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London just passed NY as the world's top financial center. Will NY continue to spiral downward? What do you think and why?
voted interesting: gno M$0.25, jasoncalacanis M$1.00
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NY will rebound quickly, and stay there, but maybe only for another decade or so. Americans are known for putting up a great fight when the chips are stacked against them. For example, Japan looked like it was going to take over the world in the 1980's but America came back strong in the 90's.
USA's biggest long-term problem is the national debt. In 2009, Americans will pay $383 billion of interest on it's debt (currently at 11.9 trillion) With a population of 305 million, that equates to about $1,256 of interest for every person in the U.S. every year. That's over $5,000 a year for a family of four!
The US is a nation of fighters, inventors, and free-spirits - but the national debt is already tying one arm behind our backs and has us fighting uphill on a slippery slope that we seem to be sliding further and further down.
USA's biggest long-term problem is the national debt. In 2009, Americans will pay $383 billion of interest on it's debt (currently at 11.9 trillion) With a population of 305 million, that equates to about $1,256 of interest for every person in the U.S. every year. That's over $5,000 a year for a family of four!
The US is a nation of fighters, inventors, and free-spirits - but the national debt is already tying one arm behind our backs and has us fighting uphill on a slippery slope that we seem to be sliding further and further down.
voted helpful: keepontryin
Voted as best: chriswingate, onemannytorulethemall, twinpairs, geniusofhardwork, mysterygirl89, xds, safiqulislam
In currency trading London has generally been number 1 for a long time.
In equities, NY has lost shares of its trading in stock largely to computerized, online trading. Up until 10 - 20 years ago being listed on NY exchages meant quick access to investors and capital. With global finacial reforms and new technologies this need has minimized. I think it was inevitable, part of the finacial evolution or the "invisible hand" of free markets at work. Check the link below for an example, Allianz, who recently delisted rom NYSE.
In equities, NY has lost shares of its trading in stock largely to computerized, online trading. Up until 10 - 20 years ago being listed on NY exchages meant quick access to investors and capital. With global finacial reforms and new technologies this need has minimized. I think it was inevitable, part of the finacial evolution or the "invisible hand" of free markets at work. Check the link below for an example, Allianz, who recently delisted rom NYSE.
source(s):
http://www.efinancialnews.com/assetmanagement/index/content/1055232428
Insible hand:
http://plus.maths.org/issue14/features/smith/
http://www.efinancialnews.com/assetmanagement/index/content/1055232428
Insible hand:
http://plus.maths.org/issue14/features/smith/
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