Wednesday 19 May 2010

A mighty economic battle has broken out between the Anglo-Saxons and the Europeans, pitting morality against unbridled greed in one of the great morality plays we have seen in the history of nations for the past two or three centuries.

Let's map out the battlefield.

On the left, favouring limited regulation of hedge funds and derivatives, we see the forces of Britain (London is home to 80% of the hedge funds) and the USA (where the contributions to Representatives and Senators of the financial industry gives that industry a much greater say than happens in Europe).

On the right, we find the European Union.
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