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No you're right, the UK is done. Little to no industry left, they were a nation of bankers and multinationals that exploited their former colonies. But it's n
by Mikeb85 4y ago
No you're right, the UK is done. Little to no industry left, they were a nation of bankers and multinationals that exploited their former colonies. But it's not because of Brexit, COVID or Russia. It's because they never adapted and the rich in their country cared more about maintaining status than improving the country.
Look at France and Germany: industry, tech, lots of "producing" businesses thrive. Paris has even overtaken London in finance. There's simply more ambition, innovation and energy.
- cjbgkagh 4y agoNo taxing India for opium to force sell to China to bail them out this time.
- blibble 4y ago> Paris has even overtaken London in finance citation please? in terms of financial centres: NYC is first, followed by London (and they swap places every so often) down at number 15 or so is Paris
- VBprogrammer 4y agoI believe this is reference to the fact that the French stock exchange is now larger than the London Stock exchange.
- blibble 4y agoand of course the LSE is an extremely small part of the financial sector
- retrac98 4y agohttps://uk.finance.yahoo.com/news/paris-london-stock-market-largest-europe-120718587.html https://uk.finance.yahoo.com/news/paris-london-stock-market-...
- blibble 4y agoquite what the summed market caps of companies traded on a single exchange has to do with the size or competitiveness of the UK financial sector I really don't understand Apple's market cap alone is larger than the entire LSE, and Paris exchange
- Mikeb85 4y agoYou do realize the US is a MAJOR outlier, right?
- kasey_junk 4y agoIt’s only an outlier because it so handily dominates equities trading. Using the Paris exchange overtaking the London exchange as a barometer for broader overtaking of the finance industry is akin to saying that a person is taking over the F1 title from someone after beating them in a bike race around their house.
- blibble 4y agoit's only one of the London exchanges too!
- andyjohnson0 4y ago> citation please? London Loses Crown of Biggest European Stock Market to Paris - 14 November 2022 https://www.bloomberg.com/news/articles/2022-11-14/london-loses-its-crown-of-biggest-european-stock-market-to-paris?sref=Xl91GI8N https://www.bloomberg.com/news/articles/2022-11-14/london-lo...
- mhh__ 4y agoLondon has never really been an equities place to my knowledge. Ever noticed that the L in LIBOR stands for London? Interest rates and money (FX) (money can also refer to short term rates but KISS) is very much still London's thing especially relative to other European cities. Aside: French engineering talent is massively underappreciated.
- chrisbolt 4y agoLIBOR, which is being replaced with SOFR?
- deleted 4y ago[deleted]
- ekianjo 4y agoFrance has ambition? France has the only ambition to barely function as a country and not much else.
- cjbgkagh 4y agoFrance lost a few African colonies (protectorates?) recently, something there has been surprisingly little mainstream news about. People forget that France is still running a mini empire quietly on the side.
- etiennemarcel 4y agoWhat colonies are you referring too? The last one was Djibouti in 77...
- blibble 4y agogo and have a read about the CFA franc
- cjbgkagh 4y agoMail for example. But there are quite a few French troops still protecting French interests in their various former colonies in Africa - a place where statehood is a nebulous concept so I think it’s fair to say that many of these places still act in effect as protectorates. Add in resource extraction and it also starts to look like a colony again.
- alephxyz 4y agoMost of the mining industry in Mali is owned by Barrick, Allied Gold and Anglogold Ashanti, none of them are French. The French intervention in northern Mali was to avoid a spillover into western Niger (where France sources most of the uranium it uses for its power production).
- Melting_Harps 4y ago> What colonies are you referring too? The last one was Djibouti in 77... Monetary exploitation is the most effective means of bondage and most widely accepted form to exert control over a population because it is required for any transaction that doesn't get solely resolved by violence, in doing so you can essentially tax, govern, and structure Society without the need or expense of an occupying presence just the occasional military operation to remind them of said colonization: up until 2020 or so the CFA was used in 8 African nations and had a dire strain on those nation's people [0]. You should listen to Francis Ngannou's talk about the effective bondage African nations were operating under French rule because of the CFA that made trade between even neighboring African nations impossible. Colonialism takes on many faces, but as the saying goes: He who controls the money supply of a nation controls the nation. > go and have a read about the CFA franc Agreed, also look into why France has had continual conflicts in the Ivory Coast to see how it achieved this. Edit: > Aren't states free to adopt or drop the CFA franc? How does that make them colonies? They were not free to do so, at all; as I said in a response HN won't let me post (posting too fast prompt) it would benefit most on HN to focus on why Fintech matters, it's more than just writing lines of code aimlessly and for it's own sake to create some new toy that can and will be soon forgotten on Github. Despite the prevailing narrative, it's not just the domain of what many regard as 'techbros,' but rather it's an approach to effect and enhance Society when done right in a more nuanced manner coming from a well informed understanding of how and why Society functions they way it does. Hence why I used the quote that I used by a former US president to underscore what was written in a concise manner. 0: https://www.cnn.com/2019/12/23/africa/france-stops-use-of-cfa/index.html https://www.cnn.com/2019/12/23/africa/france-stops-use-of-cf...
- CommanderData 4y agoThe rich perpetuate anti-Taxation ideas through our political class. Currently the UK system is not "pay to play", if this changed tomorrow someone will be happily own the asset sacrificing a true percentage. In fact Tax is an idea our bankers want to see more of, the outspoken ones that is. Our UK assets are still worth a pretty penny and last I checked it's kinda difficult to annex physical property to an offshore country. The political classes job is selling this country to the highest bidder as fast the public allows them to get away with and they plan to be in power for a very long time with the help of the media.
- nivenkos 4y agoGermany is incredibly backward compared to the UK - they're still using faxes and cash for a start.
- phatfish 4y agoI'll take the "backward" German economy over the financial house of cards the UK economy is build on.
- davewritescode 4y agoI would take the German economy all day every day over the UK economic house of cards. The UK doesn’t make anything and was mostly acting as the financial center for the trading block in just left. Brexit was a disaster for their economy and it will take decades for the UK to stop feeling the pain.
- randomsearch 4y agoGermany’s economy is diverse, and their political system is robust. These two things are not unrelated. They are a bit bureaucratic for sure.
- a_c 4y agoI'm new to the UK. The sentiment I get is people here in UK are generally less ambitious?
- 00ajcr 4y agoLess ambitious than where? I don't think UK people are inheritantly less ambitious than anywhere else, but the very low social mobility here has always dragged down potential for some, while the punishing austerity and lack of investment over the past decade has limited other people's opportunities further.