Tuesday, October 22, 2013

The Breaking of Modern London

Interesting and long long overdue article in last Saturday's Guardian newspaper by the writer Ian Jack which considered the staggering social consequences of London's current property hyper-inflation as related to incomes in the financial services industry and the city's position as a now global hub for low-risk real estate speculation.

This issue has been referred to regularly in this blog as a fundamental factor in the capital's gathering dissolution and destruction alongside population changes fundamentally censored out of public discourse, the decay of much social infrastructure to the level of the Third World and the literal obliteration of workers' rights in the private sector.

As usual with mainstream media the heart of the dilemma was articulated with much more insight, wit and focus in the associated public commentaries. Therefore apart from the obvious reality check related to where nurses and firefighters are actually meant to reside in the future shock mushroom cloud where people are dieing and burning, one poster noted the ludicrous phenomena in London of hundreds of thousands of thirtysomething (or indeed older) white-collar workers lodged in putrid Dickensian rental accommodation for a king's ransom while holding credible post-graduate qualifications and while employed in blue chip companies. Those same monthly rental outgoings resulting - by pure mathematical default - in no residual monies available for pension investment, debt repayment or basic saving. The dignity of labour indeed.

And now the government help-to-buy scheme arrives to catalyse a further financial bubble atop the biggest Ponzi scam in our country's Wild West history - this alike a self-generating tide of florescent and molten alien spunk in a Sixties sci-fi movie crawling over the leading lady's beehive to eat her eyeballs out from the inside.

Hence life in London World City - essentially nothing more than a really shit version of New York anyway - continues to resemble nothing more than a year long training session for a crucial football match only to arrive at a golf course on the big day itself and be presented with a rugby ball.

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