Roubini: London Olympics an economic failure
The doom-and-gloom economist blames UK policymakers for scaring citizens and tourists away from the Games.
Famously bearish economist Nouriel Roubini has branded the Olympics an "economic failure," saying Londoners have left the city and tourists have stayed away after "excess warnings."
The Games were meant to boost tourism in the United Kingdom, and in London in particular, with an extra million visitors a day, but many shopkeepers have reported a drop in activity.
Warnings of enormous pressure on the city's public transport network and overcrowding in the city's busiest districts prompted many Londoners to book holidays or work from home during the Games, while tourists have shunned the West End, which contains many of London's biggest attractions.
Research group Experian said the Olympics appear to have adversely affected the number of people visiting shops in West London, with decreases week on week and year on year of 11.65% and 12.4% , respectively, on the first Saturday of the Games.
On the first Sunday, however, visitor numbers were up marginally.
"The Olympics are an economic failure as London is totally empty: hotels, restaurants, streets," Roubini tweeted. "It turns out London is totally empty. A zombie city."
"The West End -- usually packed on any Saturday night -- was an empty waste land last night: barely a soul to be found in theatres, bars, etc.," he said on Twitter. "They pushed most Londoners to escape, they told 2 million to work at home."
He blamed U.K. policymakers for scaring citizens and tourists alike in the run-up to the Games.
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The guy is constantly negative about everything, and he made his fame by being right once.
You could hand the guy a million dollars, and he'd be negative about that too. I've never seen the man with anything positive to say in any article ever.
I know where I would be too if I had track and field tickets or swimming tickets or gymnastics tickets or any tickets . . . . .
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Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
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