By Alexey Vlasov
Kazakh President Nursultan Nazarbayev has made a speech at the Astana Economic Forum. His emphasized on problems of continuing global crisis as a result of weak system and psychology of world business that strives for easy cash, lacks efficient global financial management. Egoism of people controlling global economy is another cause of global recession, Nazarbayev believes.
Protectionism aggravates the problem and causes reduction of trans-border trade.
One of the most important points noted by Nazarbayev is the fact that the financial crisis has turned into a chronic disease of the social system, reflected by worsening social mood, reduction of expenses for education and medicine.
Global management has wasted the past four years. The world currency regulation mechanisms need changes and a reliable reserve currency. Nazarbayev’s speech was criticism of world crisis managers and their time-wasting actions.
The Kazakh president says that the crisis is so multi-aspect that it needs global solutions and higher-level management.
Lack of trust is a lot deeper than it seemed in 2008-2009. The problem does not lie in inefficient instruments, but rather in greedy managers. Having felt the deepness of the recession, key players switched for the every-man-for-himself tactic. In such conditions, many counter-crisis talks resemble a meeting of directors of investment banks who expect salvation of their banks in critical moments.
Nazarbayev did not make such harsh analogies, but many attendants of the forum should recall the fate of Lehmann Brothers.
