Richard Murphy says not: I think, in the old days, Lenin (the real one) would claim state monopoly capitalism beckons, if Mr. Murphy is right.
But why isn't it over? Because no one knows where the debt actually is, according to the discussion on this American academic economists' blog. The banks are fine apparently - it's those pesky off balance sheet special vehicles which are causing all the problems. Now, who thought of them? Oh yes - the banks.
Still, don't worry if you don't understand all this. I don't, not really. But at least I can say I was there. I might even buy the celebratory T-shirt.