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I think New Orleans will be rebuilt. The geographical problems it faces seem just as bad as Florida with its hurricanes or California with its earthquakes. If mother nature's calamities were enough to stop building cities, we'd all probably end up in three states in the midwest somewhere.

A number of factors mitigate against New Orleans becoming viable. The city’s geographical condition - low-lying, over-settled, ex-swamp, hurricane-prone - means that hurricane Katrina isn’t necessarily the worst it can get. Many of those with home insurance may realise this and decide to rebuild elsewhere - that will include many of New Orleans’ main professionals - and tax-payers: doctors, lawyers, professors and so on. The Wall Street Journal thinks many businesses will relocate completely.

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