20/04/2007 6:39:54 pm
The City. I am right now in New York, after a mere three hours on the train from Washington, DC, yesterday. Some meetings cancelled, will be more reading and writing, then. The sun is shining in this the city of cities. New York is always striking because it is so intense and diverse. Nowadays also because it is so peaceful, with crime rates lower than most cities in the US and Europe alike.

Clearly, New York has much going for it, but I am fascinated with the fact that its financial sector is increasingly losing to London. This is due to relatively more harmful financial regulations in the US after the financial de-regulations in Britain during Thatcher. This has and will have effects on the rest of the economy, the supply of capital, and thereby the situation for entrepreneurs and jobs.