The American Empire in a Changing World


Tuesday, June 19, 2012

Pepe Escobar: ''England's dreaming''

From Aljazeera

''Now Britain may be richer, but the economy is a mess. The industrial base has been completely hollowed out. The stark inequality between north and south reminds one of BRICS members India, China or Brazil. The city of London - essentially a maze of financial services - runs the show.

Whatever Brit boom there was under Tony Blair and Gordon Brown profited only a few industries; the whole push was conditioned by humongous financial leverage, astronomic consumer debt and reckless property speculation. A bubble. Since the 2007 crisis, real living standards in Britain have, in fact, fallen. It will take until 2017 at least for them to be back to the 2003 level.''

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