Wednesday 30 October 2013

Ruling The World Again


We have a family visitation, or should that be visitor, which limits time over this week.  But there seems to be a lot going on, so all that is possible is a look round to see what might be.

Along long post by Rowan Bosworth-Davies today.longish but readable comes up with the concept that London property has become the world's new reserve currency with serious implications for what is left of the UK and for that matter the rest of the world.

It is a robust post that does not pull the punches.  What he points out is that one feature is the vast amount of building being done which is not and not intended to be occupied.

Elsewhere Capitalists at Work ponders on the other issues of London becoming the centre not just for dealing in Chinese monies but critically for Sharia financial systems which entail different arrangements which will mean good business for those in the relevant financial and law sectors.

Veering Left at the roundabout of politics and blogging Richard Murphy wonders if the Bank of England is intent on turning London into the Hong Kong of the 21st Century with a figure for the financial sector going from being worth four times GDP to nine times in the next few decades.

None of all this makes comfortable reading.  The picture above is one of the master mariners, Scott by name, who got Britain into Hong Kong long ago, one of the family.  I wonder what he would make of it all?

1 comment:

  1. RB-D's piece is indeed interesting

    still not sure that I should worry about this: there have always been areas in London that were out of the range of mere mortals - now there are more

    but there's a lot more than just trickle-down to be had from this (& I'm not a City type, BTW)