Breakfast Buffet, Tuesday, May 12

Welcome to Shangkong: A year or two ago, New York and London battled each other to be crowned seat of global finance. But, writing in the Financial Times, Yale professor (and regular Newsweek International contributor) Jeffrey Garten argues that, "once the global recovery begins, New York and London might be vying less with one another than with a new competitor in the form of a partnership between Hong Kong and Shanghai – call it 'Shangkong' – a highly consequential shift of financial gravity to the east."

We Prefer Netflix, Anyway: You've heard of zombie banks, so how about a zombie video company? Blockbuster Inc. is being kept alive by a generous credit line from JP Morgan, even though the company has only made money once since 1997.

Speaking of Zombies: James Surowiecki at the New Yorker casts doubt on the whole zombie bank idea. Invoking Japan's "lost decade" is an easy but inaccurate way to frighten people about the direness of our current predicament, he says.

Communists Can't Outspend Capitalists: A lengthy but highly informative status report on the Chinese economy, courtesy of Bloomberg (the company, not the mayor).