Thought this was interesting from John Abernethy - what's missing from this (and all the other) analyses is that there is no motivation to let the pressure out of the bubble. It will cause too much pain. But the longer we let it go, the pain will be even greater. "Excess"
๐ฌ๐ง UK GDP per Capita, 2007: $50,397
๐ธ๐ฌ Singapore GDP per Capita, 2007: $39,432
๐ฌ๐ง UK GDP per Capita, 2023: $48,866
๐ธ๐ฌ Singapore GDP per Capita, 2023: $84,734
In 2007, the UK was richer than Singapore, southeast Asia's Lion City - today, it is much, much poorer.
๐ฌ๐ง UK GDP per Capita, 2007: $50,397
๐ญ๐ฐ Hong Kong GDP per Capita, 2007: $30,593
๐ฌ๐ง UK GDP per Capita, 2023: $48,866
๐ญ๐ฐ Hong Kong GDP per Capita, 2023: $50,696
In 2007, the UK was much richer than Hong Kong, East Asia's financial services superpower. Today, it is poorer.