Golden Period PM:Global econ ruined golden period

imperialarms

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<font class="storyhead" color="blue" size="4"><b> We must prepare for a tough ride: Singapore PM </b></font>
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<td><i> ‘Asia can’t avoid impact of weakening global economies’. </i></td>
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<img src="http://www.thehindubusinessline.com/2008/10/11/images/2008101150260701.jpg" align="middle" border="1" height="127" width="109" />
<br /><font class="leftnavi" size="2"> Mr Lee Hsien Loong </font> </center>
<p> <em>M. Ramesh
<br /> Rasheeda Bhagat </em>
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<p>Singapore, Oct 10 Asian countries cannot avoid the impact of weakening US, European and Japanese economies, Mr Lee Hsien Loong, Prime Minister of Singapore, said today.
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<p>Speaking at the ‘Pravasi Bharatiya Divas, Singapore’, a conference of global Indian diaspora, Mr Lee Hsien Loong observed that Asian banks had been lucky to have avoided the problems afflicting the US and European banks.
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<p>Yet, globalisation meant that equity markets in Asia had been “hit by events in the Wall Street”. “We must prepare for a tough ride at least over the next year, and quite possibly longer,” he said, addressing the 400-member strong audience of non-resident Indians from across the world.
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<p>“The trust and confidence between banks, which lie at the heart of finance intermediation, will take time to restore,” he said.
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Seems like he has been living in a nice cave laced with gold and silver since August 2007, cut off from the Internet, and hadn't been reading the news.

Its like saying, "we would have an economical boom if not for the current recession right now"- which is stating the damn obvious.
 
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