Our Awful Situation

Masters of the world no more

Posted by Charlie Kilo on April 11th, 2008

While the writer of this article fails to understand the inter-connectivity of the global economy he presents an interesting piece nonetheless:

The truth is that we are masters of the world no more.

The global power shift from the West to the East is no longer just a matter of debate confined to learned journals and newspaper columns - it is a reality that is beginning to have a huge impact on our daily lives.

What would those Victorian masters of old have made of the fact that Chinese security men were on the streets of London this week, ordering our own police about and fighting running battles with British protesters while bewildered athletes carried the Olympic torch on its relay through the capital?

It was a brazen display of how confident China has become of its new place in the world, just as the British Government’s failure to take a firm stand on Chinese abuses of human rights shows how craven we have become.

The dire warnings from the International Monetary Fund this week that the West now faces the largest financial shock since the Great Depression, while the Asian economies are still powering ahead, simply underlines our vulnerability in this new world order.

The desperately weakened American dollar appears to be on the verge of losing its global dominance, in the same way as sterling lost it a lifetime ago.

The credit crunch has brought home to all of us in Britain how over-reliant our country has become on financial services. Meanwhile, the loss of our manufacturing industries to Asia continues unabated.

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Our Awful Situation

Masters of the world no more

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