London's greed endangers social peace

The Olympic Games begin in three weeks in London. But in view of the uncontrolled market capitalism in the British capital there's not much to celebrate, writes the left-liberal daily Süddeutsche Zeitung: "It's a safe haven for the rich from the economically flailing southern European states, who are investing their money in real estate. … London Mayor Boris Johnson has even invited French seeking to escape the socialist heavy tax policy of new President François Hollande to take up residence here. … Ever since the 'Big Bang' of the great stock market liberalisation in the mid 1980s the city has stood for unbridled financial market capitalism. It was here that the toxic securities and derivatives were created that brought the world to the brink of economic destruction. … It doesn't take a great leap of the imagination to picture the youth riots that rocked the city last summer breaking out again. That could put a damper on the Olympics party mood."

» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Financial Markets, » Olympics, » United Kingdom, » Europe
All available articles from » Andreas Oldag

» To the complete press review of Monday, July 9, 2012