Friday, July 29, 2011

An eye on 2 Aug

2 August is coming soon and I am as prepared as an insignificant citizen could be in a threatening financial maelstrom. We could hope for the best, and I certainly do. Perhaps like the phantom Y2K bug, the US debt crisis would turn out to be mere scaremongering. The day would come and go as every day does, and nothing remarkable happens.

But at this moment, the US looks more like Titanic on an irreversible course of collision with the iceberg. With eyes shut and mouth wide open in a silent scream, I wait.

It occurred to me that there isn’t really anyone in charge of the looming debt crisis and rapidly devaluing US dollar. President Obama is expected to face the polls soon, as do all the big shots who are supposed to be making strong, sensible decisions. They might lose their job. Maybe they deserve to lose their job, but not now!

Preoccupied with re-election, and facing high likelihood of defeat, how is the government going to make long term plans? It is crucial for any country’s development to look beyond the immediate 5 years, into the next decade or two, because policies take time to come to fruition, and also because of the need to anticipate future challenges. I wonder at the merit of a democratic system which destabilizes the foundation of a country regularly, forcing everyone grab only the low-hanging fruits. Don’t you know that short-term benefits could happen at the expense of long-term strength?

How terrifying it is to know that in this gathering perfect storm, no one is steering the ship. Everyone is busy throwing cream pies in the galleys.

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