Today marks the end of an era in world cricket with Australia losing the BG trophy, though they will remain the no. 1 side as per rankings. They are no more the invincible or the supreme ones. Likewise the big brother is showing signs weakening. It is now more worried about himself than concerning the affairs of the world. It's president elect Obama recently said something to the effect that the economic ruin is now more of a global problem and requires a global reaction than just America's. Though this is partially true it came across more as a rumble than a concrete, world grabbing statement.
America's power is dollar. If dollar loses its position as the pre-eminent and popular currency of the world, it will sound death knell to America's supremacy in world affairs. Euro's gain and acceptance among world investors is worrying development for America, though dollar still continues as the stock currency. Somewhere I read that Iran is promoting a trading centre for petroleum where crude will be traded in Euro. If it happens and happens successfuly then dollar will come under severe pressure.
Obama's biggest challenge is not how cosy he can get to his middle-class but whether he will able to steer through the current climate and restore dollar's position as the unquestionable, pre-eminent currency. This requires order in American financial markets and revival of American economy. In my view, if America can reduce its huge trade deficit and source more at home, it's external position will improve and reduce the impact that countries like China can have on dollar with their huge reserves.
The era of classical cricket has ended. The importance of Sachin, Sourav, Rahul, VVS and Anil is that they have ensured India doesn't end up like New Zealand, England, South Africa and others.
ReplyDeleteYou have spoken well about Obama's challenges. He has to worry about the insurance policies he aims to correct and concentrate the country's energy on internal affairs rather than worry about others.
I saw an image on television, a US flag with the 'Made in China' tag.
Well.
I saw an image on television, a US flag with the 'Made in China' tag
ReplyDelete---
ha ha ha.
May be it's a sign of things to come. US is too dependent on China for cheap imports and funding them. I read somewhere that dollar inflow to China was unprecedented in the recent past. Exports and FDI's contribution to the reserves is not high.
Hot money is finding safety in China's banks as Yuan fetches higher return. That's a strange thing. China's hold on dollar and in turn US economy must be perturbing US law makers. They have to weight their words when they talk about the red dragon.
The irony is US finished off one communist and is now at the mercy of another communist.
I agree with Kartikeya on what the oldies have done.
ReplyDeleteBala, perhaps you know better than I in these matters, but the world will not allow the dollar to weaken or fall. The world needs a market. Say China...they will suffer too if the dollar falls so they will keep it up like the Arabs kept it afloat in 1979. India too will be hurt.
I don't know, however, if that extends to sport. If australia falls, there will be many only too eader to take their place!
By the way, nice new clothes! :)
I don't know if
SB, thanks for the comment on looks. Got a bit of time yesterday and tinkered the html. Learned something new by experience. It's a good feel to see the end result.
ReplyDeletePlease check this link for alternate view
ReplyDeletehttp://nymag.com/news/intelligencer/51168/
Regards,
Don't worry about China.
ReplyDeleteThey can't move fast on anything. If they do, they would trip on their feet!
If there could be any superpower, as things stand today, it is only US. Russia and China can play spoilsport at best. Iran and Venezuela can fancy their chances, but they have a long way to go.
The best thing about US is, they can be bad, but they can turn things around. Russia and China and Iran pull back only after reaching a point of no return.
At least that is what I think.
You could be right but the don't under estimate China or for that matter US's dependency on China
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