KEY ISSUES FACING ASIA. A view from the UK Lord Carey. CAUSES OF ECONOMIC CRISIS.
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the global crisis did not happen because bankers and others were incompetent, lazy, mindless or wicked. The global crisis was caused by something far more difficult to analyse, which we can only describe as ‘moral failings’
David Milibrand, Newsweek calls the situation a ‘Financial 9/11’.
The cost has been severe around the world. Every nation has been affected, markets have shrunk and in some cases collapsed. Unemployment is high everyway and poverty is a reality even in economies that up to now have been strong.
The weakening power of America and the growing strength of China is an unsettling factor in geo-political terms and should it lead to a weakening of globalisation, will undoubtedly affect us all for the worse. But with power must go responsibility and we all trust that China’s growing power – together with the power of ASEAN – will blossom into good stewardship for the health and wealth of the world as a whole