Friday, November 12, 2010

Obama fumbling abroad

Somebody should have told Barack Obama that they report U.S. election results overseas and everybody would know that he is considerably weakened. His Asian trip, after some mutual flattery in India and Indonesia, is shaping up as something of a disaster. He wasn't able to finalize a U.S.-South Korean trade pact, in part because he is busy carrying water for the United Auto Workers instead of the American people. Other countries laughed at Turbo Tim's idea of putting a numerical limit on trade surpluses and deficits, micromanagement on steroids, though they agreed on a statement (as such conferences tend to) that made it appear there was more agreement than in fact was in evidence. And the Fed's decision to unleash $600 billion in paper money undermined any credibility the U.S. might ever have had in criticizing (for example) China's policy of undervaluing its own currency.

So maybe it wasn't the election results but the stupidity of the policies the administration was trying to peddle at the G-20. Not that most G-20 leaders would know a stupid policy from a smart one.

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