subject: Financial Crisis Is Another Name For Financial Failure [print this page] Financial crisis is a sophisticated way of saying that there has been a financial failure. This failure has been because of not understanding the crisis and without doing so it is not possible to find remedies. The crisis is just the symptom. Thus it may be said that this is also the inability to communicate to each other.
The first to refer to this failure of narration was Robert Kaplan - a professor of linguistics. He said that various ethnic groups tell stories in their own distinct way. For instance the Anglo-Saxons would come straight to the point starting from start to finish. But the Chinese would go round in circles before reaching a conclusion. The Jewish narrator would zig-zag back and forth going from one angle to another This theory of Kaplan offered new perspective on understanding how groups differ in thinking and communicating.
Misunderstandings take place because of this factor.
It is common knowledge that weight of the message depends on how it is delivered and thus the most difficult section about communication is delivering a piece of bad news. Often the messenger is shot! But wise leaders will listen to the bad news with patience. Those who have ears only for good news will soon leave the stage to live in a world of dreams. The problem with speaking with leaders is not what one wants to say but whether the listener is ready to listen. Also of importance is the packaging of the message. If the news is dressed up then the bearer will be taken to be a flatterer. If it is crammed with facts and figures then the bearer will be suspected of nursing his own hidden agenda. Thus presenting a message that none wants to hear will put the messenger at peril.
This is the problem with economists of today who had given out warnings about the impending crisis. Most of entrenched economists who had failed to read the writing on the wall say that all the others too missed the signs. The truth is that the majority of the economists saw the signs but ignored it. Then they reasoned that something caused them to misread the warnings.
Today's world is crowded with information. How to interpret these? Thus one has to depend on those who are branded wise men. Thus one trusts the Nobel Laureate of economics more than the local professor of economics. But the latter will be far more conversant with local affairs than the Nobel Laureate living in another distant level. Hencethe issue of China and its handling of the currency are seen from two different angles by the East and West.
by: Kevin Simpson
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