Le banquier est mort; vive le banquier. It is time to admit defeat. The bankers have got away with it. They have seen off politicians, regulators and angry citizens alike to stroll triumphant from the ruins of the great crash. Some thought the shock of 2008 might change things. We were fools. Bankers are still collecting multimillion-dollar bonuses even as they shrug off multibillion-dollar fines.
Countries and companies have gone bust, political leaders have fallen like skittles, and workers everywhere have been thrown out of jobs. We are all a lot poorer than we might have been. Yet on Wall Street and in the City of London, it is business as usual. Has the world been made safe for liberal financial capitalism? The short answer is No.
As the article concludes:
Yet it is truly extraordinary that the reign of the bankers has carried on uninterrupted. Like monarchs of old, they have accepted some constraints, but these can be worn away over time. Their power and riches are largely untouched. Whatever happened, I sometimes wonder, to Robespierre’s guillotine?