The 2008 Crisis Is Not Over

European Straits #49

Dear all,

The more I reflect on the current paradigm shift, the more I nurture the idea that the 2008 financial crisis was the defining moment of our time—and that moment is far from over.

When the crisis unfolded I was a young inspecteur des finances working at the French ministry of finance. I can’t say I was part of the action, as my department (an interdepartemental auditing and supervisory body) was not involved in day-to-day crisis management. Yet I was close enough, physically and socially, to gather an insider’s view of what was going on.

Essentially, the self-satisfaction of the elite dominated: capitalism had once again been saved! Sure we had a few rough years ahead of us, but the worst had been averted and we could all sleep well. Should I mention that the more revolutionary among us would have preferred a bit more disruption, which in turn would have called for radical change instead of more of the same? The more we looked at it, the more the 2008 crisis seemed a missed oppo…