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Expect the lobbying for a parallel deregulation in London and Europe to become irresistible shortly after. Governments spent vast amounts of public money to stop banks going bust and devastating the wider economy.

But today interest rates across the developed world are still close to zero and government debt is much higher than it was in 2008, giving policymakers considerably less room for manoeuvre if the system fails again.

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And we should be scared out of our wits over the possibility of a repeat. Instead, the incoming President of the United States gives every impression that he will soon be hustling America – and possibly the entire world – in the direction of another catastrophic financial crisis. It did prevent investment banks making massive and dangerous bets with their own money.Dodd-Frank was the banking and financial reform legislation passed by Congress in the wake of the 2008 fiasco. The gravest failure was that it did not split up the giant too-big-to-fail banks of Wall Street – the likes of JP Morgan, Morgan Stanley, Bank of America and Goldman Sachs – something that was necessary to abolish their neon-illuminated conflicts of interest and to prevent them from being able to shake down the US government again if their market funding dried up. And it did tighten up on consumer protection, putting a stop to some of the more obvious opportunities for bankers to enrich themselves by misselling financial products to the unwitting American public. During his campaign he promised to “dismantle” the legislation, without ever giving a coherent reason why.Trump posed as the champion of “the forgotten men and women of America” on the campaign stump and did not take much money from Wall Street, certainly relative to previous Republican candidates.Skorzeny apparently knew he was going to die and felt that Eric Bermen- who is Jewish-would get out the story (it's hard to know for certain if this is the true and only motivation for Skorzeny's revelations.While it sounds logical and typical of human behavior, you would think that Skorzeny would be concerned about his wife and kids after he was gone.

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