Few days back the maiden foreign visit of Ms. Hilary Clinton as the highest representative of Barack Obama to Japan surprised many a few as it was the least expected. Through this initiative, Mr. Barack Obama has expressed his intensions clearly. “We expect the growing East Asia (read it as Japan and china only) to co-operate with United States to pull the world out of the financial crunch.

There are three highly noteworthy points from this initiative. Firstly, it would have sounded practical had Obama quoted “America” instead of “world” in the above statement. No one can deny the supreme caliber of American economy to start with. Nor can anyone contradict the fact that collapse of American economy has lead to global financial crisis. But the fact that needs to be re-examined is the caliber of American economy (as on today) to pull the world out of financial crisis. American economy is facing the dire reality after the decades of dream run as supreme. Banks are finding hard to cope with the losses incurred from the bad debts, thousands of professionals are losing their jobs due to the crisis. The government from its part is trying hard to get the equations to normal terms through stimulus packages and bail outs. At this point of time, America is in no position to rescue the world economy as it has to save its own economy first.

My second observation is an extension to the first one. This changed policy of America is to stop itself from collapsing and has nothing much to do with the world economy. China is, by all means, the last hope for America to meet the fiscal crunch. China has already dispatched trillions of dollars to American reserve based on the mortgage bonds. Hence, improving the ties with china is inevitable for America at this point of time. Coming to inclusion of Japan, America has used this tactically to neutralize the nuclear factor of Korea majorly. Through this America is attempting to diplomatically pressurize North Korea to sign dotted line on the NATO.

Lastly, when America has mentioned the phrase “emerging east Asia” how were both India and Russia missed?

Russia on one side has bounced back significantly; India on the other hand is the second fastest growing economy in spite of the global turndown.

Hence the significance of both these nations cannot be ignored.

All in all, the measures taken by America point towards serving its self interests rather than for the benefit of the world.