It may be a sign of the times, but two world leaders who left office with near-record low approval ratings were able to offer attendees at Pershing's annual Insite conference some rays of optimism this week. In particular, former U.S. President George W. Bush and former U.K. Prime Minister Gordon Brown voiced remarkably high hopes over the ultimate outcome of the so-called Arab Spring that has spawned political earthquakes threatening many Middle Eastern dictators' ability to retain power.

Former president George W. Bush regaled the audience with his warm personality, well-known sense of humor and less well-known sense of perspective. Asked what retirement was like, Bush said he told his wife, Laura, that he was "free at last." Laura Bush responded that he was free to do the dishes. "It's the new domestic policy agenda," he said she told him.

Bush also was asked about Russian potentate Vladimir Putin. He related a story of introducing Barney, his diminutive Scottish terrier to Putin, who immediately gave a look of disdain and disapproval. One year later when Bush was in Russia, Putin showed him his dog, a giant Russian labrador. "Bigger, stronger, faster than Barney," Putin boasted.

When Bush relayed this tale to Canadian Prime Minister Harper, the friend from the north responded tartly, "At least he only showed you his dog."

On a more serious note, Bush offered some illuminating insights on the different perspectives world leaders bring to their jobs. With many of his counterparts, such as former British prime minister Tony Blair and leaders in Japan, he was able to establish close working relationships. With China things were more difficult.

One-on-one meetings were typical with some leaders, but similar events with the Chinese turned into seven-on-seven meetings, replete with lots of senior aides and interpreters. Finally, Bush arranged to have a dinner with the Chinese leader and Secretary of State Condi Rice and her counterpart and a few less interpreters. Bush asked the president of the world's largest nation what kept him up at night. The Chinese president responded "creating 25 million new jobs a year."

The implication was that if China failed at aggressive job creation the Communist regime's grip on power might become tenuous. As for Bush, it was clear that the events of 9/11 seared his conscience and defined his administration. When asked what he wanted his legacy to be he said, "Kept his country safe." I would doubt any American president since James Monroe would have said that.

Bush recognized that many view his hope for democracy in the Middle East as reflective of naivete. Displaying a keen sense of history, he said people in 1942 would have though you were crazy if you told them that one of the first calls Bush would get on September 11, 2001, would come from the Japanese prime minister offering support and solidarity.

Both Bush and Brown see remarkable potential for the so-called Arab Spring. Bush believes democracy can take hold even in a country like Afghanistan, which has a 30% literacy rate. "Success is attainable in Afghanistan" and it was clear he feared war-weary Americans might force politicians to pull the plug too early.

Brown told attendees that it was almost serendipitous that Osama bin Laden and nearly half of Al-Qaeda's leadership had been expunged in the last year at the same time as young people in the Arab world were demanding greater self-determination and toppling dictators. Only a year ago, the biggest fear among western foreign-policy wonks was that if the dictators were chucked out of power, they'd be replaced by Al-Qaeda-type militant fundamentalists.

Before becoming prime minister in 2007, Brown had served as Chancellor of the Exchequer for ten years and presided during a remarkable 15-year economic expansion. Before 2008, England's last recession occurred in the early 1990s.

The man known as a dour Scotsman joked that there were two kinds of finance ministers-those who fail and those who get out just in time. Brown became PM just in time to get walloped.

Brown went into some detail about why, after 15 or 20 studies, he refused to recommend that the U.K. use the euro, much to the chagrin of his boss, Tony Blair. The euro, he concluded, was conceived as a political project without the underlying economic logic to support it. There was no flexibility and no crisis prevention mechanism.

All the centralized EU institutions lack the power to iron out various problems. "No one is sure who is accountable to whom," he said.

Brown was replaced by a Conservative government that dealt with their financial and debt crises with the formula recommended in the 1990s by the IMF to emerging nations. They raised taxes and cut spending. England's economy is now sputtering.

Severe new regulations on the banks and special taxes on excessive bonuses for bankers has sparked lots of grousing among Britain's financial set. According to Brown, Barclay's has threatened to move to America-maybe Dodd-Frank could have been worse-HSBC has talked about going to Hong Kong and Standard Chartered has mentioned Singapore as a new home. The Swiss must feel unloved.

Over the long term, Brown sees globalization as a huge opportunity for America and Europe. Over the next 20 years, the world economy will double in size. Right now there is a huge consumption-production imbalance between the developed western nations (including Japan) and the emerging, developing nations.

By 2025, Asia will account for 40% of the world's consumption, the U.S. will represent only 20%, German 4%, France and the U.K., 3% respectively, Brown projected. But those Asian consumers will start demanding Western goods and services.

Among India and China, serious differences will need to be resolved. He told the story of an Indian big wig who forgot to bring his overcoat to China and walked off the plane to find an unseasonal Manchurian chill. The first thing he did was go to a store to buy a warm coat. After finding a coat that seemed to work, the Indian gentleman asked the salesman what brand it was. According to Brown, the salesman responded, "What brand do you want? Burberry, Armani?"

Brown noted that Western nations aren't generating enough economic growth or jobs, but eventually they will and the result will be lots of new job opportunities in America and Europe.

One can only hope that Bush and Brown are right and not just telling the audience what they think it wants to hear.