During President Barack Obama’s recent 10-day Asia Fantasia expedition, the leaders of the G-20 seemed to demonstrate a modified version of the Golden Rule: Don’t do unto Obama what he never had the courtesy to do unto you.
Namely, don’t adopt his crackpot ideas on economic policy—pumping billions more in currency into your economies—in the same way he didn’t stop the Federal Reserve from enacting similar measures when the world warned him not to the first year-and-a-half of his presidency.
Also, don’t jump on the Obama bandwagon of loudly scolding China for its currency manipulation, when the U.S. is doing the same or worse via cockamamie quantitative easing and currency devaluation schemes.
You know your president’s “progressive” ideas are behind the times when the Communist Chinese Foreign Minister rebukes him for relying on “outmoded central planning.”
On his mega-expensive trip to India, Indonesia, South Korea, and Japan last week, Obama failed to achieve a free trade agreement with South Korea, which was supposed to be one of the highlights of his trip.
But at least Obama got to dance awkwardly on camera with Indian toddlers! Also, he had time to thank Indonesia for the sacrifices of their “great nation” on Veteran’s Day.
Cranky Fed officials shot back at international criticism of Reserve policies, arguing that QE2 and inflation-promoting measures are necessary to get the economy going. How many times have we heard that one before?
These days the Fed isn’t even pretending their latest round of mad experimentation won’t be their last. Charles Evans, head of the Federal Reserve Bank of Chicago, mused that the Fed’s recent decision to buy $600 billion of government debt was a “good place to start” but:
“I would continue to want to apply accommodative monetary policy until I had some confidence that that situation was changing.”
This week, Obama will be attending economic summits held by members of NATO and the European Union, where he will be lucky not to have his policy ideas served back to him via a swift palm to the cheek.