Obama the Guiding Star of the World

It was with great joy the free world listened to President Obama's inaugural speech. The promise blossoming out of this fragrant speech gives great hopes for humanity. It inspires the youth to act. The tone and language used echo the mind and brain of Lincoln and John Kennedy. It was really a historic speech auguring a new era in world politics, prosperity and peace. The speech gains significance against the background of the colorful grand inauguration.

It touched the cause of the worst economic crisis in world history originating in the USA.The crux of the problem was identified as greed and irresponsibility. This is really true. Just like ghee poured into fire further fans the flames, greed and irresponsibility accelerated the balloon like growth of the economy to result in a crash after reaching the precipice. Assets become a monument of waste sowing seeds of disaster when greed dominates and replaces entrepreneurship with sustainability. Obama gives us hope of a value driven administration and economy which alone can last and ensure peace welfare and happiness of mankind. The recession has its roots in greed.

Economics supports desires and wants but if this goes beyond the realms of sustainability then greed takes over and brings about a crash of the economy and all institutions .This was what happened in the high growth economy of US.

While fiscal tools can restrict greed and human spending growth of desires will go on unless the individual exercises self restraint. There should be a limit to the sprending spree. Social good should be the concern and sustainability the key word. The tendency to live beyond ones means has to be curbed and this requires restrictions on growing consumer credit.People enter into commitments which they cannot honor when recession sets in. Some out of disgust even think of taking drastic steps to end their lives.
Acquisitive instinct of man should not be allowed to soar high in the name of progress and growth. Unchecked ambitions turn into greed and later crash setting the recessionary ball in motion .The property boom in the West and the financing of home loans in a large measure contributed to the economic crash. This should not happen in such intensity in future.
Easy availability of money is a good feature but it should not be to the extent of enabling people to gamble with their lives and resources. Banks in their anxiety and enthusiasm to increase business should not resort to indiscriminate lending regardless of security and source of repayment. The profit mania has to be in moderation. Similarly is the growth mania.

Economic growth is desirable but can be successful only if it is reconciling sustainablity.In short the economic crash which is the result of shrinking responsibility, unbridled imagination and the failure of the intellect to bridle unrealistic ambitions, should not be allowed to occur. This is possible if a vast majority of the human population impart core value systems which in effect will ensure core competence and sustainability. If Obama's vision can include this approach he can help to usher in a great, benevolent and happy era for the free world.