Ten years after the crash, there’s barely suppressed civil war in Britain | Aditya Chakrabortty
All history now, isn't it? The credit crisis that began in August 2007, the ensuing banking crash and global recession. One bumper episode from the long-ago past, when the iPhone was a newborn and Amy Winehouse still made records. Now done, dusted, reformed and resolved. Or so one assumes, from the official self-congratulation.
The European commission marks the 10th anniversary of the credit crisis by trumpeting: "Back to recovery thanks to decisive EU action." Yes, the same clapped-out European establishment that has spent the last decade kicking a can down the road. The head of the derivatives industry body, ISDA, admits: "We sometimes forget to articulate the social value of what we do." Indeed so: before the crash, bankers emailed each other about how the derivatives that they were paid so much to flog were "crap" and "vomit".
Related: How the crash discredited the Anglo-US democratic model | Will Hutton
The economy tanked, Brown got booted out and Cameron pretended a banking catastrophe was a crisis of the public sector
Related: Philip Hammond and Liam Fox's Brexit transition plan is a pipe dream | John Springford
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