China has invested an extraordinary amount of emotional capital in the opening of the Olympic games in Beijing today. This is China\’s moment of national glory. The legitimacy the government will reap from the games will be worth more to it than the $43bn they have cost so far.
In a low wage country hosting the Games has cost (and we\’re not done yet) £21.5 billion pounds? And there are still people insisting that in a high wage country, with another four years inflation added on, that the Games here will cost us only £9 billion?
It is to laugh.