I almost feel sorry for Barack Obama. He’s traveling the world over, looking for some love, and coming up empty.
America handed him an epic rejection of virtually everything he has “accomplished” just two years in. Knowing fully well what was coming, he skipped the country on a trade mission, a multi-bazillion-dollar entourage in tow, hoping to bring home a trade agreement…or…something.
President Obama’s hopes of emerging from his Asia trip with the twin victories of a free trade agreement with South Korea and a unified approach to spurring economic growth around the world ran into resistance on all fronts on Thursday, putting Mr. Obama at odds with his key allies and largest trading partners.
Does the whole world hate Obama?
After five largely harmonious meetings in the past two years to deal with the most severe downturn since the Depression, major disputes broke out between Washington and China, Britain, Germany and Brazil.
OK, maybe not the whole world, just a majority of the largest economies of the world, so technically there are countries out there, theoretically, that don’t think America’s fiscal and monetary policies are being crafted by an administration consisting of a band of arrogant bookworms that have never owned, created or run anything resembling an enterprise.
In two years, the Obama administration has effectively rendered America to the economic equivalence of adolescence, world leaders now treating Obama and his staff like underclassmen.
As if a global scolding wasn’t embarrassing enough for the soon-to-be one-term President, his Treasury Secretary, steeped in academentia, was fending off attacks from back home.
The disputes were not limited to America’s foreign partners. Treasury Secretary Timothy F. Geithner got into a trans-Pacific argument with one of his former mentors, Alan Greenspan, the former chairman of the Federal Reserve, after Mr. Greenspan wrote that the United States was “pursuing a policy of currency weakening.” Mr. Geithner shot back on CNBC that while he had “enormous respect” for Mr. Greenspan, “that’s not an accurate description of either the Fed’s policies or our policies.” He added, “We will never seek to weaken our currency as a tool to gain competitive advantage or grow the economy.”
Well, if you say so.
…well, at least not again…because the Fed’s current plan to buy $600 Billion of government securities is precisely, explicitly that.
Does Geithner actually believe we are all that stupid or that he’s so much smarter?
Much of the rest of the world seemed to share Mr. Greenspan’s assessment. Moreover, Mr. Obama seemed to be losing the broader debate over austerity. The president has insisted that at a moment of weak private demand, the best way to spur economic growth is to have the government prime the pump with cheap credit and government stimulus programs. He quickly found himself in an argument with Prime Minister David Cameron of Britain and Chancellor Angela Merkel of Germany.
Wait, who? Great Britain? Isn’t Great Britain…like, our Huckleberry? How retarded does the President and his staff have to be to screw up that relationship?
America isn’t subscribing to this administration’s ineptitude and neither is the rest of the world.
Playing a fools game, hoping to win, telling those sweet lies and losing again.