I found this 5-minute video on facebook explaining how the credit system works in the US and all countries in general (Philippines included). This is very informative and makes it very easy for the common person to understand the global financial system. However, I would like to highlight that increasing the taxes here in the Philippines is NOT effective as our taxes already rival those of 1st world countries. The rampant corruption in the Philippine government also makes raising taxes useless as it will just be pocketed by the greedy politicians.
Here is another video explaining the Subprime crisis that hit the US in 2008. Also very informative and easy to understand.