Foreign Policy

The Worst is Yet to Come

There is a scene in the movie Jurassic Park where skeptical scientists are about to take their first ride through the dinosaur-inhabited theme park. Back in the control room, the park's skeptical chief engineer (played by Samuel L. Jackson) watches events unfold on a monitor, leans back in his chair and mutters under his breath, "Hold on to your butts."

A similar sentiment is expressed in five Foreign Policy essays by economists who correctly predicted the current global financial meltdown. They warn us that "The Worst is Yet to Come" (the title of the collection) and that we had better buckle up for a long, rough ride.

What can we expect? In the U.S., a recession for at least the next 24 months, maybe longer. This in turn will have a ripple effect that may drive the global economy into a downward spiral of recession that will be the worst in 75 years. Because of the complex interweaving of the global economy, the economists predict that no country will escape unscathed.

We are starting to see the effects of economic freefall here in the U.S. Normally, I receive maybe one unsolicited resume a month from educators fishing for an adjunct teaching position at Marylhurst University. But starting around Thanksgiving, I've been receiving on average, one inquiry a day. Even the students applying to the business degree programs, which usually include a small share of career-changers and right-sizers, has grown to include some pretty impressively credentialed professionals looking to reposition themselves for a changing and increasingly competitive job market.

So is there a light at the end of the tunnel? Even the experts can’t answer that with certainty. According to the five economists, it is going to take a complex, internationally coordinated, unorthodox approach. Needless to say, it is not going to be easy. David M. Smick, editor of The International Economy magazine and one of the five experts cited in the article, suggests that the potential solution lies in the untapped financial reserves being held in money market funds and other places. According to Smick, “It’s simply sitting on the sidelines, including $6 trillion in global money market funds alone.”

The world’s leaders, including one newly elected U.S. President, have a huge task ahead of them. If we reframe the challenge in a more positive light, we could call this a terrific opportunity to excel. We wish them Godspeed. In the meantime, hold on to your butts.

Africa's Hopes for President Obama

Countries: United States
Archbishop Desmond Tutu sees hope for Africa with Obama's Presidency. Photo: <a href="http://www.flickr.com/photos/wa-j/2407292423/">Joshua Wanyama (flickr)</a>
Archbishop Desmond Tutu sees hope for Africa with Obama's Presidency. Photo: Joshua Wanyama (flickr)

Since the beginning of the presidential election, President Obama has always had tremendous support from African nations because of his Kenyan roots. An interview done by the Atlantic Online with Nobel Peace Prize laureate and humanitarian Archbishop Desmond Tutu may help understand why Africans have rallied support for a candidate who may have similar heritage, but has never lived in their continent.

During your speech just now, you spoke elatedly about the upcoming Obama era. What special significance does his presidency have for Africans?

"We have a new spring in our walk. In Africa, we keep having to find things that say, “Yes, we can!” And his victory has said, “Yes, we can!”, even in Africa. We believe that he can make more accountable the leaders, especially in Africa. Because he can be rough with them in a way that Bush, or any other Caucasian, could not have been. They won’t be able to say, “Oh, no, this is neocolonialism,” when they’re referring to someone who is part Kenyan. So I hope he uses that particular clout.

The other side of it is that one hopes so very much that he will be able to make Africa be taken a little more seriously. And perhaps he will even increase aid to Africa, remembering his African roots. But it is so important that he couples that with saying, “We have zero tolerance for unaccountable government.”

Tutu also says that in Obama's dignity, patience and inclusiveness, he sees "the African in him." Read the full interview here.

From the Archives

Bush's Spring Break

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High School Lesson Plans: Foreign Policy

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Middle School Lesson Plans: Foreign Policy

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Stories We're Watching

For India’s Newly Rich Farmers, Limos Won’t Do

International Herald Tribune - Fri, 03/19/2010 - 00:48
Land acquisition for expanding cities and industry has created pockets of instant wealth, creating a new economic caste in India: nouveau riche farmers.

Africa Could Join High-Speed Science Network

All Africa - Thu, 03/18/2010 - 12:45
African science ministers are hoping to extend a high-speed fiber optic network — currently linking Egypt to the northern hemisphere — to other countries in Africa.

Vision for Africa

Daily Nation - Thu, 03/18/2010 - 12:30
Africa’s economic future and the challenge of uniting people and nations drew eminent politicians and scholars into a historic public debate in Nairobi on Thursday.

'Quiet Corruption' Hurting Africa's Poor

San Francisco Chronicle - Mon, 03/15/2010 - 09:22
A World Bank report says teachers and other public servants who don't show up for work are fueling "quiet corruption" throughout Africa that is disproportionately hurting the continent's poor.

Industrial Output Up; Hopes For Factories Grow

NPR - Mon, 03/15/2010 - 08:45
Industrial production edged up 0.1 percent in February, beating expectations and marking the eighth straight monthly increase.

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