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Were 'The City' to be reduced to that size which is required to provide NEEDED financial services in the UK it would likely be less than 10% of its current size. And, in a worst case BREXIT, that might be one result. Many UK financial corporations might collapse, but most international ones would simply relocate most of their current UK assets to the continent.

Such a development would both devastate the upper middle class in the UK and inherently discredit finance in the UK as we know it. There would undoubtedly be knock-on effects on the bottom 90% in the UK which, in absolute terms and in many cases, would be worse than the loss of those in finance - such as collapse of public services and a much larger number of unemployed.

Given the systematic way in which the population has been misled by elites a constructive response to such a crisis seems unlikely. But it remains essential that one be found. The alternatives are very ugly and increasingly probable.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Aug 22nd, 2017 at 02:38:28 PM EST
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