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Perhaps in the next few generations we will see similar headlines from other growing superpowers such as India and China. European and US bankers may chuckle g
by otoburb 7y ago
Perhaps in the next few generations we will see similar headlines from other growing superpowers such as India and China.
European and US bankers may chuckle good naturedly when this idea is mentioned, but they forget that the European banking sector was the genesis of most of our current modern-day banking system starting from the 17th century, and yet today they are eclipsed by the US banking sector, aided in no small part by the size and influence of the US economy.
The tables can turn relatively quickly.
- buboard 7y agoUS didnt exist when (european) banks began existing so i dont understand the analogy
- otoburb 7y agoThe point I was trying to make was that upstarts can overtake experienced incumbants relatively quickly. Perhaps it's a self-evident point to an HN audience, but the (small) set of bankers that I've spoken to don't seem to believe that anybody else can credibly challenge their dominance.
- smolder 7y agoWhat if US banking dominance was considered a national priority by the state, and they used some mix of military might, diplomacy, and spycraft to maintain it? It's an interesting possibility, anyway.
- __m 7y agothat just aids the analogy
- buboard 7y agoindia and china have banking since at least a century ago
- Fiveplus 7y agoThat's an interesting point of view. However, brace for incoming US users with all sorts of counter points.
- blfr 7y agoThey haven't turned that quickly. Americans were richer than Europeans for centuries. The American colonies led Great Britain in purchasing power per capita from 1700, and possibly from 1650, until 1774, even counting slaves in the population.[1] Meanwhile India is only just tackling open defecation and hasn't yet cracked the top 100 (yes, hundred) for income per capita. The next few generations can relax and learn to live with the American empire. [1] https://www.nber.org/papers/w19861 https://www.nber.org/papers/w19861
- deleted 7y ago[deleted]
- cm2187 7y agoI think it will happen ultimately. But between then and now, those countries need to have a stable, robust and predictable legal system. You can't have a strong financial system in a system where the outcome of a legal proceeding is a function of where you are in the communist party structure.