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The Second Issue - ASHARQ AL-AWSAT English Archive
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If the American citizen believes that the current President George Bush is a “disaster” and a “joke” because of his military and foreign policies in Iraq and the failure that he has caused, he/she would definitely be both shocked and depressed at Bush’s poor administration of the economic situation, the results of which have begun to appear. A few days ago, the president of the American Federal Bank (a position that is equivalent to the post of governor of the Central Bank) with courage and independence stated, in front of the US Senate in his habitual testimony, that the American economy is on the verge of an acute crisis and that there will be a sharp regression in growth that should affect a considerable volume of industries and services.

The American economy that still continues had faced the consequences of the mortgage crisis which resulted in the resignation of the heads of two major financial houses Merrill Lynch and Citigroup. The American economy is being struck continuously, most notably the currency and the volume of public and commercial debts in light of the country’s search for more stable currencies and more balanced financial administrations. For the first time, the financial results of the London Stock Exchange and the volume of transactions it had dealt with (especially regarding issues such as hedge funds) have shown that London has excelled the established New York Stock Exchange.

The governor of the American Federal Bank delivered an impressive lesson in his testimony to financial officials of the world. He had also presented a bold, objective and ultimately independent presentation without any hint of interference or influence unlike many other financial officials especially in developing countries where they put forward defensive presentations about the situation replete with distortions. They somewhat resemble a bad comedy script. The economic issue, its large-scale damage and its expected repercussions do not receive the same degree of attention and consideration in the United States of America in comparison to the war and destruction in Iraq. This is because the results in Iraq are more bloody and brutal; however, the repercussions of the deterioration of the American economy are emerging. The flight of investments from the United States is on the rise owing to the blunders of the current administration and the wavering of its priorities. But the United States as a system (which is the secret behind its power) is capable of modifying and criticizing itself and putting forward amended policies and legislations.

Of course, the United States is not George Bush and it is also not the gang of neo-conservatives with their reckless approach. Until the American voter realizes what has happened to him/her because of the current administration and the eight years of difficulty during Bush’s two terms in office, only then will he/she demonstrate a decisive response through the ballot boxes that portray his/her rejection to continue along the same path and will demand change. But will the truth be revealed? Will the whole truth be revealed? More importantly, will all this happen at the appropriate timing?

Hussein Shobokshi

Hussein Shobokshi

Hussein Shobokshi is a businessman and prominent columnist. Mr. Shobokshi hosts the weekly current affairs program Al-Takreer on Al-Arabiya, and in 1995 he was chosen as one of the "Global Leaders for Tomorrow" by the World Economic Forum. He received his BA in Political Science and Management from the University of Tulsa.

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