Niall Ferguson Suggests NYC Might Be the Next Venice

This is an aside titled 'Niall Ferguson Suggests NYC Might Be the Next Venice' dated 10/8/08

“I’m in Venice now, which used to be a financial center and is now a tourist center. And the nightmare is that a crisis of this magnitude will turn New York from a financial center into a tourist center. The good news is that London seems to be handling this crisis slightly worse than New York. My sense is that the great financial crisis we’re living through will fundamentally tilt the balance of the world from West to East. Sovereign-wealth funds will matter much, much more because they’ve got the money and we haven’t. New York isn’t quite Venice yet, but I certainly am quite relieved that I don’t own a large block of real estate in Manhattan right now.” – Niall Ferguson, author of The Ascent of Money (via.)

Posted by Joanne on Oct. 8, 2008

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