Sunday, February 01, 2009

World Economic Forum : Rebooting the Global Economy.

In the post on "The state of the economy". I wrote that it is important for govts to do as much as possible as quickly as possible. They shouldn't be too worried about doing to much because they can remove the excess later. I was looking for videos on the recent WEF Davos and came across this one. What I find reassuring is that there is some consensus among world leaders on the depth of this crisis and what needs to be done. The Thai PM talking about lessons learnt during the Asian Crisis said that govts should do things as quickly as possible because taking a measured approach they might see little results and have to go back to tax payers again and that causes confidence to be lost and the people to believe things are not working.

6 comments:

DanielXX said...

The Thai PM should not say anything because his country is going to be split into two anytime soon.

Anonymous said...

It is not so simple just to do as much and as quickly as possible.

You think it is like rebooting the computer when the system hanged?

The world economic system is not like a computer system. In fact more complicated than that.

Whatever the gahmen do, only time can tell. And it will tell only in 2 ways - get better or get worse. Nobody know the answer in advance. Just have to wait. Maybe doing nothing is better.

yamizi said...

I have read this reboot thing somewhere...although it's cheesy I still got to say:-

Alternate thinking
Control your emotions
Delete the bad memories!

PK said...

I heard this over the BBC last night.

This gentleman was saying this is the irst wave of bad news and the govts are throwing the kitchen sinks at it and the banks are doing nothing to help by not lending.

By not lending will lead to the next wave of corporate failures which the govts may not have any more kitchen sinks to throw. Frightening but I believe it will be the reality.

The solution is for the govts to lend to those (corporate and the people) who are in needs rather than leave it to the banks to do so.

Anonymous said...

Rebooting isn't enough if your system is infected by the virus of greed. You have to reformat and reinstall a new operating system.

Anonymous said...

I agree with anon above. To reboot the system is just going to mean more of the same. The virus must be removed for the system to work properly. But, sadly, I do not see it happenning. The same people who created this mess are still going to be the same people who make the decisions, only somewhere else. Ironic isn't it?

Lost Citizen