Altas seek 11th NCAA men’s plum vs Chiefs

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Altas seek 11th NCAA men’s plum vs Chiefs

first_imgDon’t miss out on the latest news and information. Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew UK plans Brexit celebrations but warns businesses may suffer LATEST STORIES Sea turtle trapped in net freed in Legazpi City GALLERY: Barangay Ginebra back as PBA Governors’ Cup kings Perpetual coach Sammy Acaylar managed to push the Altas to the cusp of their 11th NCAA men’s volleyball title.But that’s what scared the veteran mentor the most.ADVERTISEMENT Nueva Ecija warehouse making fake cigarettes raided, 29 Chinese workers nabbed Fourth Mr. Basketball for Fajardo Steam emission over Taal’s main crater ‘steady’ for past 24 hours Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano MOST READ “We tend to relax when we are ahead,” said Acaylar, many time national men’s team coach. “Now we have the momentum, but I have been in this situation many times before and I know anything can happen.”Perpetual tangles with Arellano in a no-tomorrow Game 3 for the championship Thursday at FilOil Flying V Centre.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkThe Altas hacked out a 26-24, 25-20, 23-25, 25-16 victory in Game 2 last Monday to level the championship series.That was after the Chiefs ruled the opener, 12-25, 25-21, 19-25, 26-24, 15-9, Friday. Perpetual is also seeking the crown in juniors division when it takes on Letran in Game 2 of their own series.Setter Warren Catipay got Perpetual offense going as he made 40 excellent sets in Game 2 that opened the firing lines for rookie MVP Joebert Almodiel, Ridzuan Muhali and Ronniel Rosales.“We just have to stick to our game plan and we’ll be okay,” said Acaylar.ADVERTISEMENT It’s too early to present Duterte’s ‘legacy’ – Lacson Sports Related Videospowered by AdSparcRead Next View comments Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player awardlast_img read more

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One question for every Warrior at the start of the 2018-2019 season

first_imgTo many, the Warriors winning a third-straight title and joining the pantheon of great sports dynasties is inevitable.But that ignores two big truths: nothing is inevitable in sports and you never see the end of a dynasty coming.It’ll take months for the story of the Warriors’ 2018-19 season to be written, but as we enter the first of 82 regular-season games, I have some questions for the team’s 15-man roster.And the answers to these questions will likely dictate how this whole crazy thing …last_img read more

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Research to boost rooibos exports

first_imgRooibos is indigenous to the Cedarberg region, north-west of Cape Town. This is the only place in the  world where Rooibos grows naturally. (Image: SA Rooibos Council) The rooibos industry is a major employer in the Cederberg and surrounding areas. The industry is labour-intensive and provides about 4 500 jobs. (Image: SA Rooibos Council) MEDIA CONTACTS • Soekie Snyman  SA Rooibos Council   +27 21 552 8845RELATED ARTICLES • South Africa develops rooibos flavour wheel • Cookies with a cause in SA • South African olive oil is the best, study shows • Online ad help for small business • Amarula cream a global market leaderWilma den HartighThe South African Rooibos Council is participating in an international project to improve the export competitiveness of rooibos, one of the country’s most well-known products.The project is a combined effort between the SA Rooibos Council and the International Trade Centre – a joint agency of the World Trade Organisation and the UN. Funding for the project is provided by the government of The Netherlands.“We are delighted that international funders see the potential to take the rooibos product further,” says Soekie Snyman from the Rooibos Council.South Africa is the world’s only producer of rooibos, which is a unique selling point of the product. Classified as a herb, rooibos is part of the fynbos family of plants found in the Cape Floral Kingdom, one of only six recognised floral kingdoms of the world.Used mainly as tea but available in a wide variety of other products, rooibos is indigenous to the Cederberg region north-west of Cape Town and will only grow in this area. The region’s hot and dry summers, winter rainfall and coarse sandy soil provide ideal growing conditions for the hardy rooibos plant.According to the SA Rooibos Council, 72% of South African households buy rooibos tea and sales are increasing at about 5% a year. While the value of exported tea has increased by an average 26% year-on-year between 2005 and 2009, more than 90% of rooibos is exported in bulk, with little value added.In 2007 the world’s largest flavour company Givaudan named rooibos as one of the flavours to watch in its annual FlavourVision forecast. Since then, rooibos has gone from being a flavour to watch to a local and international beverage of choice.Thinking creatively about rooibosThe research initiative will help the industry to think more creatively about marketing the sought-after herb.“To sustain the growth we’ve achieved over the past 12 years we have to continue developing the domestic market as well as assess new opportunities to expand exports,” says Martin Bergh, chairman of the SA Rooibos Council.The research project will help the industry to better understand rooibos’s export potential, explore ways to increase current production, sustain jobs and boost the value of exported tea.Currently about half of the 12 000 tons of rooibos produced annually is exported, mostly to Germany. According to Snyman, Germany buys and sells the largest quantities of herbs such as rooibos. “It is the international herb trading capital of the world,” she says.Rooibos is exported to more than 30 countries. Germany, The Netherlands, Japan, the UK and US are the biggest importers.In addition to the opportunities for value adding, the rooibos industry is a major employer in the Cederberg and surrounding areas. The industry is labour-intensive and provides about 4 500 jobs.The South African government has recognised this as one of the focus areas in its Industrial Policy Action Plan – by promoting the exports of added-value rooibos products, jobs in the sector will be better protected.Taking these factors into account, the goal of the initial six-month project is to conduct an in-depth analysis of the structure and pricing of the German rooibos market. The findings will help the industry to identify new opportunities and market segments.In a statement Lilia Naas, programme manager at the International Trade Centre, explained that the research forms part of the inception phase of the project. Should the results prove encouraging, a second phase of the project would implement activities to improve the positioning of rooibos in international markets.Value adding potentialSnyman says that rooibos is a versatile product that is used extensively in the manufacture of products such as pet skincare ranges, alcoholic liqueurs, rooibos-smoked butter, salad dressings, yoghurt, jams, jellies and biscuits.Rooibos is also a favourite ingredient in experimental cuisine. At the Twelve Apostles Hotel in Cape Town, which recently made it onto the Condé Nast Traveler Magazine listing of the 80 best new hotels in the world, you can enjoy rooibos ice-cream as part of their fynbos-inspired menu.Although value adding is important, Snyman says that the main focus of the industry is still tea. “There is a growing market trend for speciality teas. In South Africa, the speciality tea market is still small, but it’s growing fast,” she says.South Africa’s unofficial national drinkBesides its sweet flavour, another reason for the increasing popularity of rooibos is the proven health benefits.The SA Rooibos Council has invested more than R2-million (US$252 000) in independent scientific research to determine the benefits of rooibos. It is funding six projects at several local universities and science councils, focusing on how rooibos can counter cancer and stress as well as the link between rooibos and exercise. A project on rooibos and obesity is also underway.A recent collaborative study by scientists at four international research facilities found the first clinical evidence that drinking rooibos tea significantly increases the antioxidant capacity in human blood, boosting the body’s natural defences.last_img read more

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Database to help unemployed teachers

first_imgA database is created so that professionally qualified South African teachers can register themselves when seeking employment in public schools.The database aims to cut down on turnaround times in filling vacant teaching posts across the country. (Image: Brand South Africa)Brand South Africa reporterThe Department of Basic Education has created a national recruitment database to ensure that qualified teachers are employed and deployed on time to schools.The database, which will keep details of professionally qualified teachers seeking employment in public schools, will also cut down on turnaround times in filling vacant teaching posts across the country.All professionally qualified South African teachers are invited to register to be added to the database. Application forms can be downloaded from the department’s website – www.education.gov.za – completed and posted or hand-delivered to the department along with copies of qualifications and academic records.Principals and school governing bodies on the lookout for new teachers can easily access the database to find people who meet the criteria of the posts they are trying to fill.All the information – including a concise version of each teacher’s curriculum vitae, verified qualifications, subjects covered and teaching experience – is electronically captured on a single spreadsheet and sorted by province, enabling quick search and filter options.Updated versions of the database will be uploaded each monthly basis to ensure that candidates who have found employment are removed and new candidates added.“The database is one of the measures employed by the department in response to delays experienced in deploying temporary teachers to vacant posts,” the department said in a statement on Wednesday.Source: South African Government News Agency.Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

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Fiberglass Insulation Manufacturer Tackles Installation Quality

first_imgOwens Corning’s push for Grade 1 installationOwens Corning, of course, is the company I’m talking about. The photo at right, from their 12-page guide, Achieving Grade 1 with Fiberglass Batts (pdf), shows their trademarked pink insulation. The guide begins with some general information about what it means to get to RESNET’s Grade 1 in insulation installation quality. It also includes a nice checklist that builders and insulation installers can use to help ensure they get Grade 1 when installing fiberglass batts.The guide closes with four pages of photos on the right and wrong ways to install insulation. They hit on some of the critical areas that cause most of the problems preventing installers from getting Grade 1 assigned to their work by the home energy raters who inspect the work. One of these pairs of photos is displayed at the bottom of this page as Image #2. RELATED ARTICLES A helpful video for installersIn addition to the 12-page guide, Owens Corning also produced a really nice video. In 11 minutes, they cover pretty much everything installers need to know to get to grade 1 installation quality. It’s on YouTube, but you can watch it right here, too. Allison Bailes of Decatur, Georgia, is a speaker, writer, energy consultant, RESNET-certified trainer, and the author of the Energy Vanguard Blog. Check out his in-depth course, Mastering Building Science at Heatspring Learning Institute, and follow him on Twitter at @EnergyVanguard. If the style of that image looks familiar, you may recognize that it’s from the Energy Star Version 3 training materials. Owens Corning has referenced the Energy Star Thermal Enclosure Rater Checklist (TERC) in this document so installers know why they’re getting docked, at least for Energy Star homes. (Advanced Energy, which put together the ESV3 materials, also prepared this document for Owens Corning.)The insulation installation grading protocol is from Appendix A in RESNET’s Home Energy Rating System (HERS) Standards. I wrote about how to grade installation quality of insulation a while back, so you can check that article for more details about what’s behind the grades: 1, 2, or 3. (The short version is that Grade 1 is the best, and the parameters that govern the grade are the percentage of area with missing insulation and how much compression or incompletely filled areas there are.) A good start, but…I think this represents good progress for the fiberglass insulation industry. Fiberglass insulation, especially in batt form, has a pretty bad reputation among home energy pros. I’m going to say something now that I’m sure will lead to some interesting discussion below: The problem isn’t the material. The problem lies in the design and installation. Fiberglass batt insulation can work just fine in assemblies designed to make good installation possible and when installers take the time to do it right. Yes, it will cost more, but as usual, you get what you pay for.Owens Corning has made a good start. They need to push harder, though. A lot harder. They put out these materials last summer, but if you don’t know where they are, you’ll have great difficulty finding them. I looked all over the fiberglass insulation part of their website and couldn’t find them. I had to go back to an email I received last summer to dig up the links. Come on, OC. Put these things front and center so anyone going to your site will see them.Still, kudos to Owens Corning for this start. It’s much better than trying to pretend the problem doesn’t exist or squashing negative publicity about fiberglass batts. (Oh, come on. No manufacturer would do that. Would they?)Fiberglass insulation isn’t going away. Let’s make sure it’s done right. One of the major fiberglass insulation manufacturers (the color in the lead photo gives away which one I’m talking about) is getting serious about the installation quality of fiberglass batt insulation. They’ve put out a video (embedded below) and a document showing how to achieve RESNET Grade 1 installation quality with fiberglass batts. Have you seen these things yet? Installing Fiberglass RightShould Batt Insulation Be Outlawed?GBA Encyclopedia: Batt and Blanket InsulationGrading the Installation Quality of Insulationlast_img read more

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Court rejects appeals by 47 Russians against Olympic bans

first_imgNEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers In this February 15, 2014 photo, men’s 1,000-meter short track speed-skating gold medalist Viktor Ahn, of Russia, gestures while holding his medal during the medals ceremony at the Winter Olympics in Sochi, Russia. Six-time Olympic gold medalist Ahn and three former NHL players are among 45 Russian athletes and two coaches who were banned from the Pyeongchang Olympics over doping concerns in a decision announced on Friday, February 9, 2018. (AP FILE PHOTO) As well as the 45 athletes, the ruling covers a luge coach and a skeleton coach.The IOC has refused to comment on individual Russian athletes but says it decided who to exclude using a newly obtained Moscow laboratory database with evidence of past doping offenses.It refused to invite some Russians even after their disqualifications from the 2014 Olympics were lifted by CAS last week.Stephen Hess, an international sports lawyer based in Colorado Springs, Colorado, said the decision was a victory for the IOC.“There is no absolute right to get an invitation from the IOC to come to the Olympics,” Hess said in a telephone interview. “That was within the IOC’s discretion, and they didn’t exercise it arbitrarily. If Russia had an Olympic team, CAS might have said: ‘IOC, the Russians can put them on their own team. You can’t keep them out.’ But Russian doesn’t have an Olympic team.”The IOC pointed to a CAS statement that declared the Russians were not necessarily innocent of doping, just that the evidence was insufficient to ban them. Also, the IOC said, “there were additional elements and/or evidence, which could not be considered” in last week’s CAS case “that raised suspicion about the integrity of these athletes.”US athletes praised the decision and the end to uncertainty around the participation of some Russian athletes.“That is great news,” said US women’s skeleton athlete Katie Uhlaender, who placed fourth in the Sochi Olympics — one spot behind bronze medalist Elena Nikitina, who was one of the 45 appealing her ban. U.S. bobsledder Nick Cunningham said he’s tried to not focus on the will-they-or-won’t-they drama surrounding the Russians.“It’s not going to change what happens to me in the next two weeks,” Cunningham said. “If dirty athletes are taken out, then clean athletes will prevail. That’s what I hope.”    /kga PYEONGCHANG, South Korea — Sports’ highest court rejected appeals by all 45 Russian athletes plus two coaches who were banned from the Pyeongchang Olympics over doping concerns in a decision announced on Friday, less than nine hours before the opening ceremony.The International Olympic Committee (IOC) had refused to invite the group of Russians, saying it had evidence of alleged doping in Russian sports.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutAfter two days of hearings, the Court of Arbitration for Sport ruled that the IOC has the right to set its own standards for who is eligible.CAS Secretary General Matthieu Reeb, reading from a statement and declining to take questions, said the IOC process “could not be described as a sanction but rather as an eligibility decision.” The IOC’s vetting process was designed to exclude Russian athletes from the games if IOC officials were not sure they were clean, even if they had not been banned for doping.The IOC subsequently invited 168 Russians to participate as “Olympic Athletes from Russia,” competing in neutral uniforms under the Olympic flag in a decision designed to balance the rights of individual athletes with the need for a strong deterrent to doping.The Russian delegation in Pyeongchang declined requests for comment, with spokesman Konstantin Vybornov saying “that’s it — the story is over.”The ruling is a heavy blow to Russian medal chances.Among those excluded are six-time gold medalist Viktor Ahn, the short track speed-skater whose return to his native South Korea for the Olympics had been hotly anticipated by local fans.Also out are cross-country skiing gold medalist Alexander Legkov and skeleton gold medalist Alexander Tretiakov, as well as potential medal contenders in biathlon, luge, and bobsled.Three former NHL players — Sergei Plotnikov, Anton Belov and Valeri Nichushkin — also lost appeals, though it was widely considered unlikely they would have played even if they had been successful, since the Russian roster is already full.United States Anti-Doping Agency chief executive Travis Tygart said the decision was a “a small glimmer of hope in an otherwise dark and sordid affair.”“You hope justice has been served but how some of these athletes can keep dirty medals from Sochi but be excluded now is hard to reconcile,” Tygart said. “And why the IOC rushed the process on the Sochi medal decisions is unexplainable and a tragedy for clean athletes.”The ruling comes a day after the first Olympic competitions began and ends more than a week of uncertainty for two groups of athletes who lodged last-ditch cases to the CAS. Slow and steady hope for near-extinct Bangladesh tortoises LATEST STORIES Read Next Onyok Velasco see bright future for PH boxing in Olympics PLAY LIST 00:45Onyok Velasco see bright future for PH boxing in Olympics03:04Filipino athletes share their expectations for 2019 SEA Games01:37Russian envoy: Putin accepts Duterte’s invitation to visit PH01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH Golden State forward Draymond Green fined $50,000 AFP official booed out of forum “The CAS panel found that the applicants did not demonstrate that the manner in which the two special commissions — the Invitation Review Panel and the Olympic Athlete from Russia Implementation Group — independently evaluated the applicants was carried out in a discriminatory, arbitrary or unfair manner. The Panel also concluded that there was no evidence the (commissions) improperly exercised their discretion.”The IOC and the World Anti-Doping Agency welcomed the decision. The IOC issued a statement saying the decision “supports the fight against doping and brings clarity for all athletes.”WADA president Craig Reedie described it as “absolutely correct.”“I am delighted at the decision and the way they expressed it,” Reedie told the Associated Press in a telephone interview. “They have quite clearly understood that there was systemic manipulation of the anti-doping process.“It means the games can proceed. Athletes can get their heads down and go. This particular issue is now behind us.”ADVERTISEMENT MOST READ View comments Don’t miss out on the latest news and information. 2 ‘newbie’ drug pushers fall in Lucena sting Brace for potentially devastating typhoon approaching PH – NDRRMC Typhoon Kammuri accelerates, gains strength en route to PH ADVERTISEMENTlast_img read more

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Kamal Nath & Clyde Prestowiz at India Today Conclave meet, 2007

first_img“It’s time to reach out”Kamal NathKAMAL NATH UNION MINISTER FOR COMMERCE & INDUSTRYGlobalisation means different things to different people. It means different things to different professions. It means different things to different countries. There are two distinct views on what globalisation means-to the farmer in Burkina Faso and the farmer,”It’s time to reach out”Kamal NathKAMAL NATH UNION MINISTER FOR COMMERCE & INDUSTRYGlobalisation means different things to different people. It means different things to different professions. It means different things to different countries. There are two distinct views on what globalisation means-to the farmer in Burkina Faso and the farmer in the United States. Nevertheless, globalisation does have a common message: geography is history.When we embarked on globalisation, the challenge before us was: what is the model we follow? And the lesson we learnt was that there is no model for India. We had to globalise. And when we talk about our economic reforms, we, in other words, talk of globalisation, we discuss how we are going to engage with the global economy. Today we have seen the mass of economic activity shifting from the Atlantic Ocean to the Indian Ocean. People talk about outsourcing and loss of jobs. It is not outsourcing that led to loss of jobs, it was technology. The new global social architecture is driven by globalisation and technology. At the heart of globalisation lies global competitiveness. If India hadn’t been engaged with the global economy, we would have never reached the competitive levels we have reached today. It’s this great change which took place in a calibrated manner.LET’S ENSURE GLOBALISATION REACHES THE 300 MILLION PEOPLE WHO LIVE ON LESS THAN A DOLLAR PER DAY. But does globalisation affect the lives of 300 million people who live on less than one dollar a day? What do we tell the thousands of villagers who have never ever heard the ring of a landline telephone when we talk about six million new cell phone connections a day? To them, to our villagers, globalisation is still an abstract concept. If I go to my district, I cannot talk of globalisation to people. Their worry is about getting their children into school, about health care and power. And in a democracy, as you know, you will be sent packing home if you are going to talk a language which people do not relate to. So that is the challenge before us today.Take the controversy on SEZs and the political furore in some parts of the country. SEZs are simply an industrial cluster with an infrastructure meant for exports. You don’t require experts to tell you that land has to be there for industry. But when you want to acquire land, it has to be in a fair, equitable, all-inclusive manner, Today 10 people depend on one hectare of land. Unless their subsistence needs of income and livelihood are addressed there would be no equity and no sustainability in globalisation.advertisementAnd that is the biggest challenge of globalisation today. And here we have now voices, voices emerging. The greatest champions of globalisation-particularly the US-are now talking about guarding themselves against this rampant globalisation. India, on the other hand, is now engaging with the world saying we need to globalise. India has to globalise. It is not only that the world’s perception about India has changed. Our own perception about ourselves is changing. We no more talk about better lives for our children and grand children. We talk of better life in our own lifetime. That is the new-found confidence which globalisation has brought about in India. And we need to ensure that this process of globalisation reaches out.”Is it sustainable?”Clyde PrestowizCLYDE PRESTOWIZ PRESIDENT, ECONOMIC STRATEGY INSTITUTE, WASHINGTON D.C.Let me give you a personal example about doing business in a flat world. Last weekend my son who is a software developer asked me if I would co-invest in a snow removing business? He explained that the company had all the equipment and contracts and a monopoly. I asked why invest in a snow removing business? After all he studied computer science. He said, “Don’t you get it? The snow is here and they can’t move it to India, it can’t be outsourced.” Another time I had to be taken to a hospital as they thought I was having a stroke. It was about three in the morning and they did a brain scan. There were two interesting facts: I had a brain and that the scan was being read online in Bangalore. My radiologist had been outsourced.So, this is doing business in the so-called flat world. But, it raises obvious questions about where is all this going. If the radiologists are all going to be in Bangalore and the software is all going to be done in Bangalore and the manufacturing is all going to be done in China, where is this going? It is a fascinating question. Countries are doing studies, benchmarking against others on competitiveness and finding new technologies. And they have got prime ministerlevel committees and cabinet committees and all their business communities are focusing on what they are going to do to compete in the future, because they are scared to death of the challenge being posed by India, by China, by the rest of the developing world and the question is, you know: what are we going to do?advertisementCompetitiveness is important but we need to be just as concerned about access to markets. And, in fact, the world is much less flat than we have been admitting. I also want to turn to something that I think is, in a way, much more significant and much more dangerous. As we look at the tremendous benefits that globalisation is generating right now today, think about how sustainable the current situation is. Will the Americans be able to indefinitely consume more than they produce? Will the Chinese, the Japanese and the OPEC indefinitely buy the American treasury bonds to finance their exports to the US? Will the dollar remain the world’s currency? Will oil be priced in dollars in ten years? Will semiconductors be sold in dollars in ten years? Is this sustainable? Nobody knows the answer to this but that it is something that those of us who are benefiting from and promoting globalisation, should be addressing.DiscussionQ. You spoke about inclusive growth, particularly for the rural farm workers. At the same time, the developed world, specially the US is unlikely to cut subsidies. How does this balance out? Nath: When I was talking about structural flaws, one of the greatest structural flaws in the world trade is agriculture and the flaw in agriculture is huge subsidies given by the European Union and the United States amounting to almost $1 billion per day. Just the US has subsidies of $75 billion to agriculture. Take cotton. We import about $500 mn of cotton and convert to yarn and garments and sell it to the US. But there is also subsidised wheat, rice, meat, soya etc. Unless the issue of subsidies is resolved the impasse will continue. Without this it won’t be trade or trade flow but subsidies flow. The competition is not the US farmer but the US Treasury.Q. The unstoppable consumption by the US citizens is also putting a huge load on the sustainability of the planet. They won’t sign Kyoto protocol but want others to curb energy consumption. How will this play out in the long run? Prestowitz: I think it is an even more daunting and challenging issue. The US accounts for about five percent of global population and 30-33 percent of global consumption. So, you can justly criticise the profligacy and the hypocrisy of the US. But you are still left with the problem as nobody tells the US anything as everybody wants to sell to the Americans. I think we need a global solution because if the rest of the world did nothing there will be a global financial crisis.advertisementQ. It is profitable for the US to produce less and import from the outside world. That enables them to free resources for technology driven growth. How will consumption reduce if they remain net consumers? Prestowitz: Any economy needs consumers and producers. You can’t have an economy where there is no consumption, no production. The difficulty I see in the world economy today is that there is a kind of lack of consumers. In the US, there are no savings; we are financing our consumption by importing foreign capital. So, effectively Americans are mortgaging their future or the future of their children. The way the US is borrowing today, if it was an individual it would have been bankrupt. Ditto if it was a corporate. What would happen if East Asian countries do not politically support the United States? Suppose they manage their currency. It may so happen that the dollar would get devalued. What will happen? Will there be imbalance in the world? Paul Walker, the former chairman of the Federal Reserve recently predicted a 75 percent chance of a global financial crisis within the next four years. I believe that the dollar will devalue between 50 and 70 percent on a traded basis, sometime within the next 5-7 years. China as you know is putting together an investment fund in order to begin investing its reserves in something other than the US treasury bills. And all of that suggests to me an eventual move away from the dollar.last_img read more

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