That we have a basic, or minimalist, understanding of recessions:
Recessions are not about output and employment and saving and investment and borrowing and lending and interest rates and time and uncertainty. The only essential things are a decline in monetary exchange caused by an excess demand for the medium of exchange. Everything else is just embroidery.
Is that important? I believe so, since if that were widely understood it is doubtful that most developed economies would still be “rolling in the deep”!
Historinhas 
That is a brilliant assertion Marcus. And by what I know, it is true. But that doesn’t mean that it sufficient to increase the monetary base. What I’ve learnt is that in economy solution are not symmetric with the causes. Happy MC
Well, we know LIBOR passed the Swaps rate, causing credit to freeze up. So LIBOR interest rates appear to be crucial to the Great Recession.