The City of London has become the central bastion of an elite whose attitudes are more like that of an off-shore centre. [snip] I don't know how valid the comparisons/differences outlined between London and other financial centers, including New York, are, but the idea of the financial industry as a giant offshore set up, with no loyalty to any country, only to money - and no counter power to speak of anymore - is a strong one.
The City of London has become the central bastion of an elite whose attitudes are more like that of an off-shore centre. [snip]
And as I had the pleasure to have lunch with her yesterday in London, and we actually discussed regulatory issues, because she is very much involved in these things, I'd certainly encourage you to read what she has to say - she very obviously knows what she's talking about! In the long run, we're all dead. John Maynard Keynes
If you are able to come over somewhere not too far from the City, I'm sure we can set up something next time. I come over once or twice a month. In the long run, we're all dead. John Maynard Keynes
However, there's a big gap between "self-regulation works better than govt regulation" and "self-regulation actually works well."
The image that has often come to my mind is that of an island within an island, networking with other islands. Compared to London financial activity with the Caymans oe the Channel Islands, for example, I'd love to see how much investment there is in the depressed regions of Britain. (see Colman's diary Please remember that government spending is bad.)
The City = The Flying Island of Laputa?
