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Dec 13 2011

Two days after the crunch-weekend…

Published by at 9:40 pm under Europe,Opinion,Top Stories

Before the crunch-weekend (BC) and after the crunch-weekend (AC) (read here). That’s how British commentators might still refer to the events of the past weekend.

It’s two days AC now, and events in the U.K. are unfolding exactly as I thought they would. Now, where could this all end up? Well, social unrest, anger vented at the banking community and a new government is where this might all end up. On top of that, the U.K. banking sector might now contract faster, than it would otherwise have done. Since the “new EU” may now proceed much faster with the “re-sizing” of its banks than with the U.K. around.

And the gap the U.K. bankers had hoped to step into, might shrink much faster than with them in the “new EU”.

Not that I like the mooted financial transactions tax. To the contrary – it’s a non-starter, if ever there was one. And, I can understand British bankers feeling they don’t want to be ruled by “the continent”, if this is the kind of stuff waiting for them.

Still, the banking sector should have looked beyond the functionaries pushing the tax and stomached the short-term madness for the sake of not being left out in the cold in the long-term. These functionaries won’t be around after 2013 anyway.

But, in the long-term we’re all dead, aren’t we?

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