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When something big has happened, and at breakneck speed, you have to stop and ask yourself what actually happened. Because we still don’t know whether we are at the beginning of a financial crisis or already in the middle of it; whether the crisis is perhaps over and wasn’t that big after all. The only certainty we reassure ourselves with is that this crisis appears to be “not like 2008”. That didn’t stop central banks from mobilizing sums within a few days that grew in double and triple-digit billions. The answer was huge, and not just in terms of volume: in the USA there was a kind of general guarantee for all deposits, in Switzerland a new form of bailout that undermined the rights of shareholders and bondholders.