Saturday, August 26, 2017

An interaction of leaders.

In May, a video of a South Korean politician casually rolling his suitcase to an assistant, without breaking his stride, even as he smiled towards cameras, went viral on the internet. This was taken as an example of arrogance and the sense of entitlement that politicians suffer from. Not just in South Korea, the quality of politicians all over the world has gone down, according to William Pesek. Donald Trump is threatening North Korea which is continuing with its nuclear and missile program. Theresa May seems unsure of how to handle Brexit. Economic consequences of Brexit are becoming clear now. The pound has dropped, raising prices of imports. In anticipation people increased purchases so that they are now heavily in debt and have stopped spending, which is causing growth to slow down. Besides, the weakness of the pound is raising inflation and may force the Bank of England to increase interest rate when they should be lowering it, wrote Prof Eichengreen. Emmanuel Macron, who won the election for president, has seen his popularity rating drop to 36% because of his quarrel with Gen Pierre de Villiers, who resigned over cuts in defense spending, his attempt to make his wife the First Lady of France and discussing poverty with singers Rhianna and Bono, who are both millionaires. Asia is no better. Prime Minister Narendra Modi of India is tailoring policies towards winning the 2019 elections, President Duterte of Philippines is kowtowing to China and President Xi Jinping of China is busy picking fights with everyone. China has angered its neighbors with its forcible occupation of the South China Sea, its infiltration into Dokalam on its border with India and its old enmity with Japan. However, China's disagreements with the US could easily spin out of control. The US wants China to stop Kim Jong Un of North Korea from continuing with his missile development which China is unwilling, or unable, to do. In frustration Trump has ordered an investigation into blatant intellectual property theft by the Chinese state and companies. If the US imposes sanctions on Chinese companies how will China retaliate, without crashing its own economy? China has said that it will improve control over intellectual property but that is only to placate the US. It has not done so till now and has no intention of honoring its commitment. Political spending is controlled by Super Pacs, which raise money from anonymous donors, thus influencing US politicians. Nicolas Maduro of Venezuela has reached a point of no return by killing demonstrators and organising illegal election of a fraudulent assembly. A storm is coming, we have to hang on.

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