Asia may face crisis

Asia’s regional economy could see a period of contraction next year with a currency crisis, a widening wealth gap, rising protectionism and bird flu posing longer-term threats, a study by a regional policy study group warned yesterday.

Based on a survey of opinion leaders and the views of a panel of experts, the Pacific Economic Cooperation Council (PECC) forcasts regional growth of 5% this year slowing to 4.3% next year.

The bulk of the decline is expected to be linked to the contraction of the United States’ mighty economy, where demand for Asia –produced products is due to weaken.

“A slowdown in 2007 has been widely anticipated and is largely due to faltering demand in the United States and the effect of monetary tightening around the world,” the survey report, entitled The State of the Region, released yesterday said.

While the report says Japan’s once-faltering economy was back on track and looking likely to stay that way, China was becoming a concern as its booming economy threatened to overheat and a decline in American demand for its goods posed the possibility for a hard landing.

What this is saying is that even as the world is rushing in its endless chase of economic wealth and power, many in the different regions are also caught up in this web of avarice.

What is the price of this endless dream?

Man by his own nature of greed will never be satisfied or contented no matter what amount of wealth and power he has accrued. Looking at the situation around the world, the wealthy are the power brokers and these would go to any extent to get what they want without any qualms of dignity and honesty.

The freedom of expression brought about through the advent of the internet has now made it possible for the free expression of thoughts and opinions. Through this avenue, there has been obvious revelation of the blatant crimes and corruption that is going on in the corridors of power world-wide that is practiced in the pursuit of wealth.

Political icons are exposed in their selfish and unscrupulous antics in milking the wealth of their own countries. Heinous crimes are committed without any conscience or even a blink of the eye. Murders and plundering are instruments that these would use to meet their aims. The means are justifiable as long as it meet its end.

Further down the chain, entrepreneurs and industrialists are also involved in this chase and web of avarice. Their whole lifestyle is geared only towards accruing worldly wealth and power. Money brings position and power in the world. To this end, nothing matters more to them than to attain their worldly desires.
But where are all these leading to? Does life just mean having all the wealth and power on earth in our hands? After that, what else is there?

When the economic crash comes, many industrialist and entrepreneurs who have overstretched will have a hard landing and many will lose their wealth and fortune. This will bring the reality of life to them and many would lose their dreams and their dreams will transfer into a nightmare.

The words of God say; “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal.”