Nothing but Facts

The latest World Economic Forum Global Competitiveness Report has come out for 2009 - 2010. And I find some of the numbers intriguing, while others are simply shocking or scary. I encourage anyone to do their own digging through the published results. As with any statistics, they can be used to prove or disprove the two opposing sides of every issue.

But one thing holds true as always, which is that statistics are just like bikinis: what they reveal is enticing, whereas what they conceal is essential. Again, do your own research and draw your own conclusions, but here is what got my attention:

• The ranking of our banking system's soundness has plummeted to No. 109. With that, we are now ranked right between Tanzania (No. 108) and Venezuela.
• To directly compare our banking system's soundness ranking to our next-door neighbors, Canada is ranked No. 1 in the world and Mexico has us handily beat coming in at No. 41.
• To furthermore dispel the myth that capitalism creates efficiently and soundly functioning financial infrastructures and that communism is incapable of creating a sound banking system - China comes in as No. 66.
• Our SEC is awarded an effectiveness ranking of No. 47, which places it directly one place ahead of its illustrious cousin, the Securities and Exchange Commission of Ghana.
• I was amazed to see that the number of cell phone services subscribed per capita only ranks us 69th, nestled between Barbados and Jordan.
• The UAE actually are the world's No. 1 in cell phone services subscribed per capita with a whopping 2.1 per person.
• Sadly, even though our own Albert Arnold Gore, jr. invented it, we are only 13th in the world in internet use, placing us safely between South Korea and Singapore.
• But not to fret or feel dismay, we do still remain the world's No. 1 in a number of categories. Most prominently among them: we are the world's No. 1 marketing machine - looking at my spam folder, easy to believe.

I find the rankings of our banking system and the watch dog of our financial markets rather appalling. History seems to have consistently substantiated the point that capitalism creates the greatest efficiencies at the lowest cost and that overly socialized or socialistic systems create inefficiencies at great cost to the consumer. But the events over the past 18 - 24 months, showing how the pure greed that seems to have become the backbone of capitalism, has cost our nation and us tax-payers tens of billions through bailouts of the fat-cats.

A reform of the SEC appears seriously overdue - if you feel the same way, Google "petition reform SEC" and take your pick of the grassroots movements and petitions out there that pursue the agenda of restoring safety and stability to our financial markets, by restoring credibility to our financial markets watch dog.