Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "" video.

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  15. Switzerland does not control the world’s money. Even the US Federal Reserve does not control it. Neither can we. London was the second global financial centre after New York. However, this has changed since Brexit. London lost the rights to trade euro-denominated derivatives to Paris and Frankfurt. Now, it is no longer a major player, and the UK’s economy is weaker than before Brexit. The British banking industry has shrunk since Brexit, particularly due to a major loss in profits. One might wonder if Starmer will need to secure his grip on the last major asset here – the interest that the Bank of England pays on the banks’ capital reserves. The UK pays banks billions in interest that it doesn't really need to, as global banking regulations make capital reserves compulsory. This totals around £221 billion each year. Starmer will need that money in the future. Thus, a greater reliance on financial services in our economy will make us more vulnerable to global financial downturns, a situation that is very likely since the global a financial system was flawed before 2008, and now is more sensitive to more frequent liquidity and collateral problems. Like investing, our failure to diversify our economy away from a reliance on financial services has cost us dearly. It has made us vulnerable to a global financial system that is deeply interconnected, where risks are amplified, and more prone to crises that can affect the whole system. Britain needs to diversify its sources of economic growth through long-term investment in industries beyond financial services. This will bring greater economic stability in the long run. The days of Londongrad, the world's laundromat of dirty money, are over. This may be a good thing too.
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