The finance sector of England
and London in particular has
been dominated by the finance
sector since the Big Bang and
Margaret Thatcher was running
the country and it was
seen as a way of building
an industry which could
generate large revenue and we
could make up for a decline in
manufacturing by exporting
services and instead what they
actually did was triple
the level of private debt.
That's where the wealth came
from. And what you had is it
when you triple that level of
debt first of all the growth of
debt gives you the stimulus to
the economy because when you
borrow money and spend it you
actually both boost both
expenditure and incomes.
But ultimately there becomes a
complete burden on people they
can't afford it anymore.
It all turns up in inflated
asset prices and then the whole
thing comes crashing down.
And England will be about the
10th country in
the OECD that's gone through
this process not having learned
from the previous nine and the
next six or seven are going to
follow are doing exactly the
same thing.
So it's one of those things
that works on the way up and
comes crashing on the way down.
And it ends up as you're saying
it ends up draining you of not
just of your creative workers
it drains you of your ordinary
unskilled workers as well they
can't afford to deliver the
services that the wealthy
people have been made wealthy
by the leverage actually want.
