AS FAR as the world is concerned, a new year as dawned upon us. As far as time is concerned, however, it is simply a continuation - from 2359h on 31 Dec 2008 to 0000h on 1 Jan 2009.
Hence, events that shook the world in 2008 will have a lasting effect on us in 2009. Here's my pick for top three.
1. Barack Obama's rise to power
It was a phenomenal victory for Obama, who is set to become the first African-American President of the United States of America. If one word was chosen to sum up Obama and all that he stands for, it would be, say it with me, "CHANGE!"
Obama is the change. He has done something unprecedented. He is a living testament of the American dream. He embodies the message that every young American can aspire big. He is proof of the power of education. His grandmother was illiterate but just two generations later, he is going to be the 44th President of the United States.
Obama has stood for change, he is the change, but the truth is, he has not changed anything. When he becomes the President in 19 days' time, he comes into office at a difficult time for the world economy. He needs to make decisive change. He needs to fulfill the promises that he made to the American voter.
His priorities should be to save jobs and grow the economy. This is a good opportunity for him to be Mr Popular, because he gets to spend more money, and do the things that help the public. Investing in education, healthcare, infrastructure.
On the international front, Obama needs to tread very carefully as he attempts to pull America out of Iraq and Afghanistan. While I fully endorse the effort, I urge caution. The insurgents must not be underestimated. Withdrawal needs to be systematically thought out and executed.
After eight years of President Bush, let's face it, the world hates America. The President-elect needs to repair the damage done. He can only do this, not by merely being the change, but effecting change. Change that will bring a better America, and a better world.
2. Worldwide Financial Crisis
The world can be summed up in four words, "People respond to incentives." In the case of the financial institutions, they responded to incentives, in a manner that is undeniably wrong. Greed got the better of the bankers, and this has finally led to the meltdown we see today.
Nothing happens overnight. The crisis is a buildup of greed over the years. It is a shame that this has happened but it is nothing more than mere human nature. Self-interest predominates.
My take on the financial crisis is that we have not seen the worst. Hence, the main street crisis has not even started yet.
My hope for 2009 is that the crisis (finally) bottoms out. I do not foresee the economy moving towards recovery until 2010. But I do hope that the worst of the financial crisis will be over.
3. Milk Powder Scandal in China
On the 8th of August 2008, the world watched with bated breath, as China went all out for their biggest PR stint ever - the Beijing Olympics. The world was blown away as China put on a spectacular show for the opening ceremony.
One of my esteemed friends, Mr Elisha Ong, was indignant as I told him, "China has a long way to go." True enough, it did not take long before the milk powder saga shook the world.
This only goes to show that there is still a great disparity between the developed world, and the developing. While the less-developed countries of the world (spearheaded by powerhouses China and India) are growing rapidly economically, they need to work harder, not just on quantity, but on quality too.
My hope for the third world in 2009 is that it continues to grow, but focus on the right things. Long term development should be the priority, not short term growth numbers. Short term growth numbers proved to be the downfall of some of the biggest Wall Street Institutions and could prove fatal for countries too.
May 2009 be a better year for everyone.
The writer wishes everyone a happy 2009!
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