<p>Here are two interesting charts presented by economist Joachim Fels at Morgan Stanley's Macro Ideas &amp; Insights Forum in London.</p>
<p>They show the "CRIC" cycle and how it has rolled in Europe.</p>
<p>Basically, complacency begets a crisis, which begets a response, which begets improvement, which begets complacency.  And it all starts over again.</p>
<p><table class="image-container" width="200"><tr><td><div class="image"><img src="http://static3.businessinsider.com/image/5183ff96ecad041258000006-1066-603/screen shot 2013-05-03 at 7.56.55 am.png" border="0" alt="crisis cycle" /></div><p class="source">Morgan Stanley</p></td></tr></table></p>
<p>As it relates to Europe:</p>
<p><table class="image-container" width="200"><tr><td><div class="image"><img src="http://static6.businessinsider.com/image/5183ffc169bedd8c5e000007-1066-603/screen shot 2013-05-03 at 7.57.06 am.png" border="0" alt="europe crisis cycle" /></div><p class="source">Morgan Stanley</p></td></tr></table></p>

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Why Financial Crises Happen Over And Over Again

Here are two interesting charts presented by economist Joachim Fels at Morgan Stanley's Macro Ideas &amp; Insights Forum in London. They show the "CRIC" cycle and how it has rolled in Europe. Basically, complacency begets a crisis, which begets a response, which begets improvement, which begets complacency. And it all starts over again. Morgan Stanley As it relates to Europe: Morgan Stanley

Here are two interesting charts presented by economist Joachim Fels at Morgan Stanley's Macro Ideas &amp; Insights Forum in London. They show the "CRIC" cycle and how it has rolled in Europe.

Why Financial Crises Happen Over And Over Again

Sam Ro

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