chapter
8 Pages

BANKS ANDBANK LOANS

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The 'Big Bang' of 1986 and increased financial deregulation in Britain drew global (foreign) finance capital into the City of London, thus destroying some traditional British sense of being 'at home with its own money'.90 High street banks, insurance companies and building societies are increasingly turning into identical remotely controlled conduits through which 'foreign' capital enters our lives. In the last quarter century, the increasing importance of 'global finance' and 'virtual money' has dominated the imaginations of some theorists, many of whom enjoy the frisson of the 'invasion' of this money, resonating, as it does, with some deep western fear of invasion by foreign bodies. Stanley, for instance, writes of the 'modem city' as 'dominated by the existential, the transient and the provisional', a 'site of transitory events, movements and memories'.91 This postmodern, postcapital city is an unknowable and expanding rhizome, with no centre; its model is 1980s Los Angeles, where successive geographies of class and racial divisions create an apparently never ending landscape of alienation and violence.