that the Greeks, like the German people, should have lived within their means.

President Obama is hosting European Union leaders at the White House for this year's US-EU summit. Dominating discussions will be the issue of the European debt crisis. Eighteen months into its sovereign debt crisis, Europe is running out of time to find a real solution, and fears of contagion are growing.

The "super committee" has failed. Obama is pushing his Jobs Act. Congress is coming back from a week-long Thanksgiving holiday still looking for ways to stimulate the economy and score political points for 2012. And up this week in the Senate — your taxes. Democrats are looking for a way to extend the payroll tax cut while Republicans are opposing this proposal.

Over the weekend, U.S. retail sales climbed 16 percent, hitting a record total of $52.4 billion, according to the National Retail Federation. The average shopper spent $398.62 during the holiday weekend. Despite these promising retail numbers, other economic indicators aren't as positive this week. 

A weak economy and the failed pension plans of several bankrupt companies have increased the financial burden of the government agency that insures pensions for one in seven Americans. The Pension Benefit Guaranty Corporation (PBGC) insures private sector pension plans and takes over retirement benefit payouts when traditional pensions fail. Unfortunately, the little-known federal agency is reporting a record $26 billion deficit for the fiscal year ending in late September. The director of the agency has said that they may "eventually" need a bailout from taxpayers.

After months of budget negotiations, tensions between Congressional "super committee" members have reached what seems to be a breaking point. With only three days left before their deadline to cut 1.2 trillion dollars from the federal debt, 12 super committee members made the rounds to the Sunday political news outlets and publicly aired their grievances. Republican Jeb Hensarling told "Fox News Sunday," the following: "Unfortunately, what we haven't seen in these talks from the other side is any Democrats willing to put a proposal on the table that actually solves the problems." 

With just under ten days to go until the "super committee" reaches its deadline, the 12 Republicans and Democrats that make up the group will have to agree on $1.2 trillion of deficit reduction or else face automatic cuts in integral areas such as defense spending. Republican Eric Cantor believes a deal is close. "Yes, I do think that the joint select committee will be successful," he said in an interview on the Fox News. But many are worried a compromise will not be reached in time.

Rick Perry's slow motion political gaffe, the continuing debt crisis in Europe, and the scandal that rocked Penn State University were — for better or worse — the stories that dominated the headlines for the last week. The Takeaway has assembled a panel of analysts to rundown, dissect, and wrap-up all the major stories of the week.

The roller coaster that is Greek politics continued Wednesday. Talks between the three main political parties forming the new unity government remained deadlocked. The most dramatic moment came when Giorgios Karatzaferis, leader of the smallest party walked out of negotiations. He told reporters it was sad that games were taking place between outgoing Prime Minister George Papandreou and opposition leader Antonis Samaras. The two men are known to be bitter rivals — but it wasn’t always this way.