World could use some global realignment

Now the world’s second largest economy, most international forecasters believe that China’s ability to surpass America’s is not a question of “if” but “when.”

China’s burgeoning economy, massive foreign currency holdings, US Treasury Bond investments, abundance of cash flow, human resources development to improve the standard of education, advanced technological outreach priorities and modern mercantilist policies give it significant role-playing leverage on the worldwide stage.  By contrast, ballooning public debt, social welfare, pension and healthcare obligations, lending bank insolvency, outmoded financial rules and federal regulations on industry and energy all serve as impediments to progressive reforms. Overextended militarily, the debacle of wars in Iraq and Afghanistan has severely dented US prowess and supremacist invincibility.

Cooperation, not conflict, is key to sustaining the global economy and establishing a New World Order, one which features new centres of influence, new potential rivalry threats and new challenges to better understand international relations ideologies, aims, beliefs and values. Also required are strategic alliances and economic partnerships which mutually address and help solve common problems and perceptions in such areas as climate change, reducing toxic gas emissions, monitoring the spread of nuclear weapons, reconciling conflict disputes, countering violent extremism and terrorist insurgency. Furthermore, fair-minded governance needs equitable, sweeping reforms of the United Nations, the World Bank and the International Monetary Fund.  

Dr Charles Frederickson

Bangkok