EurActiv - Letters to the Editor

Sir,

Although my Swiss S&T Foundation has been warning of the developing economic might of the East and its social and economic effects on the West for two decades now, western economies are now forewarned that China has now entered the fourth phase of its economic blueprint and the head of their central bank has advised their government to offload some US$2 trillion of reserves – or in other words US$2,000,000,000,000.

Indeed, the bank advises that they invest at least this amount of the US$3.04 trillion they presently hold in reserves, in technologies and investments that will enhance the nation’s future prosperity further. Not many economists warned at the start of the 1990s of the dire effects that this massive balance of economic power transference would have on the West and only in relative recent times have they come to realise this (no more than a decade ago).

This enormous buying power, which is increasing at around US$200 billion a quarter in further Chinese reserves, will see vast numbers of Western corporations and therefore Western jobs fall into the hands of the Chinese (and other eastern corporations).

This is just the start of the fourth phase of the Chinese blueprint and China’s ultimate goal is to capture the dominance in global innovation that will provide for them an unassailable lead in global wealth in the 21st Century. Our charity has known these facts for years, but no Western government has taken any notice. Now this sheer complacency on the part of our politicians and industrialists will simply reap absolute havoc on Western economies and their people.

But the big question is, when will these same pillars of our Western establishment realise that the only way to stem this vast economic and social threat to our people is to develop and put in place a creative infrastructure that allows all people’s thoughts to bear down onto this great economic imbalance?

Again, our Swiss charity has been calling on governments for two decades to implement this world-leading pre-eminent thinking, but again, unfortunately they simply have not listened. For it is the only way to turn the tide and create whole new industrial global bases. In this respect we need the ideas people to be fully harnessed and allowed to flourish. If we do not understand this, we shall simply see over the next two decades a vast unprecedented decline in our living standards.

Therefore our politicians have been advised and warned again, but if this time if they do not listen, they will see their people impoverished like never before. Wake up, Western governments, to the realities that reside on the horizon for us all if we do not change our economic thinking radically.

Dr David Hill

Executive Director

World Innovation Foundation

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