6 November 2008

The whole world applauded the historic victory of Barack Obama on Wednesday in the US presidential election and looked upon him for change and hope.

So much is heaped upon the advent of this first African-American into the White House come 20 January 2009 as the 44^th President of the United States of America, the leading economy of the world, the exemplary western democracy for others to follow and the self appointed policeman of the world.

It is an outcome that robbed many of the pre-conceived notions of America as a place that preaches racial harmony and inclusion in word alone. It is the ultimate breakthrough for minorities, the poor and the dispossessed, buttressing faith in democracy and upward mobility. His win means the rebirth of the American dream.

Reactions around the globe reflected the sky high hopes of millions for Barack Obama to make the whole world better. For him to repair the damage and set the economic agenda.

Most stock markets reacted positively on the above sentiments and on hopes that the landslide victory would result in quick action by lawmakers to quick jump start the economy. However, it was short lived because many indexes ended the day below their mid day highs as realities and the difficulties ahead unraveled.

Few think that Barack Obama can solve the global financial crisis and end the economic slowdown any time soon. When he ascends the Presidency, he will be taking over a budget deficit that could spiral to US $ 1 trillion in 2009 and that is on an economy in recession.

Nevertheless, the return of political control of the White House and both houses of Congress to the Democrats fuelled hopes for more policy measures to counteract the economic slowdown. This coupled with the charisma of the leadership of Barack Obama should be the PROMISE OF A NEW DAWN.