Today,on the 20th January ,2009 the charismatic Obama promising change with the mantra-Yes We Can!---is inaugurated as 44th president of the United states of America .Alongwith,he inherits a battered America in the midst of the worst economic recession since the great depression of 20s-30s, a deepening financial meltdown that shows no signs of easing, two wars started during Bush presidency that defy being concluded and the world—leadership role of America seriously in question but with no other power or country ready or in a position to take the mantle and pull the world out of this mess.
The most odd aspect of Bush era has been that Pakistan, its closest ally in the ‘war on terror’, has instead emerged as a place where most of the terrorist outfits of the world are currently headquartered and as a country that provides sanctuary to Al-Qaeda and breeds an equally deadlier ‘Pakistani Talibans’ akin to the Taliban in Afghanistan .More recently two extremely horrific events in the shape of Mumbai terrorist attacks emanating from Pakistan and Israel’s most disproportionate offensive in Gaza that explicitly entailed the mercyless killings of over a thousand innocent civilian Palestinians ,thrust entry into an already gloomy world scenario to show what was uglier still to be seen. The world will therefore turn to watch curiously how the new administration sets about to tackle the grave challenges to restore peace,stability and global economic progress.
Obama has already shown his preference for conciliation while shunning to tread the path along rigid ideology curves with military solutions.Showing his readiness to talk directly to even Hamas and Iran, wisdom and prudence may be having a greater play thereby making it easier for Al-Qaeda and Taliban concepts to fade away. Ushering in peace and stability in Afghanistan and Pakistan by involving neighbouring countries of India and Iran may therefore become a part of the new foreign policy of US.In mid-east a serious conciliation attempt may enable a lasting solution to emerge to the vexed Israel-Palestine conflict that may properly address the Palestinian grievances and provide a level field to both the parties.With regard to the south Asia the new administration is expected to have a salutary effect on the political turmoil in Nepal, redressing the political aspirations of Lankan Tamils within the constitutional framework (that may have to be suitably amended) of that country, ameliorating the conditions of Bangladeshis and ensuring lasting civilian supremacy in Pakistan so that prosperity percolates to the masses and brings moderation in the society. But Obama may face some really tough challenges for an urgent and quick revival of global economy.It is here that he has to provide a big world-leadership role lest a pall of gloom engulfs the world and spreads misery, unemployment and poverty around the globe.
Huge projects involving heavy spending of public money thus becomes a dire necessity.Financial bail-outs of industrial units for limited periods may provide temporary respite to spreading unemployment. Banking systems needs heavy injection of capital directly and indirectly through monetary measures .But these measures being adhoc and temporary spread uncertainty and unpredictability in the business world.So stabilizing the ‘credit markets’ that are still fundamentally broken is the real task before the government.The real approach lies in giving guarantee to all money-market funds for some period so that private capital starts flowing in the system.And that will inspire confidence in the business world.
Mon, 19 Jan 2009
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