His Lordship gets it (Tough times for the Limeys)

[Mega]

Oh Dear:-

In a nutshell, the Limeys have sussed that a VAST amount of their income came from shipping America's bad debt around the World. Not only is the "CDO" trade now dead, but so are the other forms of Ponzi games they ran.

http://www.telegraph.co.uk/finance/f...-must-end.html

Insuance & Honest (ish) banking will move to Russia/China/Asia.....the "Poor" Brits....will be.......Er Poor!

Ha Ha Ha.................Go cry me a river you brutal SOBs!
Mike

[D-Mack]

Re: His Lordship gets it (Tough times for the Limeys)

“What I think has been illustrated is that we have to make sure that over the next 10 years that a vibrant financial services sector is balanced by fashion, by tourism, by creative industries?”

This is a recipe for what ?

[Rajiv]

Re: His Lordship gets it (Tough times for the Limeys)

A rerun of USA's "Service Economy?"

[Slimprofits]

Re: His Lordship gets it (Tough times for the Limeys)

The Knowledge-Based economy refers to increased government funding to universities for R&D, increased funding for infrastructure, and increasing the focus on sciences and engineering in schools. Many, many references to this can be found in UK government documents from various committees and what-not, including the aforementined white paper.

Wikipedia (gulp) says that, "It is however widley (sic) accepted that the creative industries sector includes the following; Advertising, Architecture, Arts and Antique markets, Crafts, design, Designer Fashion, Film, Interactive Software (particularly gaming software), Music, Television and Radio, Performing Arts, Publishing and Software."

[Rajiv]

Re: His Lordship gets it (Tough times for the Limeys)

Well the US "Service Economy" consisted of

1) Financial "Engineering"
2) Checkout Counter "Engineering"
3) HealthCare "Engineering"
4) Burger Flipping "Engineering"
5) Real Estate Sales "Engineering"

any other additions to the term "Engineering" we can think of?

[photoncounter]

Re: His Lordship gets it (Tough times for the Limeys)

$ printing "Engineering"

[Slimprofits]

Re: His Lordship gets it (Tough times for the Limeys)

I see that the Brits are working on immediate infrastructure spending.

[hayekvindicated]

Re: His Lordship gets it (Tough times for the Limeys)

We will see exchange controls in Britain. I am convinced of this.

Right now the press is clamouring for rate cuts. Once these kick in, there will be no reason left to hold on to Sterling as a currency. A run on Sterling could prompt the Government to introduce exchange controls. Once that happens, the City will be toast - you cannot have a "financial hub" in a country with exchange controls.

I also believe that the last ten years of excess in London - with all the foreign money sloshing about and with the ridiculously high property prices, is over. London property prices will probably not revert to those levels for decades.

Those who bought property in London around Summer of last year will probably not recover their investment for decades.

[The Outback Oracle]

Re: His Lordship gets it (Tough times for the Limeys)

Credit Crisis Hits London Hard