“… The time has come to move in a new direction. We must embrace a new era of engagement based on mutual interests and mutual respect, and our work must begin now.” With these words, Barrack Obama stepped down from the United States permanent grandstand as world leader to offer an extended hand towards international cooperation to solve world issues.
Obama puts up four pillars as fundamental for the world’s future – non-proliferation & disarmament, the promotion of peace & security, the preservation of our planet and a global economy that advances opportunity for all people.
His realistic view and recognition that change in U.S. foreign policy was indispensible to recover international acceptance of American leadership, however, did not include intoning an act of contrition for all that had previously been committed by his predecessor. The world leaders’ applause was their response to Obama’s evident goodwill and intention to work together from hence on.
Nonetheless, after the turn of speeches of the principal speakers these days, the first test of such ‘era of engagement’ has its Waterloo at the G-20 summit in Pittsburgh. The two-day meet will have in its agenda a lot more that the economic crisis. Far beyond words, the U.S. needs more than a new financial regulating body to supervise its banks, insurance companies and brokers. The world economic model suffers from an excess of speculation and greed, with an evident lack of ethics in day-to-day business and professional activities. Global markets are here to stay but same does not impede a drastic change of professional and entrepreneur conduct and modus operandi.
So far, the Obama Administration has poured funds to save the American financial institutions. As banks seem to return to profits, one misses a change of attitude in these entities operational manners. Rather, one sees how tendencies are towards a new joy ride. I ask myself – Does free market give them the right to rush into another financial crack and new public funding?
Reviving the United Nations with speeches is well and good. Stepping down from the grandstand will reinforce ties with allies and lead to new negotiations, but none of these will resolve the economic crisis.
The show must go on. Next stop – Pittsburgh. What awaits the worlds there?