A prayer for 2013

These are perilous economic and financial times. Leading dogmatic US politicians are determined to drive their country over the fiscal cliff, at the risk of tipping their nation and the ailing Western world into renewed recession with potentially devastating effects for the rest of the globe.

In Asia, a new government in Japan is preparing to print and spend its way out of recession as the lesser evil in spite of already horrendous government indebtedness. In response, the Tokyo stock market rose to 10-month highs, although it's still at 26 per cent of its December 1989 record levels.

In China, the new government seems wedded to growth rates of 7.5 per cent a year, even though a wiser course would be to rebalance the economy towards consumption and the common man.

Rule No 12 of John Templeton's legendary golden rules for investment success seems appropriate: "Begin with a prayer."

Templeton was a Christian, but his reason for advocating prayer was not so much to ask an almighty power to deliver miracles. As Templeton explained: "If you begin with a prayer, you can think more clearly and make fewer mistakes."

In the holiday lull between Christmas and New Year it would be a good idea for politicians, economists and investors everywhere to offer a prayer and then enjoy some cool reflection on how to tackle the myriad issues facing them.