The Letter to the US from the IMF and World Bank - Personal Statement Example

As an American citizen, I am a witness to how the economic crisis brought adverse repercussions on consumer spending and in local business entities. However, the letter fails to look at the other side of the coin. True enough, the economic slowdown is detrimental to the US economy and could possibly transform the US from an "economic superpower to economic basket case." However, the author should also recognize the adverse effect of the US slowdown on more impoverished economies. Because as economists put it when the US coughs, the world catches a cold.

The recent years have seen stronger and tighter relations among nations as they open up their borders for freer trade through the formation of trade blocs and regional partnerships. Aside from local produce, most of the consumers' income in the US is spent on cheaper imported goods coming from Asian trading partners like China, the Philippines, Malaysia, and Thailand. These nations have long been the biggest trading partners of the US and have long benefited from the strong demand in our country.

With technological development, services have also been imported from these nations as well through business process outsourcing. So, with these nations heavily dependent on US partnership, it is irrefutable that the economic recession in our country will also bring about a slowdown in other smaller and less stable economies. On the other hand, the collapse of Lehman Brothers is also expected to sabotage growth in the Eurozone. So, it's not just the US that should be given this letter and the much-needed economic assistance from the IMF and WB.