Wednesday, January 21, 2009

Meghnad Sutra

Meghnad Desai says yes again typical thoughts on Obama Plan of spending.

India has already been disturbed by his views on Kashmir and he does not speak without forethought. Any idea that he will be a Third World President or Africa’s best friend should be suspended. Obama did not just pretend to be middle of the road to get elected; he is like that politically.

So if Obama is to face the long term challenges, he needs to make Americans tighten their belts; if not now, pretty soon. He has to wean them off cheap gasoline and sub-prime mortgages. He will need to restructure the American economy towards more public transport and public housing, providing greener economy. He will need to dismantle uncompetitive industries like Detroit and launch new industries. He will need to do what Margaret Thatcher did as well as what Al Gore wants. The world is on the cusp of a change in the power balance. Asia will gain and the West—the US and EU—will lose. The first test will be in reshaping the Bretton Woods institutions. Those who set them up and wrote the rules are now debtors and the downtrodden of then are creditors now. The baton has to be passed on and it would require the best brains of the Obama team to manage this transition".

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