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Showing posts with label Rip Van Winkle. Show all posts
Who Can Make The Rip Van Winkles of Global Economy Accountable?
The S & P’s faulty down grade of the US credit rating to +AA status, among other things, is attributed for the current world financial turmoil illustrated by the leading headlines of this week:
Stung by the first-ever downgrade to its
top-notch sovereign credit rating, the US has hit back at S & P,
saying that the rating agency's flawed analysis has put its own credibility and
integrity at risk.
S & P is not the lone Rip of the Global
Economy who creates turmoil by ill conceived and un substantiated adverse
remarks on nation’s economies. The Comptroller and Accountant General of India
has recently come out with reports claiming losses of
USD 39 billion to the government in lost licence revenue, which has been
misinterpreted by the Indian masses as government corruption of the same
amount, stalling India’s growth.
The question is why these agencies have
gone in to long slumber of inaction while things were definitely going astray
and why they have to get the figures and facts so wrong when they eventually
chose to proclaim their shocking revelations.
The crucial thing is, with the
globalisation, the damaging effects are no more limited to countries but the
whole world. With these watch dog agencies being allowed to act independently
or just constitutional set ups with out any answerability to anyone, time has
come to decide if they can be allowed to continue to function in the same way
or at least operate under guide lines to contain or limit the damage arising
out of sentiment erosion and confidence deficit caused around the world.
It is very consoling to see that stalwarts
of Capitalism like Warren Buffet have come forward to defend the US Economy,
despite the echoes of pessimism emanating from
Competing economies like China
What is giving concern
though is the appalling lack of comprehension of the situation and the apathy
shown by the current bunch of leaders of the developed world, like may of the
EU nations who have chosen to enjoy their summer holidays without resolving
burning issues in Italy and Spain, which smacks of Nero’s playing of his fiddle
while Rome was burning.
The protracted congressional drama over
the credit limit, which appeared to be plain partisan electioneering for all
thinking people, which precipitated the current action by S & P has
demonstrated a similar apathy of the US
Can we afford to let our leaders to be Rip
Van Winkles in their elected positions? I guess the way the world markets will
react on Monday will decide.
Article first published as Who
Can Make The Rip Van Winkles of Global Economy Accountable? on Technorati.
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