In the year 2005, the two countries, which are China and India, rose to be known as world

financial powers. Both of these nations can progress at the speed of 7-8% for the next ten years
to come. China has already grown at 9.6% for the past twenty years. Collectively, the two
countries account for one-third of the world's population, that is why the United States started
outsourcing work to these countries because of cheap labor and their talent for innovation. That
is why there is likely a possibility that the balance of power in technologies would move to the
East (Peavler, 2018).

On the other hand, in the year 2008, the global banking system stopped working because of the
Great Recession after Treasury Secretary Paulson said that no more bailouts and Lehman
Brothers were forced to announce their bankruptcy. This event panicked global bankers, which
lead to the Great Recession. Banks removed $160 billion from ultra-safe money market
accounts, and they were hoarding significant amounts of cash. This affected $360 trillion in loans
and credit card assets, which lead to a cash shortage for most businesses. To solve this problem,
the Federal Reserve lowered interest rates to zero to reduce Libor (Amadeo, 2019).

By the year 2015, China emerged as the world's largest economy. This news shifted the
economic balance of power toward the East, putting the EU in the second place and the USA in
the third place. China has leverage because it is the largest holder of the US debt because it owns
$1.2 billion in the US Treasuries.

After reading the articles about these global events that affected the financial markets and
institutions, the effects of China's power amazed me, and I also felt fearful if the Philippines
would experience the Great Recession. I was surprised by how quick the growth of the People's
Republic of China that they were able to be known as the world financial powers together with
India. I have an ambition that I would also like the Philippines to be known as one of the world
economic powers so that we can live a comfortable life. Other than that, I am fearful if ever we
would also experience the Great Recession, it would be hard on our part as citizens of this
country. It would be chaotic. That is why, in Duterte's administration, I hope that our country
would continue to prosper like China and India and it would be helpful if we can avoid fighting
internally within our society and externally to other countries so that we can have a peaceful and
prosperous nation.