Tag Archives: Financial crisis

Who’s to Blame?

Who’s to blame for this economic crisis? It’s an important question for governments in Cairo, Islamabad, and Manila: as I wrote last week, they face the challenge of finding jobs for the rising number of migrant workers returning home.

So it’s no surprise many governments are pointing to the West, in particular America, as responsible for factory closures and job losses. This is what makes today’s crisis different, for example, to the Asian crisis a decade ago.

I’ve been looking for evidence of “finger-pointing” in the Arabic and Chinese media. But it strikes me that not everyone is behaving in the same way.

‘A once in a century event’ or ‘The start of a new century’?

The Dow Jones has fallen 14% in the past month. The Silk Road’s equity markets weren’t far behind. Malaysia fell 15%. Shanghai fell 25%. Riyadh fell 26%. The financial crisis is truly global.

I’ve spent the past week trawling through Arab and Chinese newspapers. Editorial pages are filled with commentary on the financial crisis. The West is calling the crisis a ‘once in a century event’. The Silk Road countries say it signals the start of a ‘new century’ altogether.

This doesn’t mean the Silk Road is speaking with one voice. The Arab media have, not surprisingly, linked the financial crisis to military crisis, in particular, the wars in Afghanistan and Iraq.

Alice in Wonderland

The crisis has shaken the world’s financial sector. But eventually the dust will settle and the financial sector will examine its basic principles. The Archbishop of York, one of the Church of England’s senior clerics, recently had some thoughts on the subject.

He said, ‘We find ourselves in a market system which seems to have taken its rules of trade from Alice in Wonderland’.

‘Our country has built its financial strength historically on the manufacturing of goods, where money was the medium of exchange’.

Silk Road Gallery

Canton Trade Fair
August 12th, 2010

Editorials & Articles

“China cheat sheet helps investors survive”, Bloomberg, September 1, 2010

“No more silver bullets for Beijing”, Wall Street Journal, June 17, 2010

“China’s historic return to the Gulf”, Foreign Policy, April 2, 2010

Speaking Events

International Monetary Fund, Washington, October 10, 2010

SuperReturn Asia, Hong Kong, September 29, 2010

The Global Pricing Forum, Hong Kong, September 14, 2010