Friday, Jan 30, 2009
London an international lauging stock
The Economist: Reykjavik-on-Thames
Londongrad was a metropolis of lunatic house prices and multiplying restaurants, ornamented by rich foreigners and serviced by poor ones.
For many businessmen and financiers it was a no-questions-asked utopia of perpetual growth, lavish bonuses and capital flows, and unlimited easy credit.
Until the credit dried up. Now, suddenly, jobs are evaporating, the pound is falling, banks may soon be natonalised. Economists and traders have begun to refer to London by an ominous moniker: Reykjavik-on-Thames.
Posted by little professor @ 01:53 AM (307 views) Add Comment
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