A consequence of the mistakes made in the financial sectors of New York and London would seem to me to be that their time of dominion is rapidly entering a new phase. If Britain and America engage in meaningful reforms of the financial structures, there might be hope of their lasting well into the future, however, the force of old habits and prior commitments to financing long term goals with short term money does not auger well for their futures.
The winners in our financial crisis should be those that can think into the longer term, not the thieves of our futures. There has to be a way for governments to redirect thinking towards long term views that build in low risk approaches to financing. It would better to have slower growth that is well founded in innovation and good judgment than to have inflationary growth that rushes into the future faster and faster as it heads towards a poor or tragic outcome.
