NOURIEL ROUBINI: The London Olympics Are A Total Economic Failure

roubiniNouriel Roubini

Economist Nouriel Roubini is tweeting doom about the London Olympics this morning.From @Nouriel:

  • UK policymakers scared so much folks before the Olympic that London is a deserted city: non-olympic tourists are away; londoners are gone!
  • The Olympics are an economic failure as London is totally empty:hotels, restaurants, streets. They scared all off with crowd excess warnings
  • By scaring every1 to stay out of London with warnings about too many people coming here it turns that London is totally empty, a zombie city
  • RT @Notgiamatti The Yogi Berra effect! Nobody goes there, it’s too crowded.
  • The West End – usually packed on any Saturday night – was an empty waste land last nite: barely a soul to be found in theatres, bars, etc
  • They scared away all non-olympic tourists that pack london all summer;they pushed most londoners to escape;they told 2million to work @ home
  • RT @_garrilla that’s the ‘olympic economy’ – all dispacement & deadweight (oh, and hot air)

Meanwhile London retailers are begging the transport system to stop warning about congestion problems, according to Telegraph‘s Graham Ruddick.

Retail chief Richard Dickenson told Ruddick: “We know there is a displacement effect. Instead of normal tourists you get sports tourists, we knew that. But we didn’t expect the impact on the London catchment and commuters.”

London taxi drivers have reported a 20-to-40 per cent drop in income this month, with industry representative Steve McNamara calling the Games “a complete and utter disaster.

Don’t miss: 43 signs that the London Olympics will be a disaster >

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