Monday morning - listening to the news - it occurs to me that the news of the awful cruiser sinking in Italy (almost on the centenary of the Titanic) is a brief respite from the horrors of economic news. The downgrading of the credit ratings of several Euro countries isn't great news, but I don't find it personally horrific. I suspect this is all part of a longer term "re-adjustment" to the Western world's economic status. Even Germany is shuddering a little and the UK is clearly still in recession... the only "good" news on the economic horizon is that London may become a major centre for trading the Chinese currency. This is a very clear indication of the way the wind is blowing - but I wonder whether this will really come to pass. I expect a series of announcements that New York, Paris, Frankfurt, Milan etc. will also be about to become major centres for trading the renimbi - or whatever it is called.
No comments:
Post a Comment