New York vs. London
The current debate over supremacy goes far beyond civic pride or national champions. Arguably, if money makes the world go round, then this is about the center of the universe -- or more preceisely, the world's financial capital. (A worthy enough pursuit such that Closing Bell's Maria Bartiromo went to London to find out.)Ancient history aside, money has often flowed freely between New York and London and excepting any bad feelings over the Nasdaq Stock Market's peristent and hostile efforts to acquire the London Stock Exchange, you could argue that determining supremacy is a bit of a moot point in the global economy.
That said, suddenly there is a lot of noise about which city rules. Both New York and London have seen better days as cities, but their financial muscle may -- ironically enough -- be at its zenith, with emerging markets -- particularly Shanghai, Hong Kong and Singapore -- generating and attracting more capital by the day.
So, in a more hyped-up context, New York Magazine recently asked "Are We No Longer The World's Financial Capital" as part of a bigger London-New York debate, citing such worrisome statistics as Goldman Sach's enormous U.K expansion in the past quarter century and a drought of big international IPOs on the New York Stock Exchange last year. (Did I hear Sarbanes-Oxley?")