Two trends converge
2008-10-15
George Soros, who was expecting the financial crisis to hit way
back in 1998, said that trends can be identified but that the
timing of a trend's culmination is always impossible to predict.
The current crisis has been brewing for decades, but
governments and individuals were nevertheless mostly
unprepared to confront it. The solutions presented so far have
mainly treated the symptoms. Another trend - the shift of
power, wealth and global influence from West to East - has also
been visible for decades. Nonetheless, surprisingly few observers
have realized so far that the financial crisis, and the failure to
deal with the root causes of it, is accelerating this gradual shift
in power. China is being positioned as the potential big winner
of this crisis. When President Jaroslav Míl of the Confederation of
Industry threatened on Czech TV on Sun. that Czech companies
might shift their exports to Eastern markets to protest against
the way the crisis is being handled in the West, he was merely a
bit ahead of the curve.
[Czech Republic Asia Television and Transportation]
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