Almost every country is predicting low growth to no growth…and the possible risk of a Recession in 2012. The Banksters in the Banking Community are of course backing it up…European sovereign Crisis, Slow recovery in USA, Inflation in China and what else. Experience has shown that when everyone suffers, bankers get richer, at least in relative terms.
These jaded folks, selfish, greedy or otherwise are however not wrong.. the global economy certainly cannot progress on the same trajectory any longer without imploding itself through a monetary or environmental BIG BANG . Yes, the answer lies in changing the trajectory, and the tangent on which the world has revolved around for the past few decades after world war 2.
Perhaps world leaders should look at the issue from the perspective that huge opportunities for development exists every where in the world and there are huge funds available sitting on the sidelines that will deploy themselves if they have more trust in the current system.
Millions of people in Asia, and Latin America are waiting to be developed into productive and responsible world citizens through better Health and Education which never seems to reach them on a consistent basis under our current system. Billions of the world’s dollars lie idle or are currently invested in low to negative economic value projects but however cannot find their way to these potential high yield, high development areas as funds are looking mainly under the current system for short-term returns. Long Term today is 3 years!
China has done admirably over the last decade investing into less developed areas in Latin American, Africa and helping them to develop. But they cannot do it alone, especially when they are also burdened with the demands of the USA and now Europe to purchase their junk bonds.
My thoughts are that the more developed Nations of East Asia, and responsible Transnational companies should create an East Asia Investment and Development Organisation to aggregate funds to invest and develop the massive populations in Indonesia, less developed areas of Indochina, Philippines…maybe even selected countries in Latin America and Africa. This initiative if large enough may successfully throw Asia out of the current global trajectory.. delink it adequately from the Global Economy which certainly seems to be decaying due to the excesses of capitalism.
The key lies in building a TRUST SYSTEM between donor and beneficiary country and those others that in one way or other may be involved in this program. TRUST is build when the parties are dedicated to the Vision of a Better World starting with themselves.. and the true realization and acceptance that both donor and beneficiary country need each other equally in order to create the needed churn to get themselves away from the global abyss.
If a new system of Trust can be built in East Asia which so far is least affected by the Global Crisis of Credibility … East Asian countries may help to restore the faith that countries must have with each other in our interdependent world.