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**SOgLak** · 05-07-2009, 05:26 PM

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.

If I backtracked as fast as you did - I'd go back in time, because you pretty much stated that there was somehow a correlation to the 'home country' and the strength of financial centres which is complete rubbish in todays world where money flows across continents, overcoming political differences, nationality, and language barriers in an instant.

Yet somehow London is doomed because of the UK economy (despite everyone else facing difficult situations of their own), when it built itself servicing the global financial system...but New York is okay because it services the US financial sector which has imploded? Hell, Dubai or Qatar aren't going to radically change and represent a region that could be wiped off the map by rogue states or a handful or islamic wacko's who object to the 'ways of the west'!

The more appropriate response would be, what country isn't broken? You seem to completely forget that the US is in an even larger hole than the UK is, or that the likes of Germany and Japan have fallen off a cliff. Even China is struggling with growing unrest from not just the rural areas, but now the wealthier urban areas. May I suggest that you actually travel a bit more to get a better understanding of the world. We all share the gains from globalisation and we'll all share its pains.

The point made regarding Citigroup was that it was the largest bank in New York, but it failed. HSBC which is the largest bank in London (and the UK and world) has buffered the storm well. Granted GS has prevailled, but even they are still focused on London due to its integration into the global economy, meanwhile the largest financial institutions of New York have been gutted.

By any chance did you previously deal with CDO's? Because that might explain why you are so off the mark.....

Actually what does it matter, all I care about after the beauty of life, is Crossrail. At 119km (41.5km in new tunnels) serving 38 stations - Crossrail will open in 2017. In which time New York will have managed to (maybe) construct and open 4.3km of the Second Avenue Subway. Perhaps you ought to concern yourself with more troubling issues closer to home rather than concern yourself with affairs that you can hardly comment on.

05-07-2009, 05:26 PM	#13
SOgLak Join Date Oct 2005 Posts 377 Senior Member	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. If I backtracked as fast as you did - I'd go back in time, because you pretty much stated that there was somehow a correlation to the 'home country' and the strength of financial centres which is complete rubbish in todays world where money flows across continents, overcoming political differences, nationality, and language barriers in an instant. Yet somehow London is doomed because of the UK economy (despite everyone else facing difficult situations of their own), when it built itself servicing the global financial system...but New York is okay because it services the US financial sector which has imploded? Hell, Dubai or Qatar aren't going to radically change and represent a region that could be wiped off the map by rogue states or a handful or islamic wacko's who object to the 'ways of the west'! The more appropriate response would be, what country isn't broken? You seem to completely forget that the US is in an even larger hole than the UK is, or that the likes of Germany and Japan have fallen off a cliff. Even China is struggling with growing unrest from not just the rural areas, but now the wealthier urban areas. May I suggest that you actually travel a bit more to get a better understanding of the world. We all share the gains from globalisation and we'll all share its pains. The point made regarding Citigroup was that it was the largest bank in New York, but it failed. HSBC which is the largest bank in London (and the UK and world) has buffered the storm well. Granted GS has prevailled, but even they are still focused on London due to its integration into the global economy, meanwhile the largest financial institutions of New York have been gutted. By any chance did you previously deal with CDO's? Because that might explain why you are so off the mark..... Actually what does it matter, all I care about after the beauty of life, is Crossrail. At 119km (41.5km in new tunnels) serving 38 stations - Crossrail will open in 2017. In which time New York will have managed to (maybe) construct and open 4.3km of the Second Avenue Subway. Perhaps you ought to concern yourself with more troubling issues closer to home rather than concern yourself with affairs that you can hardly comment on.
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