SPLENDID ISOLATION

Presumably this shows why the debate in Brussels was so important….incidentally Paris came 24th
 The top twenty financial centres in the latest index (GFCI 10) which was published in September 2011 are:

	GFCI 10 Rank	GFCI 10 Rating	GFCI 9 Rank	GFCI 9 Rating	Change in Rank	Change in Rating
London	1	774	1	775	-	-1
New York	2	773	2	769	-	+4
Hong Kong	3	770	3	759	-	+11
Singapore	4	735	4	722	-	+13
Shanghai	5	724	5	694	-	+30
Tokyo	6	695	5	694	+1	+1
Chicago	7	692	7	673	-	+19
Zurich	8	686	8	665	-	+21
San Francisco	9	681	13	655	-4	+26
Toronto	10	680	10	658	-	+22
Seoul	11	679	16	651	-5	+28
Boston	12	678	12	656	-	+22
Geneva	13	672	9	659	+4	+13
Washington DC	14	670	17	650	-3	+20
Sydney	15	669	10	658	+5	+11
Frankfurt	16	667	14	654	+2	+13
Vancouver	17	661	22	626	-5	+35
Melbourne	18	656	24	621	-6	+35
Beijing	19	655	17	650	+2	+5
Montreal	20	652	26	615	-6	+37

HOW SPLENDID IS ISOLATION?

We all get a warm feeling being elected to a club or being picked to play in a cricket or football team. It’s good being wanted. Winning the struggle to get a good job because they prefer you to the other guys or quite simply being a popular person matters.

Don’t be embarrassed.

We all want to be liked.

So what happened in Brussels last week was very uncomfortable. We were cast out. Like Judas. We were the lonely 1 out of 27 - although I do wish that David Cameron had swaggered more instead of looking apologetic and sorry for himself. He needed to look as though he was right and they were wrong which for month after month they have been.

Trouble is it keeps on happening to us. A few months ago it was FIFA kicking dust in our face with Sebb Blatter asserting his corrupt right to rule and now this.

But the 5th biggest economy in the world is Germany, followed at joint 6th by the UK and trailed by France at 9th and Italy at 10th. Yes we are that important.

So the real tragedy here is for the EU who, in not wooing and, yes, making concessions to the UK, the second biggest economy in greater Europe, and thereby persuading us  to play a big front of stage part in solving the Euro-crisis, has now almost certainly led to the crash of their doomed currency. Especially as France who seemed pretty pleased about (as they saw it) seeing off Britain, are rumoured to be likely to lose their triple “A” credit rating this week.

It’s important to realise that Europe contrived to exclude us not vice versa.

You will gather I am not an entire fan of France but to be fair their President has just four more months before elections that look likely to unseat him and he’s tried to play the “see how I beat Britain” card as a desperate political stratagem.

But it still feels lonely and rancorous for us today. It’s not nice being blamed and being told, as Paddy Ashdown did, that forty years of foreign policy had gone down the plughole in a single night and being told off by the Lithuanian Prime Minister.

But how isolated will we be in the end?

The last words on that go to Terry Smith CEO of Tullett Prebon the broker…
“…as isolated as somebody who refused to join the Titanic just before it sailed”.