As we write 2011 into the history books, it’s time to do some book keeping;
- What have we learned?
- Where are we heading?
Globalization is progressing at an escalating beat, but is the DJ sleeping behind the turntable? Where is the conductor? Is Obama keeping the beat? In Europe, for a while we got the impression that Merkel & Sarkozy had taken upon themselves to get harmony and rhythm back into the Euro, and re-establishing order in the rave party down in Greece.
It is evident that not only the Greecs have been partying with borrowed money. How far will the debt crisis take us into recession? The present debt structure in the US and Europe for sure will have lasting geopolitical effects on the world, and this in the long run, should be good. On the other hand, it might be a bumpy ride to get there – the Nirvana of a globalized, democratic world.
As with foreign holdings of US Treasury securities, the countries are getting more and more integrated, inter-related and inter-dependant. But most countries have not been able to modernize their political thinking on how to adopt to this new reality.
Foreign departments and international bodies need serious upgrading. The EU might be forced to push more central power into Brussels, and there are no doubt that institutions like the World Bank, IMF and UN need a fundamental re-boot, shake-up and modernization to become the tools we need to manage the brave new world.
Anders, from the cold beach of Kapp, Norway