This is a pretty decently done video on the financial crisis as it has unfolded since the year 2000 and covers some of the major factors in how this is now setup for a global meltdown. The problems in Ireland will in fact cascade to Spain and Portugal. The massive stimulus, bailouts, and quantitative easing by the central banks has primed the pump for problems on a massive scale. Of course there is a lot more meat they could have put into this video showing the financial insanity and that the numbers just don't add up. I recommend taking the Crash Course by Chris Martenson to get a better understanding of the bubble economy and the coming corrections.