Tuesday, December 21, 2010

An Open Letter to the Economic Leaders of the West -- especially the United States

Every senior level government official and many top economic experts have tried to solve our continuing economic crisis and revitalize the economy over the last several years, but to no avail. It seems we are now in a serious bind, and no clear solution has emerged to avoid an even deeper recession than the one we are now in.  If we are not careful, we could be facing Great Depression II.

Have I got your attention?  There’s more.  I believe you have missed something very important in your ruminations about the economy.

Consider what entomologists discovered recently, called the ant death spiral, an event that takes place in the natural world under normal conditions in one species of ant’s natural habitat.

The cause of this behavior is the ant’s use of ground navigation. Ants follow pheromone trails on the ground laid down by other ants. The system works well normally. A scout ant goes out and finds something. Other ants go back to get more by following the scent trail, or by following each other. However, if a loop gets created, the ants will march blindly, sometimes circling until they all die. Unfortunately, it seems that human beings sometimes exhibit similar behavior by blindly following the path others have taken.   

I use this analogy to point out a serious mistake made in the market over the last 20 to 30 years.  Nobody else has recognized that mistake.  Like the aforementioned ant spiral, I believe that mistake has created an economic death spiral in the economy. If we do not break down this cycle and explore a new order for economic survival, I believe that every new effort we make will be just as ineffective as everything else we’ve tried in the last three years.  If we don’t find the solution, our economy will atrophy and die.  I believe I have found that solution, and if I can get enough of you to sign on with me I think we can right the course of our moribund economies.

Consider the current rapidly deteriorating national economies, especially that of China, with its serious real estate bubble, and many European countries such as Ireland, Greece, Spain and Portugal with their high fiscal risks.  We must not gloat that we are better off than them; we are just as vulnerable and in imminent serious danger.

For a more in-depth analysis, I would suggest you read my recent article: "Breaking Down the Economic Death Spiral – and Saving the World Economy" http://t.co/8pMwQh7

If you find merit in this article, please contact me right away. We can discuss in more detail the real causes of the current economic crisis, and also the right economic “rescue” for your economy and also for the entire world.

The clock is ticking, and time is not in our favor. We should and must act immediately – before it is too late.


Luke Ho-Hyung Lee, CEO

Note to readers:

Please forward this letter to the economic leaders in your country and also to your friends.

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