The stats quoted by John Lanchester in Whoops!, his excoriating book about the financial crash of 2008, are simply staggering. By June that year, the size of the market in derivates, the complex financial instruments devised by the banks to spread the risk of lending in the mortgage market, was estimated at $54 trillion, ‘close to the total GDP of the planet and many more times more valuable than the total number of all the stocks and shares traded in the world’. Later in the book he reports that the market in Credit Default Swaps was, by the end of 2007, worth $62 trillion. And in London, the global HQ of the derivatives market, the average turnover of over-the-counter derivates ‘peaked in 2007 at a value of £2,105,000,000,000 (that’s $2.105 trillion) every day. That’s right: every day.’