Faulty Economic Vision

So its official---the Philippines will increase its economic ties with China, instead of the US. This is to cushion the impact of an impending US recession. Officials say this is to mitigate the effects of the recession, since, according to the IMF, the region where the recession will most likely hit hard would be Southeast Asia.

What fools.

China is totally reliant on the US for its own economic survival. Increasing our ties with the Yuan currency will not, I say again, will not insulate us from the US recession. The yuan is pegged to the US dollar, like our peso. If we help increase Chinese trade in our country, we are actually deprising our own businessmen compatriots of a sizeable market for our own local products.

Prescription

The secret to surviving this threatening economic crisis is NOT, I say, NOT to spend so much. Arroyo's perverted direction encouraging that all projects should be continued to innoculate us from the crisis is not a very good idea. The only way for us to survive this is to limit spending on frivolous projects, concentrate on strengthening local industries and insulate the export industries by creating safety nets. Also, we need to assist the ailing agricultural sector by opening external markets while enhancing production capacities. That what we can ease the pressure of the recession to our economy