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.
Showing posts with label G-20 Summit. Show all posts
Showing posts with label G-20 Summit. Show all posts
Friday, November 12, 2010
Thursday, April 02, 2009
Overhyping the Summit
I'm not sure whether it was superstition about April Fool's Day or the reputed worm that led me not to blog yesterday, but there it is. I did, however, clean up my home office to the point that I can actually see the surface of my work table, and I organized some reading material for my book. So it was hardly a lost evening.
I understand that this is Barack Obama's first overseas trip, so to some extent all the hype and overcoverage, whether about giving the queen an iPod or Michelle's many dresses, is understandable. But truth to tell, aside from the business of other presidents getting a chance to interact with the new POTUS personally, and maybe a bit here and there behind the scenes, little was likely to emerge from the vaunted G-20 meeting, as this Register editorial on the previous day suggested. To be sure, there was a wan agreement from all the high-tax bullies on trying to discourage countries from being tax havens, a terrible idea. As for more substantive agreement, thank goodness it wasn't really there, -- no new international regulatory body -- aside from some inflationary spending. Yes, we came a little closer to a new one-world order, but not as close as they might have liked. The continentals resisted the pressure to spend more than a token on a "stimulus" package. All in all, nowhere near as disastrous a group photo-op as it might have been, despite the brave words. The upshot will be less (note the date on the link) than they're bragging about, which is good for the world.
I understand that this is Barack Obama's first overseas trip, so to some extent all the hype and overcoverage, whether about giving the queen an iPod or Michelle's many dresses, is understandable. But truth to tell, aside from the business of other presidents getting a chance to interact with the new POTUS personally, and maybe a bit here and there behind the scenes, little was likely to emerge from the vaunted G-20 meeting, as this Register editorial on the previous day suggested. To be sure, there was a wan agreement from all the high-tax bullies on trying to discourage countries from being tax havens, a terrible idea. As for more substantive agreement, thank goodness it wasn't really there, -- no new international regulatory body -- aside from some inflationary spending. Yes, we came a little closer to a new one-world order, but not as close as they might have liked. The continentals resisted the pressure to spend more than a token on a "stimulus" package. All in all, nowhere near as disastrous a group photo-op as it might have been, despite the brave words. The upshot will be less (note the date on the link) than they're bragging about, which is good for the world.
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