The inescapable political conclusion is quite dramatic. Bringing international financial markets under control is no longer a simple question of regulation, admirable though current EU thinking may be. Nor is it even about a special levy, a Tobin tax or whatever grit is needed both to slow the machine and to make it pay (principles I favour). Sooner or later, the banking system will need to be brought under public control; capital must be subordinated to labour. That involves two things. First, the main banks must be fully nationalised. Secondly, casino banking must not merely be regulated, but parts of it – starting with hedge funds – must be banned.
That economics course at SOAS might not be quite the best place to gain an ideologically neutral understanding of the universe then.