16 Dec '11, 4pm

Why Merkozy is jealous of our City of London | David Boyle

Why Merkozy is jealous of our City of London | David Boyle

It is so focussed on short-term fluctuations that it corrodes the value of businesses that think ahead (a nasty continental habit). It allows a handful of none-too-bright traders to spend £70,000 on an office Christmas lunch, using profits won from betting against their fellow countrymen (that’s competition, right?) It completely ignores the financial needs of the businesses of the future (why should we want hundreds of tiny banks investing in every community like the French and Germans – that’s socialism, isn’t it). It sucks talent and investment from the productive economy (that’s the modern way). Every generation or so, it requires bailing out, using most of the tax revenues generated from their activities (that is the unfortunate consequence of buccaneering Anglo-Saxon risk taking).

Full article: http://www.neweconomics.org/blog/2011/12/16/why-merkozy-i...

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