For the two weeks of the Olympics, London will be the most watched city in the world, seen by over a billion people. More than just an event for sporting achievement, the games are, for two weeks, a projection of London. But a look at the legacy of past games offers a cautionary tale that hosting the Olympics needs to be seen not just as a short-term event but a long-term investment. If China was the Olympics' golden darling, Britain is the austerity Olympics. The elaborate games in Beijing reflected a booming economy -- exports had grown a whopping 22%. The UK has taken a more modest approach: a reflection of a sobering market and steep cuts in government spending.