Whenever I travel outside the U.S. I am always amazed at what an education it is for me on how the rest of the world perceives the United States. Sometimes the perception is dead on, other times it is so far removed reality its frightening. I recently came across an article that is a Pakistani Perspective of what is happening with the U.S. economy…
World Economic Crisis. A Pakistani Prespective.
Monday, October 13 2008 @ 11:18 PM GMT+6
Contributed by: karachiwala
I cannot forget the day when my cousin was leaving for United Kingdom
(read England) almost 2 decades back. She was flying British Airways. I
could not have been more proud as a child. Flying British Airways was
the absolute experience. Impeccable British services and a symbol of
Life style that only few were able to enjoy. British Airways was
As for myself i had failed to see an aircraft up close and person for
many years after that, let alone had the opportunity to be in one.
Many many years after that when air travel was comoditized and i was
working in United States i got a call from a friend who was on forced
leave at KPMG and was in Pakistan. He had suddenly been called to the
USA and was arriving the next day. It was around same time when Enron
was about to collapse. The next day was a shocker as my friend got
fired from KPMG.
Mind you KPMG was the kind of the company that the public used to look
up to as the keep and builder of public trust. People after all only
brought Enron shares when they knew that there was on "honorable and
integrable" company was going to guard against any corruption in the
However we all saw how KPMG which was The audit firm had fallen from
grace only because of greed and financial corruption. Same was the case
for British Airways which was found guilty of Dirty Tricks Campaign
against Virgin Atlantic years back only to ensure its corrupt survival.
What was revealed in the court battle was that Virgin Atlantic's (a
private airline) CEO Richard Brannson pursued against British Airways
was plain fact that British Airways had only built its integrity by
looting, poaching and threatening competition.
Had any of this been done in Nigeria, Pakistan, India, Philippines,
Malaysia they would have be declared corrupt countries. Their credit
ratings would have gone down and big news clippings would have crippled
these nation. But in the above two case it was the United States of
America and the Kingdom of Englishmen.
Coming to the present day. I was again shocked to see that today Half
of UK's bank are nationalized. Fannie Mae and Freddiemae in USA are
nationalized. They only have private management the companies are now
effectively controlled and owned by the governments. On an interesting
note financial system in Iceland has completely and fully crumbled.
In the minds of the these 3rd world nations it has been drilled that
the USA, UK and other European nations are some how above the mortal
realm of morality, corruption, negligence, due diligence and
enforcement of the law.
We are only finding out now that these countries were doing only bigger
and better corruption. Only their scale was large and that they took
the third world for a ride for a very long time. Enforcing
privatization, skimming their foreign currency reserves, held back
support in case they failed to do so, even helping enforce dictatorship
as in case of 50% of Pakistan's history. And indirectly created
circumstances where billions of people suffered.
To read the entire article....
World Economic Crisis. A Pakistani Prespective
Posted by Michael Corey CEO & Founder Ntirety