I came across more evidence to support the Icarus Effect today (see previous post). Two articles in The Economist came to hand. The first, about the meltdown of the Russian financial system (see article) called into question the claim of the Russian government that Moscow is well placed to become a global financial centre. This is now turning out to be more wishful thinking than anything else.
The second article (see article) compares and contrasts the present crisis with that of ten years ago. What is striking in Asia is the absence of a co-ordinated response to the crisis. It is also worth noting that the economic crisis is being played out as a politcal crisis in South East Asia. This may well have an impact on future geopolitics.
© The European Futures Observatory 2008