Barack Obama has become President of the US for the second term after a cliffhanger election. It is to be said to his credit that his last four years in the White House has made the world a safer place. The war on terror is on the wane as the threat diminishes. The US President is as soft spoken as is his policy of appeasement. US military presence in West Asia is getting increasingly less much to the satisfaction of the common people in that country who do not want to see more body bags returning home. However, the US remains the central power globally. A new threat has emerged which can cause greater human suffering. It is the threat of economic depression. Although the US continues to be the world’s most powerful economy, it has taken rude shocks. The European Union is larger but it lacks leadership.
The US economy would appear almost robust compared to that in the other countries which represent global wealth. The world badly needs economic leadership. Recession is a threat which can be fought only with the collective efforts of the advanced countries under able leadership. The G20 got off to a promising start but then fizzled out. The Doha round of talks ran aground. The silver lining lies in the fact that the US is heading towards an energy boom. It can pull the US economy out of its gloom and solve the whole host of problems besetting the global economy. The US is a major exporter of energy sources. That would reduce dependence on turbulent and unreliable West Asia. It can also help overcome commodity inflation plaguing the corruption-ridden Indian economy. However, Obama’s declared lukewarm interest in outsourcing may hit the IT industry and BPOs in India.
