The election of Barack Obama as President of the United States was the most significant event in 2008, and perhaps in the 21st century. This is simply because the American people's choice of an African-American president may signal the end of odious racial discrimination, which has dominated the politics and culture of many nations.

Appointing a black man as the 44th President of the US is an undeniable historic shift in human mentality and culture, especially in the US, which has experienced a civil war based on racial issues.

Racial discrimination remained a stigma in the history of the US even after it amended its constitution and rules. This mentality prevented a black man from reaching the White House. Uptil now. This shift in US mentality will not only have a global impact, but will undoubtedly embarrass nations, which continue to practice racism despite advocating human rights based on equality.

Human beings continue to discriminate on the basis of colour, race and faith. Therefore, we believe that the November US presidential election marks the beginning of a march towards correcting this racial mindset. Economic globalisation must lead to human globalisation. Otherwise, schizophrenia will continue to control human behaviour, creating a huge gap between sloganeering and actual practice.

There is a hope that Obama's election represents a real change in US politics, towards rejecting the policies of US President George W. Bush, which sparked wars and destruction. Bush's dark-age neo-conservative policies thrived on illusions of power at the cost of human rights and global peace.

Humanity's dream was, and still is, achieving security and stability; ending wars, ensuring justice and fighting disease and hunger. The global financial crisis is an inevitable result of the Bush administration's faulty capitalist policies.

Yet, the crisis may have its benefits. Countries may be forced to rectify their financial and economic policies by learning from the mistakes of ferocious capitalism and opportunistic, greedy CEOs who made fortunes at the cost of their companies and subsequently, their countries' economies.

The much-awaited correction in the form of an economic depression started from the gravity of the crisis by reducing inflation rates globally. This allowed people, especially the limited income and underprivileged sectors, to breathe a sigh of relief.

Soaring costs of food, education, health, transport and housing consumed incomes and denied the common man a decent living. Now, people can finally see some real value in their incomes. Oil was also a major issue last year. Oil prices plummetted from nearly $150 to $40 within months. Oil-exporting countries fear these fluctuations in oil prices could lead to budget deficits and stall development projects.

The oil dossier will remain open in 2009, awaiting some stability in the global economy. On the issue of oil producers and consumers, it is true that one man's misfortune
is another man's gain.

Lower inflation is welcome, but lower oil prices may reduce public expenditure in oil-producing countries, causing development rates and public consumption to fall.

A tumultuous year ended with an unprecedented act of terrorism in Mumbai, India's financial and economic capital. The attacks bring to mind the effects of the 9/11 horror, and adds more darkness to the already gloomy global picture, discoloured by economic and political crises.

Despite Bush's much-hyped war on terror, the mental and muscular powers behind it are still intact.

The fact that terrorists continue to strike at will proves that anti-terror policies have not been successful. They have failed to address the origins of terrorism.

Terrorism can be defeated only by implementing policies based on justice, and resolving crises using these parameters.

This would pull the rug from under the feet of the terrorists, no matter who or where they were.

Yet, it is human nature to dream of a better future, and if Obama's election creates hope for a real change in policies, cultures and mentalities, then solving any crisis will not be impossible.

World leaders will be more effective if they use wisdom and justice while avoiding arrogance and injustice. Such an approach would enable us to say that change is possible, and that we, as human beings, are capable of fostering
change.