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The City of London has become the central bastion of an elite whose attitudes are more like that of an off-shore centre.

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.

I'm not into finance at all but I believe that London is very heavily involved in managing actual off-shore money, formally domiciliated in places like the Bahamas, Jersey and all those tax-havens where banks are mostly mail boxes. Lot of gray, dubious money and a big part of the activity in the City or so say the rumors that reach my undistinguished ears.

Any expert to confirm / deny / comment?
by Francois in Paris on Tue Mar 21st, 2006 at 06:55:53 PM EST

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