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**ttiokjbnhjjillp** · 05-05-2009, 08:15 PM

For most of the past 2,000 years. London was a non-entity. It, like England, started gaining prominence about 500 years ago. London bounced back many times over the past 500 years because England was one of the most powerful countries during that time. Sadly, however, England now is becoming more and more insignificant and is in a financial abyss from which it will be difficult to emerge.

More people will come to distrust London due to the casino game that was conducted in its financial markets. The derivatives that nearly broke AIG came from London. Moreover, AIM is an unregulated disaster. In fact, London's mantra of deregulation now is regarded as absurd and disastrous. With respect to Madoff, he simply was a crook, much like the Brit Nicholas Leeson and the guys in France last year. Crooks always will exist with or without regulation just as laws making murder a crime don't prevent homicides.

NY will always retain its status, in part, because the US financial market is enormous. By contrast, this crisis has heightened divisions between the UK and EU and Continental financial services likely will cluster around Paris and Frankfurt; they will not flow to London.

Moreover, other centers like Shanghai and Dubai will rise dramatically. Shanghai within 20 years will be the No. 2 financial center after NY.

05-05-2009, 08:15 PM	#8
ttiokjbnhjjillp Join Date Oct 2005 Posts 436 Senior Member	For most of the past 2,000 years. London was a non-entity. It, like England, started gaining prominence about 500 years ago. London bounced back many times over the past 500 years because England was one of the most powerful countries during that time. Sadly, however, England now is becoming more and more insignificant and is in a financial abyss from which it will be difficult to emerge. More people will come to distrust London due to the casino game that was conducted in its financial markets. The derivatives that nearly broke AIG came from London. Moreover, AIM is an unregulated disaster. In fact, London's mantra of deregulation now is regarded as absurd and disastrous. With respect to Madoff, he simply was a crook, much like the Brit Nicholas Leeson and the guys in France last year. Crooks always will exist with or without regulation just as laws making murder a crime don't prevent homicides. NY will always retain its status, in part, because the US financial market is enormous. By contrast, this crisis has heightened divisions between the UK and EU and Continental financial services likely will cluster around Paris and Frankfurt; they will not flow to London. Moreover, other centers like Shanghai and Dubai will rise dramatically. Shanghai within 20 years will be the No. 2 financial center after NY.
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