Singapore
Over the past 6 months there has been talk about economic downturns. The Asian countries started to proclaim that, no matter what happens in the US and other parts of the world, ”we can stand on our own.” Now is the true test. Will this happen? Let’s look at the current markets.
Wall Street is up. The FTSE is up. The Hang Seng is up.
Wll Street is down. The DAX is down. The Nikkei is down.
Etc…
What about the other economic indicators?
Singapore has already stated that it is in a recession. I am sure others will follow (including the US when it finally comes to terms). Can Asia and the individual Asian countries stand on their own?
It is Asia’s chance to do it now, to forge ahead? As Thomas L. Friedman, NY Times Op-Ed Columnist states in his recent article “Why How Matters” -”…”The Puritan ethic of hard work and saving still matters. I just hate the idea that such an ethic is more alive today in China than in America.” The Asian countries are learning from our mistakes….the Western Countries are the risk takers. The Asian countries follow. What a dilemma!
For more see: http://www.nytimes.com/2008/10/15/opinion/15friedman.html?_r=1&oref=slogin
