Ms sect b 20170402 sunday

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SUNDAY, APRIL 2, 2017 Adelle Chua, Editor

Opinion

Joyce Pangco Pañares, Issue Editor

mst.daydesk@gmail.com

STILL WAITING FOR THAT ‘ASIAN CENTURY’

EDITORIAL

By A. Gary Shilling

REACHING HIGHER

T

HAT things are how they are does not make them necessarily right, or at least acceptable.

When a separated woman admits to being “frail” and engaging in a years-long affair with a man whom she knows to be married, she is pilloried on the streets, in media, and even in the halls of Congress. She is deemed loose and ridiculed for her immorality. When a married man admits to having a girlfriend, it is taken for what it is. He feels comfortable bringing her to social and official functions. When he is threatened with an ethics complaint and possible disbarment, he taunts his critics. “Who doesn’t have a girlfriend,” he asks. Then again, it seems farfetched that he would stray from the example set by his friend and boss, who once said he should have been first in raping a beautiful foreigner, bragged about having multiple wives and girlfriends and unabashedly ogles the legs of female officials if they happen to show up in skirts. There are champions, but we must be wary of fake ones—or those who waver when their political futures are on the line. Case in point: a female senator who championed women’s reproductive rights but speaks forgivingly, even fondly, about how her colleagues would “talk about boy things and that’s how boys are.” Some female officials of the Executive Department called on the people to view sexist remarks “with a forgiving heart.” One even said a person can get away with such tasteless remarks so long as one is not married. To date, the President has not uttered anything about the predicament of the Speaker of the House of Representatives who faces disbarment for having a girlfriend while still married. It’s good to keep quiet, we think. Whatever he says will not be credible—if he supports him he would be living up to his reputation; if he criticizes him he would be a hypocrite. Standards exist to guide people how to live and how not to live. There are norms for relationships, as there are norms for conducting oneself in public, for not engaging in corruption, for neither profiting from the drug trade nor tolerating it. There, too, are standards for ordinary citizens and higher ones for those who lead them and make decisions for them. A few manage to live up to these standards; many fail, or struggle. It should remain even, however. Whether it’s a man or woman reaching for it is immaterial. Clearly this is not happening now, but it’s something to demand of ourselves.

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ALL OVER THE WORLD IN AN UBER POP GOES THE WORLD JENNY ORTUOSTE

SAN FRANCISCO BAY AREA— Everyone’s got their own story. The other day, my sister Aileen shared an article on my Facebook timeline. Posted on Mashable, the title neatly summed up the article’s

gist: “Stunning art blog tells the stories of immigrant cab drivers from around the world.” The blog, says writer Katie Dupere, is called “Riding Up Front” and was created by a Singaporean immigrant

to the US, Wei-En Tan. The “non-profit art gallery blog” collects stories from immigrant passengers, “recapping real conversations they’ve had with their drivers, and then illustrated by

PEOPLE in the West, certainly Americans, have long had a fascination with the East, with many predicting an inevitable “Asian century” marked by economic and market dominance. I have long disagreed with the consensus on China and other Asian Tigers, and others are beginning to agree. Many problems stand in the way of the “Asian century.” Japan dazzled Westerners with the speed of its recovery from the ashes of World War II. Japanese purchases of US trophy properties such as the Pebble Beach golf resort in California and Rockefeller Center in Manhattan in the 1980s, on top of the leaping property and equity prices in Japan, convinced many in the West that Japan would soon take over the world. Japan’s economic decline in the early 1990s did not curb fascination with Asia. It simply shifted to the rapidly-growing developing economies, the Asian Tigers. The original four, Hong Kong, Singapore, South Korea and Taiwan, were later augmented by the likes of Malaysia, Thailand, the Philippines and, of course, China—and more recently, Pakistan, Vietnam, Indonesia and Bangladesh. The late-1990s Asian financial crisis only temporarily disrupted Western fascination with the East and the prospects for an “Asian century.” The 2007-2009 Great Recession and financial crisis ended rapid economic growth in Western countries and, therefore, the robust demand for exports that were the mainstay of developing economies. Still, Western zeal for Asia persisted and many, for no logical reasons, believed emerging countries could independently continue to grow rapidly and, indeed, support economic activity in the sluggish US and Europe. Chinese real economic annual growth rates nosedived from double digits to a recessionary 6.3 percent during the worldwide downturn, but then revived due to the massive 2009 stimulus program. Easy credit fueled a property boom and inflation, and excessive infrastructure spending replaced exports as the growth engine. As with the Asian Tigers earlier, many thought Chinese growth was self-sustaining and unrelated to ongoing sluggish economic performance in North America and Europe, especially after Chinese GDP topped Japan’s in 2009. There are five main reasons why it won’t get any easier for Asia: 1. Globalization is largely completed. There isn’t much manufacturing in North America and Europe left to be moved to lower-cost developing economies. At the same time, the West is basically saturated with Asian exports, and those countries are competing fiercely among themselves for limited total export demand. Also, exports are shifting among those countries as lowend production moves from China to places such as Pakistan and Bangladesh, much as they shifted Turn to B2

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