What a world!
Roundup of the world economy. EU weakness is now concentrated in its core economies - Germany's export-driven economy, France and Italy. The usual problems - unemployment, falling wages, drying up of business investment, banks hoarding money or directing liquidity into financial assets globally - are exacerbated by sanctions against Russia and the need for bailouts for Ukraine. The usual problems are even worse in Japan. The US, which dropped the EU in it regarding Russia/Ukraine, can compensate for weak fundamentals by the dollar's hegemonic status, which enables it to get capital to flow back into the US when needed, and by military spending. China at least kept its fiscal and monetary injections at home so performs better, but global speculators are undermining its financial markets..
''We in the UK have been living beyond our means for a very long time''
The clue to the bubble is in the ownership
London has become a haven for money from around the world, with at least Â£122bn of UK property now held by offshore companies. [...] Despite this huge demand from international buyers, London is a less attractive place to live than Detroit or Reykjavik, the EIU researchers found.
So if it's not liveability attracting people, it has to be tax or (ahem) "access"
Londonâs real estate prices keep soaring and foreign cash keeps pouring in, yet the âworldâs most influential cityâ has become one of the least appealing places to live in Europe, according to new figures. Despite this huge demand from international buyers, London is a less attractive place to live than Detroit, Cleveland, Manchester or Reykjavik, the Economist Intelligence Unitâs latest âlivabilityâ ranking has found. This is despite a recent Forbes list of "The World's Most Influential Cities 2014" which ranked London as the most influential city in the world, because it attracts more than double the amount of foreign direct investment deals than New York, which came in second.