I don't think it's a loss of faith in religion, as has been sugggested, but rather loss of faith in socialism (be it reformist or revolutionary).
Francis Wheen in "How Mumbo-Jumbo Conquered the World" explains well hwo the defeat of the workers movements under Thacher and Reagan and the subsequent rise of neoliberalism globally, wnet hand in hand with a revival of previously dying notions like astrology and "spirituality", as well as a revival of fundamentalism is the "east" and "west".
This makes sense - if the working masses are led to believe that you can't improve living conditions through collective action and a rationally planned economy but rather each of us is on our own and at the mercy of "the market", then superstitions will again appear, as they do in all places where humans live under the law of the jungle.
So yes, we live in a post-modernist age which rejects "grand narratives", and therefore, reason itself. Hopefully this crisis will shake up some minds.