Such reductionism isn’t always helpful, even if it is understandable when the human mind craves to impose a narrative on chaotic events and legions of commentators justify their existence on posthoc rationalisation.

The simple truth is the entire edifice fell down on a lack of trust.

What actually makes up the alphabet soup of crap we have created, traded and now own? CMBS (commercial mortgage-backed security), CDOs (collateralised debt obligations), RMBS (residential mortgage-backed securities)… what the hell is it all worth? The answer turned out to be not a lot.

It is not stretching the point too far to say we are in a similar crisis of faith and trust in the retail property industry.