When taxpayers paid hundreds of billions to bail out banks, we were never told in reality what we were investing in. The scale of the problem created by securitisation could mean problems for decades if we do not revise basic principals of what is economically efficient and what is fantasy.

Would it be correct to say that the 1% have the world’s capital reserves locked up in tax shelters? How long before former world powers wake up to this? And what will the consequences be?