New brooms needed
The western economies are all in deep shit. Even those that have not announced anything, pretending that all is well, including France, Germany and UK, who knows how big are their national debt. They cannot be too far from what is happening to the other European countries and the US. They employed the same breed of people from the same school of thoughts and practicing the same flawed formula of spending now and pay later. And Japan is no exception. They had done well in the past from simple economies to huge complex economies. And they were applying the same old methodology of growth and management. Of course they thought they were damn brilliant by printing papers and trading papers to churn huge profits in double quick time, on paper, without real production growth. The best analogy will be our local banks. Starting from small little banks and grow to what they are today on hard work and low pay. The harder they work, the longer they work, the lower they pay, the bigger the profit margin. And they are now at a cross road. Old methods and old tricks don’t work anymore. What is the solution? It’s elementary. They need qualitative change, new thinking and new ways of doing things. In short, the old banks, the old economies, all need new talents. They need fresh minds and fresh ideas. These new talents will teach them how to make big profits by working less hard, working shorter hours, working smart and by paying more. Our local banks need to be managed by foreign talents if they want to transform themselves into big global players. The American and European economies need the same foreign talents to give them a new breath of life. The best talents should be those of different molds, from India and China. On the other hand, India and China would need the foreign talents from America and Europe as their economies are still in the adolescent stage. The developed economies and the developing economies should swap their talents and called them foreign talents. Then all will be well. Foreign talents will be the most innovative and successful formula for the future. The new economies are rich and can afford to pay more to their foreign talents. The old economies are poor and bankrupt and cannot pay much but what they pay to foreign talents from the new economies would still be considered a lot. Everyone will be happy with the exchange.