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Obama Gets No G-20 Help Against China

From a surprisingly sardonic Associated Press:

Obama claims strengthened hand in global dealings

November 12, 2010

YOKOHAMA, Japan (AP) — President Barack Obama claimed a stronger hand on the world stage Friday despite electoral defeats at home, failure to get a free-trade agreement with South Korea and lackluster international support for his get-tough policy with China on trade and currency disputes.

Mind you, this is a lede paragraph in an Associated Press article. The elections really are over.

"It wasn’t any easier to talk about currency when I was first elected and my poll numbers were at 65 percent," Obama argued at the close of the G-20 summit, after bluntly accusing Beijing of undervaluing its currency.

The president flew to Japan for the APEC summit without the coveted trade pact with Korea or a united front with other countries against China’s currency policy. He also endured a gusher of criticism from other countries about a decision by the U.S. central bank to pump $600 billion into the U.S. economy, something China, Germany and others believe could weaken the dollar and lead to inflation

In other words, this G-20 meeting was a complete failure for Mr. Obama. But then again, when has Mr. Obama ever succeeded at any international meeting? We can’t think of a single ‘success.’

In fact, Mr. Obama’s record is so bad it’s almost as if he doesn’t want to succeed.

Even so, the president contended that his standing with world leaders is not diminished.

"When I came into office people might have been interested in more photo-ops," the president said, because of the "hoopla surrounding my election."

But he contended he has now developed genuine friendships with leaders including Indian Prime Minister Manmohan Singh, German Chancellor Angela Merkel and South Korean President Lee Myung Bak — and even Chinese President Hu Jintao

Why shouldn’t the other world leaders be happy with Mr. Obama? For the most part, they probably want a diminished US, too. 

Obama contended this constituted victory nonetheless, even as he acknowledged that America’s place in the world has changed — and even if he wouldn’t say his had.

Whereas the U.S. had been the dominant superpower, "We are now seeing a situation where a whole host of other countries are doing well and coming into their own and naturally they’re going to be more assertive … and that’s a healthy thing," the president said.

Could he put it any plainer? Who can still doubt that Mr. Obama is secretly pleased with America’s diminished position in the world? He is thrilled that we are having our wings clipped.

Obama told a news conference here that progress was made in stabilizing and strengthening the global economy, saying it is now back on "the path of recovery." But he also said that nations "risk slipping back" into peril if they don’t work harder to foster sustained growth, end unfair trade practices and currency manipulation

Notice that just like back in June, Mr. Obama is still insisting that the world risks "slipping back" into peril if everyone doesn’t increase their government spending. Meanwhile, many of these leaders are carrying out their vows from the last G-20 meeting to slash their deficits in half.

China’s currency "is undervalued," the president declared, adding that Beijing "spends enormous amounts of money" to keep the yuan in that condition. He said that it’s critical for China, "in a gradual fashion," to let markets set the currency’s value.

But Obama’s summit partners declined to endorse his position, issuing a watered-down statement saying only they agreed to refrain from "competitive devaluation" of currencies. Using a slightly different wording favored by the U.S. — "competitive undervaluation" — would have shown the G-20 taking a stronger stance on China’s currency policy.

Indeed, by condemning "devaluation" the G-20 could be also including the US for its QE1 and QE2 antics. In fact, that would seem to be the undeniable conclusion:

Of criticism from Germany and other quarters that the Federal Reserve Board engaged in what amounts to currency manipulation by purchasing $600 billion in U.S. Treasury bonds, the president said the move "was not designed to have an impact on the currency, the dollar. It was designed to grow the economy."

And they believed him, of course.

This article was posted by Steve on Friday, November 12th, 2010. Comments are currently closed.

8 Responses to “Obama Gets No G-20 Help Against China”

  1. proreason says:

    The tide has turned against the fascists. That doesn’t mean the game is over, but it sure as hell is a good sign.

    Remember the despair of two years ago. S&L was like an early warning system with every light on the dashboard going off simulataneously. We were talking about secession, armed revolt, individual resistance, bunkers, moving to other countries. We had already identified the Moron as a manchurian, a committed marxist, a narcissist, a person bent on destroying the country. This was before Rush made his game-changing comment that he hoped he would fail.

    And now think about how far the country, how far the WORLD has come in negating this bundle of destruction. 60% of Americans view him as a socialist. 60-70% of the country reject every one of his policies….we want the entire agenda repealed. Multiple of his associates have been outed as radicals, several hounded from the administration. He is scorned and mocked in the world community, justifiably so. Serious scholars have documented his malignant narcissistic personality. Even more facts are coming out about the strangest life of any major figure in American history. The country has turned more conservative than it has been in 100 years. A whole new political movement has arisen to conteract the endless crimes from this administration. Dozens, probably hundreds of thoughtful books have been written about this alien creature. Talk radio and Fox audiences have multiplied as more and more people tune in to how extreme this manchurian really is. His party has been partially marginalized. The country and much of the world is united against him. He is on the verge of a nervous breakdown.

    We should all pray that these trends continue. At S&L, we should be bursting with pride in our role in identifying the greatest enemy this country has faced, certainly since the communists were defeated, and possibly forever.

    But wounded animal are the most dangerous kind.

    Now isn’t the time to relax. Now is the time to triple our efforts.

  2. bill says:

    Sir, your House wing has fallen off.

    No worry it’s just a flesh wound.

  3. tranquil.night says:

    For all the Obama-bots out there, a brief and relevant music break. Y’all should know it well by now as it’s rapidly climbing your zombie music charts:

    Waiting for the end to come, wishing I had strength to stand.
    This is not what I had planned.
    It’s out of my control.

    Flying at the speed of light, thoughts were spinning in my head.
    So many things were left unsaid.
    It’s hard to let you go.

    I know what it takes to move on.
    I know how it feels to lie.
    All I wanna do is trade this life for something new,
    Holding on to what I haven’t got.

    Sitting in an empty room, trying to forget the past
    This was never meant to last.
    I wish it wasn’t so.

    What was left when that fire was gone?
    I thought it felt right, but that right was wrong.
    All caught up in the eye of the storm,
    And trying to figure out what it’s like moving on.

    And I don’t even know what kind of things I said.
    My mouth kept moving and my mind went dead.
    Picking up those pieces now where to begin?
    The hardest part of ending is starting again.

    All I wanna do is trade this life for something new.
    Holding on to what I haven’t got.

    This is not the end, this is not the beginning.
    Just a voice like a riot, rocking every revision.
    But you listen to the tone and the violent rhythm –
    Though the words sound steady,
    Something empty’s within ’em.

    Linkin Park “Waiting for the End” – Currently #6 on the rock charts

    • proreason says:

      I have to say that those lyrics are light years beyond what popular music is generally capable of.

      Whoever wrote it is a serious and seriously talented person.

  4. Rusty Shackleford says:

    “…to pump $600 billion into the U.S. economy, something China, Germany and others believe could weaken the dollar and lead to inflation…

    And, they speak from experience. But we have different socialists who will do it right.

  5. MinnesotaRush says:

    “President Barack Obama claimed a stronger hand on the world stage Friday…”

    … and that he’s saved the US economy from going over the economic cliff.

    … and that he’s saved or created millions of jobs here at home in the US.

    … and that we’ve never been safer.

    … and that blah, blah, blah, blah, blah, and blah.

  6. Mae says:

    “Punk” Definition: hoodlum, bully, criminal, delinquent, gangster, goon, hood, hooligan, mobster, rioter, rowdy, ruffian, thug, troublemaker.

    Take your pick, which ever one grabs you. I’m inclined toward “troublemaker” today.

    As those posting on S&L have said many times before, if only we’d had a different Republican nominee, one who would have called Barry on the discrepancies between what he was saying in the 2008 campaign and what he “wrote” and said in prior years. If only…if only….

  7. JohnMG says:

    …..”Obama contended this constituted victory nonetheless……”

    (“They are not in Baghdad.”)

    …..”he also said that nations “risk slipping back” into peril if they don’t work harder to foster sustained growth, end unfair trade practices and currency manipulation…..”

    So how’s that “community organizing” working for ya’ on the world stage BO? You might get by with that Saul Alinsky class warfare shit in the ‘toe’, but that dog won’t hunt over yonder, ’cause they all want to tear a strip off our ass as it is. You think they’re gonna’ help you?

    Chump! Stupid chump!!

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