The Ties That Dependency Binds: Reforming Philippine-U.S. Relations in the Epoch of Global Economic Recession

Economic rebalancing

Clearly, the same report concedes, the current capitalist-driven world financial crisis “is accelerating the global economic rebalancing” resulting in a new international system. Although on decline, capitalism will be more state-centered with a dose of protectionist measures, signaling a shift from the failed neo-liberal dictum and the two decades-long finance deregulation. But this will likely fuel more intense rivalry among states over scarce resources, trade restrictions, and food insecurity thus triggering more tensions and wars including nuclear war, however limited in its initial phase.

Obama’s director of national intelligence, former commander-in-chief of the U.S. Pacific Command, Dennis C. Blair, characterized the world economic crisis as a top security threat. Blair issued this warning in his report, “Annual Threat Assessment of the Intelligence Community,” which he read in a testimony before the U.S. Senate Select Committee on Intelligence last February 19. The report represents the findings of all 16 U.S. intelligence agencies.

“The financial crisis and the global recession,” Blair told the U.S. senators, “are likely to produce a wave of economic crises in emerging market nations over the next year” that has the potential of causing “serious damage to U.S. strategic interests.” “Instability can loosen the fragile hold that many developing countries have on law and order, which can spill out in dangerous ways to the international community,” he added.

Indeed, a fourth of the world’s countries have already experienced some form of instability, including regime changes, linked to the global economic recession. In Asia, the economic crisis is heightening the potential for social unrest in such countries as Indonesia as well as the Philippines. Despite projections of steady growth, China has lost 20 million migrant jobs with possible serious repercussions in the countryside where employment has become scarce.

Of course, the U.S. intelligence assessments on the impact of the global economic recession provide the framework for Obama’s executive-level policy makers in defining global strategies that underpin America’s national security objectives. Recall that as early as 1992 the Republican Party’s neo-conservative wing warned in a secret report about the threat of Islamic terrorism and rogue regimes and spelled out the right of the U.S. to undertake pre-emptive and unilateral military intervention. The report’s aggressive policy recommendations were implemented by Bush 10 years later. (Posted by (Bulatlat.com))

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  1. mas dapat pa ba asahan sa ugnayan ng US at pinas,bukod sa unfair at lagi lamang ang US s mga kasunduan eh wla power ang gov't ng pinas kya wla na dapat asahan,tanging ang Demokratikong Republika ng Pilinas ang puputol jan sa pamumuno ng PKP-BHB-PDPP sa tagumpay

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