Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets
by
Brett Scott
Published 4 Jul 2022
The pandemic has consolidated our dependence upon transnational digital infrastructures, and many of us, stuck at home behind screens, have sensed not only the emptiness that lies within that enclosure, but also the hidden power that thrives there. 1 The Nervous System I find myself looking out from the thirty-ninth-floor window of the second highest skyscraper in the UK. They call this place Level 39. It is a hub for financial technology start-ups in Canary Wharf, the London district that hosts one of the world’s greatest concentrations of financial mega-corporations. Level 39 was created by the Canary Wharf Group, which owns the entire district, to grow these fintechs in a Petri dish. There are over a hundred of them in here, most working on some aspect of financial automation, from payments apps and insurance bots to AI credit-scoring and ‘robo-advisers’.
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Morgan, 8, 96, 150, 156, 227, 232 Jamaica, 42 Japan, 18, 35, 135, 215, 248 Johannesburg, South Africa, 129 Johnson, Alexander Boris, 38 Kazakhstan, 11, 227–9, 233, 247 Keep Cash UK, 262 Kelly, Kevin, 12 Kentridge, William, 144 Kenya, 47, 75, 129, 130–31, 169, 178, 179 Kerouac, Jack, 173, 175 Keynesianism, 80 ‘Kindness is Cashless’, 40 Kiva, 238 Kowloon Walled City, Hong Kong, 216, 219, 220, 226 Kuala Lumpur, Malaysia, 60, 74 Kurzweil, Ray, 153, 252–3 Kyoto, Japan, 135 La Guardia Airport, New York, 128 learning methodology, 163–4 left-wing politics, 7, 184, 191, 211–12, 215 Lehman Brothers, 17–18 Lenddo, 169 Level 39, Canary Wharf, 17, 20, 27, 41, 143 Leviathan (Hobbes), 177 leviathans, 177–84, 215–16 libertarianism, 7, 14, 42, 155, 156, 184 cryptocurrency and, 191, 212, 215–16, 225–6 Libra, 236–41, 245 Litecoin, 218 Lloyds, 72–3, 144, 146 loans, 70–71, 107, 159 artificial intelligence and, 167–8, 172 London, England, 128, 247, 248 Brixton Market, 177 Camberwell, 128 Canary Wharf, 17–18, 20, 41, 62, 211 City of London, 6, 135 Mayor’s Fund, 38 Somali diaspora, 116, 179 Stock Exchange, 24 Underground, 11, 37–8, 86, 87 longevity derivatives, 160 Lonsdale, Joe, 155 Lord of the Rings, The (Tolkien), 19, 155 Los Angeles, California, 101 Luther, Martin, 212 M-Pesa, 79, 109 machine-learning systems, 163–4 Macon, USS, 153 Mafia, 163 Main Incubator, 143 Malaysia, 7, 45, 60, 74 Malick, Badal, 127–8 malware, 32 manifest destiny, 212 ‘Manifesto for Cashlessness’ (Emili), 37 Maputo, Mozambique, 96 Marcus, David, 237, 241 Maréchal, Nathalie, 113 marijuana industry, 101–3 market price, 29, 171 markets, 65, 124–6, 176–80 choice and, 124–6 giant parable, 54 informal, 176–9 oligopolies and, 124–5 payments companies and, 29, 30, 31, 32–3 Marxism, 155, 262 Massachusetts, United States, 46 Massachusetts Institute of Technology (MIT), 7 Mastercard, 30, 37, 39, 77, 91 automatic payments, 149 data, 109, 111 financial inclusion and, 131–2 Wikileaks blockade, 116 Masters, Blythe, 232 Matrix, The (1999 film), 226 Mayfair, London, 6 McDonald’s, 145, 153 Medici family, 135 Melanesia, 255–6 Mercy Corps, 131, 132 Mexico, 42 Microsoft, 7 Azure cloud, 233 Word, 32, 156 middle class, 86, 128, 129 Mighty Ducks, The (1992 film), 234 Military Spouse, 153 millennials, 86, 140 Minority Report (2002 film), 10 mis-categorisations, 167 mist, 30–33 MIT Media Lab, 7 Modi, Narendra, 43, 93 Moffett airfield, California, 153 Monetarism, 80 money creation, 59–63, 67–72, 202 Money Heist (2017 series), 61 money laundering, 42, 116 money users vs. issuers, 50–52 money-passers, 30, 32–3 Monzo, 113, 142 Moon Express Inc., 153 mortgages, 26–7, 94 motor cortex, 248 Mountain View, Silicon Valley, 153 Moynihan, Brian, 38 Mr Robot, 184 Mubarak, Hosni, 116 Mugabe, Robert, 239–41 Mumbai, India, 96 Musk, Elon, 15, 212, 257 mutual credit systems, 259–60 N26, 142 Nairobi, Kenya, 129, 179 Nakamoto, Satoshi, 13, 184–5, 187, 191, 204 NASDAQ, 157, 233 National Aeronautics and Space Administration (NASA), 153 National Arts Festival, 144 National Retail Federation, 86 National Security Agency (NSA), 112, 155 Nationwide, 145–6 Natural Language Processing (NLP), 146 natural market order, 192 Nazarbayev, Nursultan, 227 Neener Analytics, 169 neo-Nazism, 226 nervous system, 20–22, 57, 80, 81, 240, 247–8, 251–2 Nestlé, 24, 28 Netflix, 61 Netherlands, 48, 49, 128–9 Nets Union Clearing Corp, 115 Network Computing, 78 New Age spiritualism, 7, 14, 193, 226 New Jersey, United States, 46 New Scientist, 137 New World Order, 261 New York City, New York, 18, 91–2, 128, 248 La Guardia Airport, 128 Wall Street, 6, 178–9 Nigeria, 43 No Cash Day, 37 no-file clients, 169 Nobel Prize, 93 nomadism, 228 non-seepage, 73 Norway, 35 nudging, 39, 93, 114 Nur-Sultan, Kazakhstan, 11, 227–9 O’Gieblyn, Meghan, 154 Oakdale, California, 101 Occupy movement (2011–12), 211, 215 Office of National Statistics, 83 oil industry, 6, 22–4 oligopolies, 2, 12, 15, 89, 124–5, 142, 151, 180–83, 191 cryptocurrencies and, 229–33, 246 On the Road (Kerouac), 173, 175 OpenBazaar, 229 OpenOil, 24 operating system, 141–2 Oracle, 109 Oxford English Dictionary, 144 Pakistan, 61 Palantir, 155, 157, 226 Panama Papers leak (2016), 81 panopticon effect, 118–19, 172 Papua New Guinea, 191 passive process, 125–6 PATRIOT Act (2001), 111, 179 payments companies, 30, 32–3, 39–41, 77–8, 79 automatic payments, 149 data, 108–9 interpellation, 86–7 plug-ins, 79, 115, 141–2 PayPal, 50, 79, 109, 155, 226, 233–7, 243 New Money campaign (2016), 86–7 Wikileaks blockade, 116 Payter, 31–2 Paytm, 44, 79, 150 Peercoin, 218 Penny for London, 37–8 pension funds, 7, 23 People’s Bank of China, 79, 242 periphery, 28, 248 Peru, 129–30, 176 Peter Diamandis, 153 Philadelphia, Pennsylvania, 41, 133 Pierce, Brock, 234 Piercy, Marge, 150 Pisac, Peru, 129 point-of-sales devices, 40, 77, 130 points of presence, 148 poker games, 91 Poland, 37, 91 police, trust in, 93 Politics of Bitcoin, The (Golumbia), 225 posture, 49 pre-capitalist societies, 55, 215, 251 Premier League, 231 primary system, 50–64 Privacy International, 168 privacy, 2, 43, 44, 46, 47, 104–19 private blockchains, 229, 231 Prohibition (1920–33), 102 promises, 50, 52, 58–9, 61, 70–72, 205–6, 259–60 casino chips, 68–9 deposits as, 69 digital money, 70–72 giant parable, 52–6, 63–4, 188 loans, 70–71, 107, 159 mutual credit systems, 259–60 Promontory Financial Group, 38 Protestantism, 212, 255 psilocybin, 226 psychometric testing, 169 pub quizzes, 91 Pucallpa, Peru, 130, 176, 249 Puerto Rico, 234 Quakers, 135 Quechuan people, 129 Quorum, 232 R3, 233 RAND Corporation, 105 re-localisation, 259 re-skinning, 16, 135–51, 171, 175 Red Crescent, 131 refugees, 131–2 Reinventing Money conference (2016), 31 remittances, 105, 116 Revolut, 140, 142 right-wing politics, 7, 14, 184, 191–3, 211–12, 215, 225–6, 261 rippling credit, 260 risk-adjusted profit, 94 Robert Koch Institute, 34 robotics, 11 Rogoff, Kenneth, 47, 92–3 rolling blackouts, 247 Roman Empire (27 BCE–395 CE), 55–6 Romeo and Juliet (Shakespeare), 29, 30, 32 Rowe, Paulette, 38 Royal Bank of Canada, 158 Royal Bank of Scotland, 62 Russia, 6, 42, 48, 140, 227 Samsung, 11 San Francisco, California, 35, 46, 119, 133, 179, 247 Sān people, 4 Santander, 38 Sardex system, 259 Satoshi’s Vision Conference, 215 Save the Children, 131 savers, 25 Scott, James, 228 seasteading, 156, 216 secondary system, 50, 63–4 self-service, 145–6 SEPA, 80 September 11 attacks (2001), 111 Serbia, 7 sex workers, 96 Shakespeare, William, 29 Shanghai, China, 18, 115, 248 Shazam, 180 Sherlock Holmes series (Doyle), 114, 162, 165, 166 Shiba Inu, 13 Shipibo-Conibo people, 130 Sikoba, 260 Silicon Valley, 7, 9, 139–41, 148, 153, 180, 221 Libra, 237 Singularity, 154–6, 252–3 Silk Road, 227, 229 Singapore, 11, 18, 168, 248 Singularity, 153–6, 226, 252, 252–3 Singularity University, 153–6, 252–3 six degrees of separation theory, 260 skyscrapers, 17–20, 27, 253 slow-boiling frogs, 104 smart cities, 11, 180 smart contracts, 220–24, 258 smart homes, 180 smartphones, 4, 28 financial inclusion and, 95 posture and, 49 Smith, Adam, 251 smoking, 181 Snow Crash (Stephenson), 10 social class, 91–9, 113, 128, 129, 155, 167 Somalia, 116, 179 South Africa, 3–4, 11, 28, 55, 62, 128, 175–6 apartheid, 95 hut tax, 55 National Arts Festival, 144 rolling blackouts, 247 syncretism in, 175–6 South Sudan, 105 Spiegel, Der, 112 Spotify, 166 spread-betting companies, 26 stablecoins, 233–41, 245–6, 255 Standard Bank, 95, 144 states, 42–5, 50–64, 176–85, 215 anti-statism, 42, 184, 215–16 base money, 69 centralisation of power, 15, 180–83 cryptocurrency and, 215 data surveillance, 110–12, 114–15, 155, 168 digital currencies, 242–5 expansion and contraction, 57–8 giant parable, 52–6, 63–4 markets and, 176–80 money issuance, 58–9 primary system, 50, 51, 63 Stockholm syndrome, 121, 131 sub-currencies, 72–3 sub-prime mortgages, 26–7, 94 subsidiary companies, 24, 26–7 Sufism, 91 suits, 124 Sunset Boulevard, Los Angeles, 101 Super Bowl, 8, 261 super-system, 3 supply, 29 surveillance, 2, 7, 8, 10, 15, 33, 39, 42, 72, 104–19, 153–72, 180, 250 artificial intelligence and, 153–72 banking sector and, 108–9 Big Brother, 113–15 CBDCs and, 244, 245 panopticon effect, 118–19, 172 payments censorship, 116–18 predictive systems, 105 states and, 110–12, 114–15, 168 Suspicious Activity Reports (SARs), 111 Sweden, 35, 43, 48, 84, 121 Sweetgreen, 91, 93 SWIFT, 32, 75–6, 80, 108, 112 Switzerland, 35, 108 Symbiosis Gathering, 101 syncing, 195–7, 200–202, 231 syncretism, 175–6 systems failures, 32, 34, 48 Szabo, Nick, 220 Taiwan, 234, 235 Tala, 169 taxation, 55, 57, 110 evasion, 42, 43, 45, 46 TechCrunch Disrupt, 130 Tencent, 2, 7, 114, 178 terrorism, 42, 48, 112, 127 Tether, 234–5, 241 Thaler, Richard, 93 Thatcher, Margaret, 193 Thiel, Peter, 155, 226 thin-file clients, 169 timelines, 197–200 Times of India, 44 tobacco, 181 Tokyo, Japan, 18, 215, 248 Tracfin, 112 transfers, 74–8 transhumanism, 180 Transport for London, 11, 37–8, 86, 87 Transylvania, 65 Trustlines, 260 Twitter, 167, 198 Uber, 2, 149, 177, 179, 237 Uganda, 168 unbanked, 35, 94, 181, 238 underdog, support for, 106 Unilever, 99, 131 United Kingdom American Revolutionary War (1775–83), 60 banking oligopoly, 230 Canary Wharf, 17–18, 20, 41, 62, 211 cash use in, 249 City of London, 6, 135 colonialism, 55, 97, 175–6, 178, 239 digital money system in, 72 GCHQ, 112 HMRC, 110 Premier League, 231 Royal Mint, 60 Somali diaspora, 116, 179 Taylor Review (2016–17), 110 Transport for London, 11, 37–8, 86, 87 United Nations, 14 blockchain research, 222 Capital Development Fund, 37 World Food Programme, 132 United States cash use in, 41, 46, 133 CBDCs and, 244–5, 254 Central Intelligence Agency (CIA), 155 China, relations with, 74–5, 245, 255 data surveillance, 111–12, 155 dollar system, 80, 182, 210, 233–6, 239, 240 Federal Bureau of Investigation (FBI), 111, 155 Federal Reserve, 32, 35, 36, 234 Financial Crimes Enforcement Network, 111 hurricanes in, 36 leviathan complex, 178 marijuana industry, 101–3 NASA, 153 National Security Agency (NSA), 112, 155 Occupy movement (2011–12), 211, 215 PATRIOT Act (2001), 111, 179 Prohibition (1920–33), 102 Revolutionary War (1775–83), 60 Senate, 105–6 September 11 attacks (2001), 111 Singularity University, 153–6 Super Bowl, 8, 261 Wall Street, 6, 178–9 Uruguay, 42 USAID, 45, 127, 178, 179, 245 vending machines, 31–2, 220 Venmo, 79, 243 Ver, Roger, 212, 214, 215 Vienna, Austria, 7 virtual reality, 10 Visa, 15, 30, 31, 37, 39, 40, 41, 44, 77, 80, 127, 174, 255 automatic payments, 149 data, 108, 109, 111, 112 plug-ins, 142 USAID and, 128, 178, 245 Wikileaks blockade, 116 VisaNet, 77 Wall Street, New York City, 6, 178–9 Occupy movement (2011–12), 211, 215 Wall Street (1987 film), 8 Wall Street Journal, 133 Warner, Malcolm, 106 WarOnCash, 37 Weber, Max, 179 WeChat, 79, 109, 114–15, 150 welfare, 43, 113, 118 Wells Fargo, 109, 234, 235 WhatsApp, 75, 198, 237–8, 244, 255 Wikileaks, 116, 183 Wilson, Cody, 216 Winton Motor Carriage Company, 87, 90 Wired, 12 World Economic Forum, 11 World Food Programme, 132 World Health Organisation (WHO), 34 World of Warcraft (2004 game), 234 Xhosa people, 175–6 YouTube, 163, 166, 167, 170 Zambia, 131 Zimbabwe, 11, 239–41, 245 Zuckerberg, Mark, 241 About the Author BRETT SCOTT is an economic anthropologist, financial activist, and former broker.
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These spaces full of young companies are called ‘incubators’ or ‘accelerators’, but a more accurate image might be a luxury fitness centre, where a company goes for an intensive workout session, gets pumped with steroids (venture capital support), and finishes off with an hour on a sunbed for that healthy glow. I often get invited into this tech start-up world. I am in Level 39 taking part in a workshop on ‘the future of money’. But this is not the first time I have looked out of skyscraper windows in Canary Wharf. The first time was more than a decade ago, in July 2008, when I found myself at a job interview on the thirty-fifth floor of the offices of an investment bank called Lehman Brothers. I made it to a second interview, but before I could get to a third the mega-bank collapsed into bankruptcy and set off a global financial crisis.
The Flat White Economy
by
Douglas McWilliams
Published 15 Feb 2015
The UK and Ireland (which is, in practice, chiefly a London measure) accounts for more than 50% of European technology venture capital measured by number of deals – and 69% measured by funds invested. Deal volume in London has been growing at an annual rate of over 70% since 2008 and grew by 117% in the year to Q1 2014. London is now home to at least five fintech laboratories: the Fintech Innovation Lab set up by Accenture in 2012; the Level 39 Fintech accelerator in Canary Wharf; the Techstars/Barclays lab in Mile End; the StartUpBootCamp backed by Lloyds, Rabobank and MasterCard; and Bold Rocket in Great Eastern Street. These all provide a mix of finance, training and support for high-tech startups. So we can see why London is becoming such an exciting hive of digital activity.
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Skills and talent being drained from other parts of the country to London (the flip side of point 4 above). 4. Loss of critical mass in other parts of the country as the talent pool is drained. There are four published reports historically speaking that consider aspects of this that were prepared in the early part of the last decade: (i) Canary Wharf: London’s importance to the UK regions, (Cebr report for Canary Wharf Group, 2003) (ii) Greater London Authority: Growing together: London and the UK economy, 2005 (iii) Corporation of London: London’s linkages with the rest of the UK, 2005 (iv) GLA Economics Briefing Note 5: Has London continued to export taxes in 2003/04? In addition there is a very detailed report by the South East Regional Assembly in 2005 which looks in much greater detail at the links between London and the rest of the South East of England.
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article=1021&context=confpapers INDEX Accenture Fintech Innovation Lab ref1 accommodation ref1, ref2, ref3 cheap ref1, ref2, ref3 cramped ref1 displacement of ref1 proximity to amenities ref1 Advanced Card Systems ref1 advertising/marketing ref1, ref2 campaigns ref1 digital ref1 investment in ref1 online ref1, ref2, ref3, ref4 role of creativity in ref1 Aerob ref1 AirWatch ref1 Alibaba ref1, ref2 floated on NYSE ref1 Allegra Strategies ref1 Allford, Simon ref1 Allford Hall Monaghan Morris ref1 Amazon.com, Inc. ref1, ref2, ref3 Apple, Inc. ref1, ref2, ref3 development kits ref1 facilities of ref1 product lines of ref1 Argentina Buenos Aires share of GDP ref1 Association of London Councils ref1 AT&T Inc. ref1 Australia ref1 Sydney ref1 Austria Vienna share of GDP ref1 Bangladesh economy of ref1 Dhaka ref1 Bank of England investment guidelines ref1 BASF SE ref1 Bell Telephones personnel of ref1 Bennet, Natalie leader of Green Party ref1 bicycles ref1 fatalities associated with ref1 sales of ref1 use in commuting ref1 big data ref1 Birmingham Science Park Aston Innovation Birmingham Complex ref1 Bold Rocket ref1 bonuses ref1 use in property market ref1 Boston Consulting Group ref1, ref2 British Bars and Pubs Association ref1 British Broadcasting Corporation (BBC) BBC Scotland ref1 Brough, Graham ref1 Brown, Gordon ref1, ref2 Burkina Faso Ouagadougou ref1 Burt, Prof Ronald ref1, ref2 Cable and Wireless assets of ref1 Cameron, David economic policies of ref1, ref2 immigration policies of ref1 Canada ref1 Montreal ref1 Toronto ref1, ref2 Vancouver ref1 capital rate of return ref1, ref2 capitalism ref1, ref2, ref3 profits ref1 Catholicism ref1 Centre for Cities ref1, ref2 Centre for Economics and Business Research (Cebr) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9 estimates of UK economic growth ref1 offices of ref1 personnel of ref1, ref2 Centre for Retail Research ref1, ref2 champagne sales figures ref1, ref2 Channel 4 ref1 China Beijing ref1, ref2, ref3 Haidian district ref1 economy of ref1 Golden Shield firewall (Great Firewall of China) ref1 government of ref1, ref2, ref3 Hong Kong ref1, ref2, ref3, ref4, ref5, ref6 Cyberport ref1 Hong Kong Stock Exchange ref1 People’s Liberation Army (PLA) ref1, ref2 special economic zones Hangzhou ref1 Shenzhen ref1 Zhongguancun Innovation Way (Z-innoway) ref1 China Mobile ref1 China Telecom ref1 China Unicom ref1 Cisco Systems facilities of ref1 cloud computing ref1, ref2 Coalition Government immigration policy of ref1, ref2 coffee shops culture of ref1 cyber cafes ref1 growth of market ref1 Commonwealth migration from ref1 Companies House ref1 Confederation of British Industry (CBI) ref1, ref2 personnel of ref1 Confucianism ref1 Conservative Party ref1 Cooper, Wayne ref1 Corporation of London ref1, ref2, ref3 Crafts, Nick ref1 creative economy ref1 Cridland, John leader of CBI ref1 Cromwell, Oliver ref1 Crow, Bob ref1 Daily Mail ref1 Danone ref1 Danticat, Edwidge ref1 Davis, Charles ref1 Decoded ref1 Deloitte ref1 deregulation of financial markets (1986) ref1 digital economy ref1, ref2, ref3, ref4 emergence of ref1, ref2 role of creativity in ref1 Dorling, Danny ref1 Dunne, Ronan CEO of O2 (UK) ref1 Durden, Tyler ref1 Economic Journal, The ref1, ref2 Economist, The ref1, ref2, ref3 Edinburgh University ref1 Eggers, Dave Circle, The (2013) ref1 Egypt Cairo ref1 share of GDP ref1 employment ref1 growth ref1 immigrant labour ref1 in FWE ref1, ref2, ref3, ref4 job creation ref1 low-skilled jobs ref1 public sector 1112 science, technology, engineering and mathematics (STEM) ref1 growth of ref1 shortages ref1 end user demand ref1 Engels, Friedrich ref1 Entrepreneurs for the Future (E4F) ref1 entrepreneurship ref1, ref2, ref3 e.Republic Center for Digital Government and Digital Communities Digital Cities award programme ref1, ref2 Esquire (magazine) ref1 European Economic Area (EEA) ref1 migrants from ref1 contribution to fiscal system ref1 migrants from outside ref1 contribution to fiscal system ref1 European Union (EU) free movement of labour in ref1 member states of ref1, ref2, ref3 taxation regulations ref1 Eurostar ref1 Eurozone ref1, ref2 Crisis (2009–) ref1, ref2, ref3 economy ref1 Facebook ref1, ref2, ref3, ref4 IPO of ref1 Falmouth University ref1 Fan, Donald Senior Director for Office for Diversity of Walmart ref1 FanDuel ref1 Farage, Nigel leader of UKIP ref1 feudalism ref1 financial services ref1, ref2, ref3, ref4, ref5 lifestyles associated with ref1, ref2 Financial Times (FT) ref1 FT Global Top 500 Companies ref1 Fintech ref1 First World War (1914–18) ref1 fiscal transfer ref1, ref2, ref3 net ref1 potential use to cover local deficits ref1 Flat White Economy (FWE) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17 advantages of immigration for ref1, ref2, ref3 business model for ref1 development and growth of ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9 employment in ref1, ref2, ref3, ref4 shortages ref1 impact on UK economy ref1, ref2 model of ref1, ref2, ref3 replicating ref1-ref2 role of creativity in ref1 startups in ref1 business model ref1 Flat Whiters ref1 accommodation data for ref1 social culture of ref1 fashion ref1 nightlife ref1 transport ref1 technology used by ref1 Forbes (magazine) ref1 France ref1 education system of ref1 Paris ref1, ref2, ref3 share of GDP ref1 Paris-Sarclay ref1 creation of (2006) ref1 potential limitations of ref1 promotion of ICT in ref1 Forst and Sullivan ref1 France ref1, ref2 Freeman, Prof Christopher ref1 Fujitsu Ltd. ref1 Funding Circle ref1 Gates, Bill ref1 Germany ref1, ref2, ref3 Berlin ref1 economy of ref1 Glaeser, Edward ref1 Triumph of the City, The ref1 Global Financial Crisis (2007–9) ref1, ref2 Banking Crises (2008) ref1 impact on migration ref1 UK recession (2008–9) ref1 Global Innovation Index ref1 globalisation ref1, ref2, ref3 Glyn, Andrew ref1 Goodison, Sir Nicholas Chairman of the Stock Exchange ref1 Google, Inc. ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 acquisitions made by ref1 development kits ref1 offices of ref1, ref2 Greater London Authority (GLA) ref1, ref2 Green Party members of ref1 Gröningen Growth and Development Centre ref1 Guardian, The ref1, ref2, ref3 Harbron, Rob ref1, ref2 Harrison, Andy Chief Executive of Whitbread ref1 Harvard Business School ref1 Harvard University Harvard Lab for Computer Graphics and Spatial Analysis ref1 HCL Technologies ref1 Heisnberg, Werner uncertainty principle ref1 Hewlett-Packard Company (HP) ref1 Huawei Technologies ref1 immigration ref1, ref2, ref3, ref4, ref5, ref6 advantages for FWE ref1, ref2, ref3 economic impact of ref1, ref2 impact on social cohesion ref1 impact on wages ref1 legislation ref1 access to state benefits ref1 quota systems ref1 non-EEA ref1, ref2 restrictions on ref1, ref2, ref3 Imperial College, London facilities of ref1 India ref1, ref2 Calcutta ref1 IT sector of ref1 Karnataka ref1 Bangalore ref1, ref2, ref3, ref4 Electronics City ref1 Mumbai ref1 inequality ref1 potential role of London in ref1, ref2 sources of wealth ref1 Infosys Ltd ref1 initial public offering (IPOs) ref1 innovation ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 hubs ref1, ref2 independent ref1 investments in ref1 projects ref1 Institute for Public Policy Research ref1 intellectual property protection of ref1, ref2 Intel Corporation ref1, ref2, ref3 facilities of ref1 personnel of ref1 International Business Machines (IBM) ref1, ref2 facilities of ref1, ref2, ref3 personnel of ref1, ref2, ref3 internet usage ref1 investment ref1, ref2, ref3 advertising and marketing ref1 capitalising of ref1 in innovation ref1 process of ref1 Israel ref1, ref2 Defence Ministry ref1 Haifa ref1 tech sector of ref1 IT spending ref1, ref2 accounting for ref1 software ref1 Italy ref1 Frascati ref1 Rome ref1 ITC Infotech India Ltd ref1 Japan ref1 economy of ref1 Tokyo ref1 share of GDP ref1 Johnson, Boris Mayor of London ref1, ref2, ref3 Johnson Press plc ref1 Judaism ref1 Kaldor, Nicholas ref1 Keynes, John Maynard ref1 Economic Consequences of the Peace, The ref1 KPMG ref1 labour ref1 division of ref1 immigrant ref1, ref2, ref3, ref4 market ref1 shocks ref1 share of income ref1, ref2 supply of ref1, ref2, ref3, ref4 Labour Party ref1 immigration policies of ref1 Lai, Ian ref1 Laserfiche ref1 Lawson, Nigel ref1 Leeds Beckett University ref1 Level 39 ref1 Liberal Democrats immigration policies of ref1 lifestyles ref1 associated with financial services ref1 Livingstone, Ken ref1 Lloyds ref1 London School of Economics (LSE) ref1 MadRat games ref1 MagnetWorks Engineering ref1 Mahindra Satyam ref1 Mainelli, Michael Gresham Professor of Commerce ref1 Malaysia ref1 Kuala Lumpur ref1 Manchester Science Parks (MSP) ref1 market capitalisation ref1, ref2 market economy ref1 Marx, Karl ref1, ref2 Labour Theory of Value ref1 Marxism ref1 Massachusetts Institute of Technology (MIT) ref1 campuses of ref1 Technology Review ref1, ref2 MasterCard ref1 McAfee, Inc. ref1 McKinsey Global Institute ref1 McQueen, Alexander ref1 McWilliams, Sir Francis ref1 Pray Silence for Jock Whittington (2002) ref1 Medvedev, Dmitry ref1 technology policies of ref1 Metcalfe, Robert ref1 Metcalfe’s Law concept of ref1 Mexico ref1 Mexico City ref1 share of GDP ref1 Microsoft Corporation ref1, ref2, ref3, ref4 facilities of ref1 Future Decoded conference ref1 personnel of ref1 Windows (operating system) ref1 Migration Advisory Committee ref1 Miliband, Ed immigration policies of ref1 MindCandy ref1 Moshi Monsters ref1 offices of ref1 Mitsui Chemicals ref1 Mohan, Mukund CEO of Microsoft Ventures in India ref1 Mongolia Ulan Bator ref1 Moore, Gordon Earle Moore’s Law ref1 MphasiS ref1 National Institute of Economic and Social Research (NIESR) ref1, ref2 Netherlands Amsterdam ref1 network effects ref1 relationship with supereconomies of scale ref1 Network Rail offices of ref1 New Scientist ref1 New Statesman ref1 Nitto Denko ref1 Nokia Oyj ref1 O2 (Telefónica UK Limited) ref1 offices of ref1 personnel of ref1 Office of Communications (Ofcom) ref1 Olympic Games (2012) ref1, ref2 online shopping ref1, ref2 Organisation for Economic Cooperation and Development (OECD) ref1, ref2, ref3, ref4 Osborne, George ref1 Outblaze ref1 Pareto Principle concept of ref1 Passenger Demand Forecasting Council ref1 PayPal ref1 PCCW ref1 Poland accession to EU (2004) ref1 Pollock, Erskine ref1 Procter & Gamble Co. ref1 property markets ref1, ref2 commercial ref1, ref2 housebuilding ref1, ref2 house/property prices ref1, ref2, ref3, ref4 property crisis (2007) ref1 residential ref1 use of bonuses in ref1 public spending ref1, ref2, ref3 Barnett formula ref1 relationship with taxation ref1 Qualcomm facilities of ref1 Reinartz, Werner ref1 Republic of Ireland ref1 research and development (R&D) ref1, ref2, ref3 definitions of ref1, ref2 expenditure ref1, ref2 hubs ref1, ref2 industrial ref1 Research Council for the Arts and Humanities ‘Diasporas, Migration and Identities’ ref1 Rogers, Everett Diffusion of Innovations (1962) ref1 Russian Federation ref1 economy of ref1 Defence Ministry ref1 Moscow ref1, ref2 Skolkovo Innovation Centre ref1, ref2 Saffert, Peter ref1 sales and advertising ref1 Sarkozy, Nicolas technology policies of ref1 Scottish Media Group (STV) ref1 Second World War (1939–45) Blitz, The (1940–1) ref1 shared accommodation ref1 Silicon Canal ref1 Silicon Roundabout ref1, ref2, ref3, ref4, ref5 Silicon Valley ref1, ref2, ref3, ref4, ref5, ref6 role of US government defence spending in development of ref1 social culture of ref1 Silva, Rohan Senior Policy Advisor to David Cameron ref1 Singapore ref1, ref2, ref3, ref4 government of ref1 Research, Innovation and Enterprise Plan (RIE 2015) ref1 research centres of ref1 A*Star Biopolis ref1 Fusionopolis ref1 Campus for Research Excellence and Technological Enterprise (Create) ref1 CleanTech Park ref1 Singapore Science Park ref1 Tuas Biomedical Park ref1 skills drain ref1 Skyscanner ref1 small- and medium-sized businesses (SMBs) ref1 small- and medium-sized enterprises (SMEs) ref1 Small Business Service Household Survey of Entrepreneurship ref1 Smith, Adam Wealth of Nations, The ref1 Smith, Michael Acton founder of MindCandy ref1 Social Democratic Party (SDP) formation of (1981) ref1 social media ref1 restrictions on ref1 Solow, Robert ref1 South Africa Johannesburg share of GDP ref1 South East Regional Assembly ref1 South Korea Seoul ref1 share of GDP ref1 Spain Barcelona ref1 Ibiza ref1 Sprint Corporation ref1 startups ref1 business models of ref1 in FWE ref1 Stigler, George ref1 supereconomies of scale concept of ref1 relationship with network effects ref1 Sweden Stockholm share of GDP ref1 Tata Consultancy Services ref1 taxation ref1, ref2, ref3, ref4, ref5 allowance ref1 corporation ref1 EU regulations ref1 National Insurance ref1, ref2, ref3 regional variation of ref1 relationship with public spending ref1 Tech City ref1, ref2, ref3 technology clusters ref1, ref2, ref3 identification of ref1 Techstars/Barclays ref1 telecommunications ref1 Thatcher, Margaret ref1, ref2 Thile, Peter ref1 trade unions ref1 Transport for London (TfL) ref1, ref2 UK Independence Party (UKIP) members of ref1, ref2 United Kingdom (UK) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 Bath ref1 Birmingham ref1, ref2 Bristol ref1 Cambridge ref1 Cheshire ref1 Civil Service ref1 Department for Business, Innovation and Skills ref1, ref2 Department for Transport ref1 economy of ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9 contribution of creative industries to ref1 growth of ref1, ref2, ref3, ref4, ref5 Edinburgh ref1 GDP per capita ref1, ref2, ref3, ref4, ref5, ref6 Glasgow ref1, ref2 media clusters in ref1 government of ref1, ref2, ref3 Index of Multiple Deprivation ref1 ‘Innovation Report 2014’ ref1 Hounslow ref1 labour market of ref1 Leeds ref1, ref2, ref3 London ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, 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Atlantic: Great Sea Battles, Heroic Discoveries, Titanic Storms & a Vast Ocean of a Million Stories
by
Simon Winchester
Published 27 Oct 2009
When the barrier was constructed, the rate of sea-level rise was both constant and predictable; now it is accelerating, and there is less and less predictability about how the water at the river’s mouth will behave. There is talk about a new barrier and what happens if none is in fact built. Lurid images are being published showing the Houses of Parliament awash, substations at Canary Wharf in a riot of short-circuiting sparks, the dean of St. Paul’s splodging down the nave in his rubber boots, and the wheel of the London Eye reflected in its own lagoon. The city, already a byword for urban damp, is suddenly alarmed at the prospect of evolving into London-on-Sea, with all that implies.
…
The westbound tracks are designated A, B, C, D, and E, and the eastbound V, W, X, Y, Z. The six hundred or so planes that head west each day—BA 113 being one of them—fly at even-numbered altitudes, separated by 2,000 feet: at 40,000 feet, 38,000 feet, 36,000, and so on. Eastbound craft operate conversely at odd-numbered levels—39,000 feet, 37,000, down to 31,000. On this day my BA 113—its call sign on the radio Speedbird 113—had been told to fly on Track NAT Charlie, at Flight Level 380. She would prepare to enter the critical transoceanic sector at an invisible waypoint that Atlantic aviation chartmakers had given the unlovely name of BURAK.