Monday, August 08, 2011

London's on Fire

Guardian has the liveblog about the riots here.

Edit: Here's a good quote from MSNBC about why this is happening.

LONDON -- As political and social protests grip the Middle East, are growing in Europe and a riot exploded in north London this weekend, here's a sad truth, expressed by a Londoner when asked by a television reporter: Is rioting the correct way to express your discontent?

"Yes," said the young man. "You wouldn't be talking to me now if we didn't riot, would you?"

The TV reporter from Britain's ITV had no response. So the young man pressed his advantage. "Two months ago we marched to Scotland Yard, more than 2,000 of us, all blacks, and it was peaceful and calm and you know what? Not a word in the press. Last night a bit of rioting and looting and look around you."

Eavesdropping from among the onlookers, I looked around. A dozen TV crews and newspaper reporters interviewing the young men everywhere.

The truth is that discontent has been simmering among Britain's urban poor for years, and few have paid attention. Social activists say one out of two children in Tottenham live in poverty. It's one of the poorest areas of Britain. Britain's worst riots in decades took place here in 1985. A policeman was hacked to death. After these riots, the same young man pointed out, "They built us a swimming pool."
Hello? America?

THIS IS WHAT AUSTERITY LOOKS LIKE.

2 comments:

  1. S&P has downgraded US debt, this has created panic in the markets, but the question is should we take S&P seriously when these credit rating agencies have proved that their understanding about economies is indeed poor.

    Remember, it is the same S&P that gave AAA rating to mortgage backed securities in 2005-2007 and we all know what happened after that, so I guess its time to be bullish when S&P, Goldman and the likes become bearish on the world. please visit http://www.kalpeshmaniar.com for accurate forecasting

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  2. Excellent post- I think you've given an extremely reasonable response.

    ReplyDelete