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**JamesTornC** · 05-07-2009, 12:37 AM

I doubt either us will be proven right or wrong for a few years, but I do have a few points of contention:
- You refer to the power of the home nation as if there is a significant correlation to the size of being a financial centre, yet a paragraph later state that Dubai is going to rise dramatically.... the UAE has a population similar to that of Queens & Brooklyn or Outer London, and that isn't the fact that Dubai is pretty much bankrupt.
- We're all in the same abyss (although more correctly it is the Scottish banks: RBS and HBOS that went sour, the English banks didn't stray to far - HSBC didn't go down the route Citigroup went...), so happens also that the US is below the rest of us lot to cushion us when we hit the bottom.
- Yep, AIM is such a disaster and London so distrusted that it is being replicated across the world, next stop Tokyo AIM!
- London's regulatory stance was such a disaster that its two largest financial institutions and investment scene evaporated...

We'll re-convene in 5 years time.

Your inferences with respect to my comments regarding Dubai are misplaced. Dubai (or perhaps Qatar) likely will emerge as a Middle Eastern financial center serving the entire region -- not just its population.

On another matter, I don't think that any economist (or any sane individual for that matter) would embrace the unregulated, casino culture that pervaded London.

As a result of this crisis, London, like the UK, is broken. As I stated, NY is and always will be the capital of the world's most potent economy. As such, just from its domestic business, NY will remain the financial capital. Clearly, however, other important centers like Shanghai, Dubai, London, Frankfurt, etc. exist and will continue to emerge.

PS: Your point about HSBC not suffering to the same extent as Citi lacks insight. JP Morgan, Goldman Sachs and others didn't suffer to the same extent as did Citi either.

05-07-2009, 12:37 AM	#11
JamesTornC Join Date Oct 2005 Posts 319 Senior Member	I doubt either us will be proven right or wrong for a few years, but I do have a few points of contention: - You refer to the power of the home nation as if there is a significant correlation to the size of being a financial centre, yet a paragraph later state that Dubai is going to rise dramatically.... the UAE has a population similar to that of Queens & Brooklyn or Outer London, and that isn't the fact that Dubai is pretty much bankrupt. - We're all in the same abyss (although more correctly it is the Scottish banks: RBS and HBOS that went sour, the English banks didn't stray to far - HSBC didn't go down the route Citigroup went...), so happens also that the US is below the rest of us lot to cushion us when we hit the bottom. - Yep, AIM is such a disaster and London so distrusted that it is being replicated across the world, next stop Tokyo AIM! - London's regulatory stance was such a disaster that its two largest financial institutions and investment scene evaporated... We'll re-convene in 5 years time. Your inferences with respect to my comments regarding Dubai are misplaced. Dubai (or perhaps Qatar) likely will emerge as a Middle Eastern financial center serving the entire region -- not just its population. On another matter, I don't think that any economist (or any sane individual for that matter) would embrace the unregulated, casino culture that pervaded London. As a result of this crisis, London, like the UK, is broken. As I stated, NY is and always will be the capital of the world's most potent economy. As such, just from its domestic business, NY will remain the financial capital. Clearly, however, other important centers like Shanghai, Dubai, London, Frankfurt, etc. exist and will continue to emerge. PS: Your point about HSBC not suffering to the same extent as Citi lacks insight. JP Morgan, Goldman Sachs and others didn't suffer to the same extent as did Citi either.
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