V. Anantha Nageswaran
Another year is upon us. Notwithstanding celebrations that are routine and unthinking for the most part—since the New Year is an artificial construct—many acknowledge that uncertainties and anxieties loom large on the horizon. Barry Eichengreen, in one of his last articles in the year 2016, said he thinks that John Kenneth Galbraith would have called the 1970s the age of assurance instead of the age of uncertainty, had he had the perfect foresight about current times.
In its closing weeks before a new government takes over in the US, the Barack Obama administration has shaken the kaleidoscope so much that it might be difficult for someone to rearrange the pieces. The sanctions on Russia and the abstention in the UN security council resolution on Israel have left the world scrambling to respond. It was left to Britain—America’s natural ally—to chide its bigger brother on the other side of the Atlantic for its attitude towards a democratically elected government in a friendly nation. Well done, Britain. In years to come, the presidency of Obama would be rightly judged to be not only economically unproductive but also destructive and divisive.



