This is an eloquent well thought-out and lucid account of the nuts and bolts of the crisis. But Gailbraith analyzes the proximate causes.
Conspicuous by its absence is an analysis of the why the proximate causes should have been allowed to fester. Ergo, what is the ultimate cause?
The ultimate cause of course can be explained by the logic enshrined in the use of fiat money and how it relates to the existence and the power of the state.
The choice of monetary system is the begin-all and end-all of the socio/economic life of society.