Europe just like the United States has lost its long-held industrial competitiveness against emerging powers, China, India, South East Asia and Brazil amongst others.

May 11, 2010 (Hamsayeh.Net) - As it was anticipated, the early yesterday morning announcement by the European Union finance ministers of a $1 trillion rescue package turned out to be just a psychological hoax designed to elevate confidence in Western World's moribund financial services.

Despite a trillion-dollar package, global stock markets registered lower and euro lost value against US dollar and Japanese yen, today. Europe’s economic problems run deeper than simple injection of funds into the system. Greece, Portugal, Spain, Italy, Ireland and many other European countries owe billions of dollars to international lenders while their economies are still in complete recession.

By following the United States, Europe has simply lost its long-held industrial competitiveness against emerging powers, China, India, South East Asia and Brazil amongst others. The US-led war on terrorism also dealt a major blow to European tourism industry one of the biggest sources of revenue for countries such as Greece, Spain, Italy and Portugal. Above all, an always increasing costs for imported oil and gas to Europe, renders future economic plans ever more unprofitable for US and European businesses.

Unlike West’s bleak future, Asia enjoys a robust economic growth with China leading the way. The Asian dragon has expanded its global oil and gas cooperation in Middle East, Latin America and Africa by drawing long-term contracts to insure supplies for many years to come.  

By waging some never-ending wars in Iraq and Afghanistan, close to Central Asia, the US and its European allies, calling themselves the coalition of the willing, had hoped a campaign would successfully cut-off China and other emerging powers access to rich energy resources of the region.