WSJ: Credit Crunch Pounds U.K. Economy

[El Pinko]

http://online.wsj.com/article/SB120234240716748807.html

Credit Crunch Pounds U.K. Economy
By Alistair MacDonald and Mark Whitehouse
Word Count: 1,936
LONDON -- The global credit crunch is threatening to claim a new casualty: The United Kingdom, a country that has staked its economic success on attracting other people's money.

For more than a decade, the U.K. has reaped vast benefits from its role as a hub for the world's capital, building London into a financial center to rival New York. No large country is more dependent on the movement of foreign money through its banks: Some $2.4 trillion flowed in and out of the U.K. in 2006, an amount equivalent to the country's entire annual economic output, the most recent ...



Gee, I'm sure glad America's economy doesn't depend on attracting other people's money...


:eyes: