It's a special anniversary in the City of London. 25 Years ago this week the financial district underwent the "Big Bang."
Under Margaret Thatcher's leadership the City's finacial markets were de-regulated. The new no-rules world came into effect Oct 27th 1986. London became the financial center of the world ... the place where anyone and anything could trade ... result: Financial Services industry is now the single largest sector of UK gdp. London is the home of the international nomenklatura, and property prices continue to rise.
A full appreciation of this momentous event by David Kynaston, author of the City of Lond: The History is here.
When the Going Gets Tough:
Deutsche Welle has an interesting piece on German consumers ... latest indicators show their economy is slowing down dramatically ... so, naturally, they have hit the bricks and are shopping.
And its not just German consumers doing their bit: tock markets in Britain and Europe are, as I write this, floating at their highest levels for months.
I guess despite Paul Krugman's scepticism some people think a euro deal will get done. Maybe even tomorrow (no way, there's a whole week before th G-20 summit ... days of brinkmanship lie ahead.)