The Much-Too-Special Relationship - The American Interest
▻http://www.the-american-interest.com/articles/2014/03/19/the-much-too-special-relationship
Some of you Americans may think your financial centre has captured key domains of the policymaking apparatus in Washington—and you’d be right—but in a large, complex democracy it has not and cannot capture many others. We Brits have just over 60 million people, a far smaller democratic counterweight, and banking assets equivalent to over 400 percent of GDP, which is a multiple of the figure for the United States. Bank of England Governor Mark Carney recently crooned over the prospect that, on current growth rates, this might rise to 900 percent by 2050.
Thus, hard though it may be to believe, the City’s political capture of Britain is deeper and more encompassing than anything that could ever be tolerated on the American side of the pond. Indeed, the #City of London’s “capture” of Britain goes far deeper than so far suggested.