The Changing Face of Finance

Escape From New York

"...Yet Wall Street may prove to be a victim of its own success. For while they're still making money hand over fist, New York-based financial institutions are seeing their global positions erode. In today's flat world, capital is being formed all over the place, especially in the so-called BRIC bloc—Brazil, Russia, India, and China. (By running up gigantic debts and a huge trade deficit, the United States is contributing to the trend.) And there are growing signs that capital formed offshore is choosing to reside there..."