Li Ka-shing. That’s the man’s name, but isn’t that the same sound a cash register makes when a sale is rung up? Ka-shing! It’s just a coincidence, of course, but Mr. Li Ka-shing, the billionaire chairman of Hutchison Whampoa Ltd., has put tons of money in his own till since his arrival from mainland China in 1940. Mr. Li, the richest man in Hong Kong and one of the richest in the entire world, knows a little bit about money and a little bit about the maritime industry.

Mr. Li, in fact, is Asia’s richest man, according to Forbes Magazine, and citing the U.S. housing market slump which has initiated more than $ 500 billion in credit-market losses for banks globally, he told reporters in Hong Kong on Friday that “the worst is yet to come”.

That’s not just his opinion, however. Kenneth Rogoff, former chief economist at the International Monetary Fund and currently a Harvard University professor of economics, used those very same words in an interview he gave in Singapore on August 19th.

Contradictory projections are being presented by the media to U.S. citizens, however. “We’re about to turn the corner” … “Economic recovery to begin in 2009” … “The worst is behind us” … “The dollar is regaining its strength”… and other such headlines. We’re seeing and hearing everything but the truth from the U.S. media.

The truth and nothing but the truth was seen in an August 14th report from REUTERS, however:

• U.S. foreclosure activity in July rose 55 percent from a year earlier.
• Bank repossessions rose 184 percent year-over-year.
• Default notices were up 53 percent.
• Bank repossessions in Nevada jumped 384 percent from a year ago.
• Bank repossessions in California rose 427 percent from a year ago.

… and “the worst is yet to come”?

When homeowners fall so far behind in their mortgage payments that the bank has no other choice but to foreclose, it can mean only one thing — those homeowners are flat broke. If no money is available for mortgage payments you can be sure that no money is available – period.

You can also be sure that those homeowners are among the unemployed, and when millions and millions of homeowners are without jobs then the problem is an obvious one. Unemployment. The solution is also an obvious one. Create jobs.

But there’s another obvious problem. Those in authority don’t have the slightest idea about how to create jobs, and that raises serious questions about their competence.

The obvious solution? Leadership changes in government, in industry and in our schools.