London’s G-20 meeting in April, comes at a very pivotal period in the global economy. It is a make or break time. It can not be a meeting of business as usual. Photo ops. and long speeches void of action follow-ups, are not going to cut it. This unprecedented global economic chaos deserves new action oriented policies that would create balance, sanity and objectivity in the global economy.
Solution to this catastrophic problem is going to be only found in a coordinated and cooperative fashion. I hope the U.S. government under president Obama’s leadership, will play a constructive role in finding ways of strengthening global economic regulations. I also hope, that Obama’s government will seize this opportunity to empower developing countries, especially those in Africa, get a global forum to air their concerns.
After all, it is the Africans that are always more affected by the squeeze of the global economy. Africans for too long have paid a heavy price for the failures of global economic policies to which they were never privy to the game plan. The sad reality is, the economic virus is created within the leading economies of the world like the United States, where the political system has allowed ultra greedy, unregulated, anarcho-capitalism to flourish. Therefore, at the least, president Obama must recognize the leading role of the U.S. in creating the problem.
In spite of the Republican nay sayers and do nothing politicians opposition to president Obama’s economic policies, Obama has no choice but to revive the economic system which is on a life support. What Obama is trying to do is save the U.S. from an economic collapse. He has to exorcise the demons of the anarcho-capitalists who have run amok with little or no government oversight.
Is it not a truism, that the tax payers have always cleaned up the mess created by unregulated capitalism? So, what is new? Is it not only the gravity of the situation that has changed?
Granted, that the stimulus package is going to create huge debts and long term budget deficits, the president has no alternatives but to push his stimulus agenda. Doing nothing is not an option. Having said that, it should also be a firm policy of the president to focus on imposing a serious regulatory and oversight mechanism on all facets of the economy.
Finally, the G – 20 meeting in London shall be judged on how the developed economies plan to become true partners with the developing countries in saving the world from an economic disaster. Unless a quick and a balanced solution is found, the resultant social and political upheaval would not discriminate between the developed and developing countries.