Obama fails to get G-20 to scold China for what Obama is doing with QE2

posted at 10:12 am on November 12, 2010 by Ed Morrissey

For years, the US has protested China’s policy of keeping the value of its currency artificially low to boost exports and gain a competitive edge over domestic production throughout the West.  Until recently, the US had a coalition of allies at the G-20 to stand firm against the manipulation of the yuan.  However, much to Barack Obama’s shock, they’re not as interested in scolding China for manipulating its currency while the Obama administration has done the same with its second round of “quantitative easing”:

Leaders of 20 major economies on Friday refused to endorse a U.S. push to get China to let its currency rise, keeping alive a dispute that has raised the specter of a global trade war amid criticism that cheap Chinese exports are costing American jobs. …

The biggest disappointment for the United States was the pledge by the leaders to refrain from “competitive devaluation” of currencies. Such a statement is of little consequence since countries usually only devalue their currencies — making it less worth against the dollar — in extreme situations like a severe financial crisis.

The AP report takes six paragraphs to explain why the G-20 essentially laughed in Obama’s face:

The crux of the dispute is Washington’s allegations that Beijing is artificially keeping its currency, the yuan, weak to gain a trade advantage. But the U.S. position has been undermined by its own recent policy of printing money to boost a sluggish economy, which is weakening the dollar.

The G-20′s failure to adopt the U.S. stand has also underlined Washington’s reduced influence on the international stage, especially on economic matters. Obama also failed to conclude a free trade agreement this week with South Korea.

Yes, it does make it difficult to get allies in an effort to stop China from manipulating its currency to gain advantage on exports when we’re explicitly doing the same thing ourselves.  The G-20 didn’t do much before now anyway to fight back against China, but at least they gave the effort lip service.  With the Obama administration attempting to undermine the Eurozone on exports, even that modicum of support has evaporated.

The G-20 just delivered a big message to Obama, which is that American leadership on economics is sailing away on the QE2.  Did he get the message?  Not exactly.  Obama tried to spin this into some sort of victory, saying that “sometimes we’re going to hit singles” rather than home runs.  This was neither; it was a whiff.

As the AP makes clear, it was a bad omen, and perhaps the echoes of a larger disaster:

The dispute over whether China and the United States are manipulating their currencies is threatening to resurrect destructive protectionist policies like those that worsened the Great Depression in the 1930s. The biggest fear is that trade barriers will send the global economy back into recession. A law the United States passed in 1930 that raised tariffs on imports is widely thought to have deepened the Great Depression by stifling trade.

Instead of a Smoot-Hawley on tariffs, we may get a currency war that ends up having the same effect.  The US just threw gasoline instead of water on those embers.  We’ll have to rest our hopes on the equanimity and good sense of the Europeans and pray they don’t follow suit.


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In to say that the raise I just got is now completely worthless.
Thanks Obama!

rollthedice on November 12, 2010 at 10:17 AM

Odumbo lost his House wing and everybody knows it, but him.

tarpon on November 12, 2010 at 10:18 AM

How does devaluing the currency help the American consumer? Great, so US exports may benefit temporarily from QE2. But that kind of policy will also leave people with a weakened dollar that buys way less than it used to.

Doughboy on November 12, 2010 at 10:19 AM

Smart power.

Smaulz on November 12, 2010 at 10:19 AM

“Look, I won”

Obama’s opening statement at the G-20 summit

BobMbx on November 12, 2010 at 10:20 AM

Obama: “Embrace the suck.”

G20: “Did somebody say something?”

WisRich on November 12, 2010 at 10:20 AM

Wow. I’m so glad the rest of the World respects us now that that idiot Bush is gone and that brilliant Obama is in charge…

(I don’t need the sarc tag do I?)

sandee on November 12, 2010 at 10:21 AM

No one appreciates Obama’s economic genius except Zimbabwe. Are y’all ready for $77 Folger’s Coffee?

kingsjester on November 12, 2010 at 10:21 AM

The man is going to do anything, and everything to prove he’s right. Even if it means destroying our country. And it seems, he’s willing to take other countries with us. *sigh*

capejasmine on November 12, 2010 at 10:24 AM

How does devaluing the currency help the American consumer? Great, so US exports may benefit temporarily from QE2. But that kind of policy will also leave people with a weakened dollar that buys way less than it used to.

Doughboy on November 12, 2010 at 10:19 AM

It makes US goods and services cheaper outside the US, therefore increasing exports and tourism.

This, in turn, creates demand for US goods which drives job creation. Thats good.

But, it also makes imports more expensive, so that as we import vastly more than we export, our cost of living increases. That’s bad.

BobMbx on November 12, 2010 at 10:24 AM

Any forecasts on what will happen when Obama returns? It’s not gonna be to a happy crowd, after all he’s said and done; but for Hillary to send millions to Palestine ($20M?) and then their praise for Obama with merchandise, we can clearly see where O stands for…our enemies.

I wish our troops could be pulled back. Bring ‘em home. He’s not worth it. Our troops deserve a better CIC.

ProudPalinFan on November 12, 2010 at 10:25 AM

What we really need is to print more money. – Paul Krugman

Good Lt on November 12, 2010 at 10:25 AM

Not exactly. Obama tried to spin this into some sort of victory, saying that “sometimes we’re going to hit singles” rather than home runs. This was neither; it was a whiff.

I heard this quote while running on the treadmill this am. I about fell off laughing. Coming from a guy that throws like a limp-wristed fister, its no surprise that he’s trying to manage expectations of his weak game. He thinks he’s playing long ball but is really just getting laughed at in the locker room.

ted c on November 12, 2010 at 10:25 AM

for Hillary to send millions to Palestine ($20M?)

Try $150 million of your dollars.

Cause, you know, the federal government has so much extra money to throw around these days. It’s not like we’re tettering on insolvency or anything.

Good Lt on November 12, 2010 at 10:26 AM

Obama supporters are so enamored of Obama’s intelligence. But he doesn’t seem to understand the simplest cause-and-effect relationships. Beyond that, he’s a president who adamantly insists on intervening in the economy when the extent of his experience with the market economy is giving away his employer’s ice cream to his friends for free. And, according to his tax returns, he and his wife, despite making well over $200,000 a year since at least 2000, never understood the benefit of even an interest-bearing checking account until 2005.

What should we expect but incompetence?

BuckeyeSam on November 12, 2010 at 10:27 AM

Wow. I’m so glad the rest of the World respects us now that that idiot Bush is gone and that brilliant Obama is in charge…

(I don’t need the sarc tag do I?)

sandee on November 12, 2010 at 10:21 AM

Nope. And it’s depressing as he!! isn’t it? I really think a vast majority of liberals now know he’s a dunce. However, will that sway their vote, and public shilling for Obama? Nope!

capejasmine on November 12, 2010 at 10:27 AM

Didn’t he tell them he got a Nobel peace price?

the_nile on November 12, 2010 at 10:27 AM

We were told ‘the world will love us’ if Barry got elected. Is the honeymoon over?

GarandFan on November 12, 2010 at 10:28 AM

He thinks he’s playing long ball but is really just getting laughed at in the locker room.

ted c on November 12, 2010 at 10:25 AM

Ted, he will wish he’d be locked inside a locker room after the “welcome wagon” he’s gonna get when he comes back. One term president? You betcha!

ProudPalinFan on November 12, 2010 at 10:28 AM

ted c on November 12, 2010 at 10:25 AM

The metrosexual Obutthead can’t throw…and now he wants us to believe he can hit? Bahahahaha ho ho ho heee heee hee Bahahahahahaha

capejasmine on November 12, 2010 at 10:31 AM

It is terrifying that this guy is so out of touch with reality. He is literally delusional. Isn’t that grounds for impeachment?

ctmom on November 12, 2010 at 10:32 AM

It makes US goods and services cheaper outside the US, therefore increasing exports and tourism.

This, in turn, creates demand for US goods which drives job creation. Thats good.

But, it also makes imports more expensive, so that as we import vastly more than we export, our cost of living increases. That’s bad.

BobMbx on November 12, 2010 at 10:24 AM

Exactly. Driving up the cost of living with massive inflation won’t help anyone.

Doughboy on November 12, 2010 at 10:32 AM

Wow. I’m so glad the rest of the World respects us now that that idiot Bush is gone and that brilliant Obama is in charge…

(I don’t need the sarc tag do I?)

sandee on November 12, 2010 at 10:21 AM

It was never about respect. The rest of the world resents America because we have been so competitive for so long. That’s why Europe often sneers at us as uncultured; culture and history are all they have to offer, and even that is overstated since we are the largest exporters of modern culture (movies, music, etc.).

Their conditions for “respect” require that America lose its competitive edge. That’s what they really want from us, and they love Obama because they know he’ll make America less competitive.

Caiwyn on November 12, 2010 at 10:33 AM

Singles, really?

ted c on November 12, 2010 at 10:34 AM

By the way…this is off topic, but I have to ask…

In the picture on the front page, we see Obama give an almost glaring look down the table, and I noticed Sarkozy is in the line of sight?!

Is this the same animosity that Michelle showed toward Sarkozys wife? Hmmmmmm.

capejasmine on November 12, 2010 at 10:37 AM

QE2 is the ultimate US unilateralism, no?

WisCon on November 12, 2010 at 10:39 AM

Ed’s screencap pic of the POTUS Asia Tour reminds me of when my cousin turned 16 and my grandma finally let him sit at the adults table during Thanksgiving. He looked young, immature and out of place. Each time he opened his mouth to say something, he just reaffirmed that he should’ve still been at the lil’ tikes table playing jackass.

ted c on November 12, 2010 at 10:39 AM

Obozo:
Uh, ummmm, let me first say that I apologize for the US manipulating the USD for the last century, but we need to continue to manipulating the USD in order to keep our economy going long enough for ME to get re-elected. So, uh, ummm, I really need you people to go along with, uh, ummmm, ME on this, uh, ummm, OK?

belad on November 12, 2010 at 10:40 AM

Instead of a Smoot-Hawley on tariffs, we may get a currency war that ends up having the same effect.

I’d say the odds are better than even on that.

Vashta.Nerada on November 12, 2010 at 10:40 AM

Obama’s not “doing” QE2. Hell, QE2 undercut his whole strategy at the G20! You think he both planned QE2 and then planned to go argue from no legitimate position at the G20? That just doesn’t make sense. Obama failed at the G20, yes, but because Bernanke tied his hands (also, he’s a p*ssy for caving to regional interests on the SKorea trade deal).

ernesto on November 12, 2010 at 10:40 AM

How does devaluing the currency help the American consumer? Great, so US exports may benefit temporarily from QE2. But that kind of policy will also leave people with a weakened dollar that buys way less than it used to.

Doughboy on November 12, 2010 at 10:19 AM

Remember Bammie pledged in January that he would double US exports within five years. He is so ignorant of basic economics along with his staff of Marxist retreads that he probably thinks devaluing the currency is a good way to do it.

slickwillie2001 on November 12, 2010 at 10:42 AM

I take it no one has the power to stop Bernanke from printing the $600B and devaluing our money?

Can Hillary just give the Palestinians $150M and no one can stop it? Does she have a non congressionally overseen budget with that much money?

WTH is going on here!?

CCRWM on November 12, 2010 at 10:44 AM

slickwillie2001 on November 12, 2010 at 10:42 AM

…currency devaluations are a pretty standard export strategy. I mean, you can argue over the consequences to the American consumer, but its a pretty widely accepted macroeconomic strategy.

ernesto on November 12, 2010 at 10:46 AM

QE2 is the ultimate US unilateralism, no?

WisCon on November 12, 2010 at 10:39 AM

only if it can be blamed on GDub in someway, somehow…

ted c on November 12, 2010 at 10:47 AM

Obama’s not “doing” QE2. Hell, QE2 undercut his whole strategy at the G20! You think he both planned QE2 and then planned to go argue from no legitimate position at the G20? That just doesn’t make sense. Obama failed at the G20, yes, but because Bernanke tied his hands (also, he’s a p*ssy for caving to regional interests on the SKorea trade deal).

ernesto on November 12, 2010 at 10:40 AM

Are you for real? Obama came out and defended QE2 a day before the summit! Your assumption that Obama looks at issues logically needs to be reevaluated.

WisRich on November 12, 2010 at 10:47 AM

The Boy King has no pull amongst the adult leaders of the world?

Say it ain’t so.

portlandon on November 12, 2010 at 10:47 AM

I take it no one has the power to stop Bernanke from printing the $600B and devaluing our money?
CCRWM on November 12, 2010 at 10:44 AM

Correct.

ernesto on November 12, 2010 at 10:47 AM

ernesto on November 12, 2010 at 10:40 AM

Has Obama, or his administration, criticized QE2?

It is hard to imagine the Fed is independent anymore. Ever since they role has grown to economic growth, and not just stable currency, they have become political.

WashJeff on November 12, 2010 at 10:48 AM

QE2 is the ultimate US unilateralism, no?
WisCon on November 12, 2010 at 10:39 AM

What do you mean?

CCRWM on November 12, 2010 at 10:48 AM

…currency devaluations are a pretty standard export strategy. I mean, you can argue over the consequences to the American consumer, but its a pretty widely accepted macroeconomic strategy.

ernesto on November 12, 2010 at 10:46 AM

I talked with a pretty sharp business fella who echoed this same sentiment.

ted c on November 12, 2010 at 10:48 AM

I take it no one has the power to stop Bernanke from printing the $600B and devaluing our money?
CCRWM on November 12, 2010 at 10:44 AM

Correct.

ernesto on November 12, 2010 at 10:47 AM

So it Wasn’t Bush’s fault?

Good to know.

portlandon on November 12, 2010 at 10:49 AM

The other problem with exporting goods and services: what do we produce that can’t be done more cheaply elsewhere?

When call centers are placed in India or Ireland, those jobs aren’t done in the US, but elsewhere. That is an service done elsewhere, so that those selling goods in the US don’t have to get US labor to do that service.

Financial transactions can take place just about anywhere, so there isn’t much of a stable service system for that.

Do we make lots of cars the world wants? Remember that VW, Toyota, Honda and others came here to build assembly plants because it is cheaper to ship parts than whole cars. There is now a shipping glut for the world due to the downturn, so how long will that last?

How much steel do we produce? And how many steelworkers are there?

We still have a relatively good aluminum system, but Russia has larger reserves, cheaper labor and shipping.

Titanium? Ukraine.

We could produce lots of oil, but we are on a path to energy suicide with out lovely regulations, policies and ‘environmentalists’ who are working towards a human-free planet.

High tech? When was the last fab plant put up by INTEL and where was it? Or AMD? Motorola?

Who makes your cellphone? Probably done in S. Korea, China or Malaysia… or Norway, one of the few things they still chug out.

DVRs? Computer motherboards? Hard drives?

What does America make or which services do we offer that are compelling to the world these days?

A weakened dollar doesn’t change our self-destructive system. Until we the people finally have enough and vote in people to get rid of this over-regulated, over-paid, over-worked, over-burdened and now quite lethal system created the last 100 years, we will not pull out of the doldrums. We must be willing to make something that we can sell, at any profit, to succeed. And then let people keep their earnings so they can invest into their job, workplace, family, society and charities to help take care of the less well off.

Obama is living in a fantasy ideology that says being poor is good for you as you were nasty and rich until he helped you become poor.

Thank him for it!

And he does expect applause, too.

ajacksonian on November 12, 2010 at 10:50 AM

the path to Great Depression 2.0.

joeindc44 on November 12, 2010 at 10:51 AM

…currency devaluations are a pretty standard export strategy. I mean, you can argue over the consequences to the American consumer, but its a pretty widely accepted macroeconomic strategy.

ernesto on November 12, 2010 at 10:46 AM

Destruction of America is a pretty standard Obama strategy.

the_nile on November 12, 2010 at 10:52 AM

Your assumption that Obama looks at issues logically needs to be reevaluated.

WisRich on November 12, 2010 at 10:47 AM

Perhaps, but I can imagine him having to do his best to hide any differences of opinion between the administration and the Fed. Either way, it makes ZERO sense to call for QE2 and then try to scold China. ZERO. Like, is his entire trade delegation inept? Or are they really just getting forced to swallow a bitter QE2 pill against their will?

ernesto on November 12, 2010 at 10:53 AM

The G-20′s failure to adopt the U.S. stand has also underlined Washington’s reduced influence on the international stage, especially on economic matters. Obama also failed to conclude a free trade agreement this week with South Korea.

So Dear Liar is surprised that His belief in diminishing American influence comes back with a diminished American influence?

Anyone who thought The Whine was incredibly smart is a total idiot.

rbj on November 12, 2010 at 10:54 AM

Hello? Yes, this is George Soros … Oh hello Barack. Yes, yes, you’ve done well. Keep acting as though you’re concerned with the economy. You’re performing admirably … soon it will get much worse and you’ll be able to execute the takeover.

We must get together soon and discuss plans for my wing at the White House. I do love the color scheme Michelle has picked. Please be sure to keep that lovely Axelrod fellow. His mustache brings back many pleasant childhood memories for me.

Goodbye Barack.

darwin on November 12, 2010 at 10:54 AM

That picture is priceless, and it really sums up the whole of Barack Hussein Obama.

MadisonConservative on November 12, 2010 at 10:55 AM

…currency devaluations are a pretty standard export strategy. I mean, you can argue over the consequences to the American consumer, but its a pretty widely accepted macroeconomic strategy.

ernesto on November 12, 2010 at 10:46 AM
I talked with a pretty sharp business fella who echoed this same sentiment.

ted c on November 12, 2010 at 10:48 AM

I disagree. Devaluation is not the standard strategy. The standard is both countries, knowing that trade imbalances hurt both countries, work together on trade and foreign exchange agreements. That would include the surplus country using their excess foreign reserves to buy their own currency and damper their overheated economy.

At least it used to be the standard

WisRich on November 12, 2010 at 10:55 AM

CCRWM on November 12, 2010 at 10:44 AM

The two questions of the day.
Obummer doesn’t want to stop QE2 and the money to the Palestians is just insane. (toss more dept on my kids Hilly! but who TH gave you the authority?)

ORconservative on November 12, 2010 at 10:59 AM

This G-20 summit put Obama’s incompetence on display. The other world leaders smell the weakness on him, and have essentially relegated Barry to the Kids table, while the adults talk.

Barry couldn’t get it done with South Korea? SOUTH KOREA???

Somebody give Barry some crayons, or an Etch-a-Sketch, he gets figitty if he isn’t doing something.

portlandon on November 12, 2010 at 10:59 AM

I take it no one has the power to stop Bernanke from printing the $600B and devaluing our money?

CCRWM on November 12, 2010 at 10:44 AM

Technically, Congress can. Congress has the power to censure the Fed, as well as to order a moratorium on any major currency distribution, in any form, per Article 1, Section 8 of the Constitution. Enumerated power.

…it’s just that they never have used the power, and there is unlikely to be any point in history where the Congress would be less willing to take a stand against the Fed.

MadisonConservative on November 12, 2010 at 10:59 AM

What we really need is to print more money. – Paul Krugman

Good Lt on November 12, 2010 at 10:25 AM

Damn near had the exact same words typed out Lt. And don’t forget, Krugman thinks we should have tripled the stimulus/porkfest.

Obama’s economic team is a complete failure because they don’t embrace free markets. Obama allows himself to be guided by Andy Stern and the unions—policies that will further the deterioration of the dollar, and our standing in the world markets.

Rovin on November 12, 2010 at 11:02 AM

Caiwyn on November 12, 2010 at 10:33 AM

He really raised America’s stature around the world, didn’t he? What really gets me is that when we could look down our noses at the Europeans and say,”Told you so!” as they admit that their social democracy doesn’t work, they are looking at us saying,”Dumbass! Why are you imitating us?! Can’t you see what’s happening?”

Yes, Obama the holy trinity, Moe, Larry and the Curly.

cartooner on November 12, 2010 at 11:04 AM

ajacksonian on November 12, 2010 at 10:50 AM

That said, letting China and friends off the hook isn’t the best advice. Or the businesses and individuals in the US that help those countries, either.

sethstorm on November 12, 2010 at 11:06 AM

i’d rather have bad legislation than a currency war – but either way your doomed.

rock the casbah on November 12, 2010 at 11:08 AM

I don’t know if any of you caught Obowma in the press conference last night…

… but if you were an enemy of the United States, you would be thinking that now would be a good time to strike.

Seven Percent Solution on November 12, 2010 at 11:10 AM

…has also underlined Washington’s reduced influence on the international stage, especially on economic matters.

Help me out here. I’m confused. Hasn’t the goal of Communists/Democrats/Marxists/Progressives/Socialists been exactly that for the past 60 years? Reducing the influence of the United States? Isn’t that what President Obeyme’s supporters have wanted for generations?

oldleprechaun on November 12, 2010 at 11:10 AM

At least it used to be the standard

WisRich on November 12, 2010 at 10:55 AM

The steps you outline are often taken in response to an export oriented devaluation. They’re the next step, once a country forces their trading partners hands by devaluing. You’re seeing that happen now, with Asian countries erecting non-tariff barriers to hot capital inflows that could create bubbles and overheat their economies. This was never some sort of unified process’ its often unilateral at the outset.

ernesto on November 12, 2010 at 11:10 AM

QE2 is the ultimate US unilateralism, no?
WisCon on November 12, 2010 at 10:39 AM
What do you mean?

CCRWM on November 12, 2010 at 10:48 AM

I’m saying that in looking out for our own economic security via QE2 (that is Obama’s argument anyways), we are going to be harming the economies of other nations.

We were constantly assailed by the Left for not taking other nations’ worries into account by going into Iraq. But in reality, all we were doing was looking out for our own national security. But this was disparaged as “unilateralism”, and something that was deterimental to global stability.

Seems like you could make the exact same argument about QE2.

WisCon on November 12, 2010 at 11:14 AM

The words of LTG Russel Honore during Katrina come to mind: Stuck on Stupid.

Dingbat63 on November 12, 2010 at 11:15 AM

One term president? You betcha!

Worst. President. Ever. As of now, the Republicans could nominate Daffy Duck and win the White House.

That said, anyone notice the price of a gallon of gas at the pump lately? Direct result of the deliberate weakening of the dollar. How about, oh, say, a 2-liter or 12-pack of soda? Sugar? Eggs? Milk? Going up. Been going up no matter what the experts tell us about no inflation. Why? Because items like that are not used to calculate the inflation rate. Food and fuel don’t count.

So, who are you going to believe? The experts or your lying eyes?

The damage that’s being done to our country may take a generation to fix. And, by installing another Vichy Republican in 2012 isn’t going to change things.

Also, don’t underestimate the role George Soros is playing in the devaluation of the dollar. He’s betting on it to tank, as he did in France and England as well too. America’s ruin is Dr. Evil’s personal gain. And you know who he controls …

George Soros would make an excellent James Bond villain.

pdigaudio on November 12, 2010 at 11:16 AM

Obama tried to spin this into some sort of victory, saying that “sometimes we’re going to hit singles” rather than home runs. This was neither; it was a whiff.

More like a little chin music.

And the pitcher isn’t some girlie man in mom jeans.

pain train on November 12, 2010 at 11:17 AM

I can see the 2012 election ad now, something along the lines of:

“Let’s count the number of Foreign Policy Successes President Obama has had in the last 4 years”

Followed by
Blank screen for the remainder of the ad.

albill on November 12, 2010 at 11:18 AM

It’s not that the president is dumb, it’s that I can’t quite pick the word that encapsulates his brand of dumb in a way that everyone can clearly grasp it’s magnitude and nature. Moron? Imbecile? Idiot? Well, they fit, but they lack part of the story. Retard? Kind of, but not quite. Half-wit? Dolt? Lamebrain? Blockhead? Dope? Fool? Simpleton? Dullard? Well, yeah, but something’s missing. Ignoramus feels closer to me.

I just don’t know. I read articles like this and clearly, there’s a word for a man capable of this kind of idiocy, but it eludes me.

WashingtonsWake on November 12, 2010 at 11:20 AM

It’s not that the president is dumb, it’s that I can’t quite pick the word that encapsulates his brand of dumb in a way that everyone can clearly grasp it’s magnitude and nature. Moron? Imbecile? Idiot? Well, they fit, but they lack part of the story. Retard? Kind of, but not quite. Half-wit? Dolt? Lamebrain? Blockhead? Dope? Fool? Simpleton? Dullard? Well, yeah, but something’s missing. Ignoramus feels closer to me.

I just don’t know. I read articles like this and clearly, there’s a word for a man capable of this kind of idiocy, but it eludes me.

WashingtonsWake on November 12, 2010 at 11:20 AM

Any of those would work providing you started off with “world-class”.

ICBM on November 12, 2010 at 11:27 AM

Caiwyn @ 10:33
“Resenting” is not the opposite of “respecting.” Other countries for decades have greatly respected the powerful American economic machine, although many were jealous of it. Now they see that Obama is taking America down a ridiculous path, that they know full well will destroy America’s powerful economy, from which they benefitted for so long. Obama’s actions to destroy our economy are causing others to lose their long-term respect for the US and whatever short-term infatuation they ever had with Obama.
It is wrong to think that other countries will respect America once it gives away its economic clout.

GaltBlvnAtty on November 12, 2010 at 11:27 AM

Obama tried to spin this into some sort of victory, saying that “sometimes we’re going to hit singles” rather than home runs. This was neither; it was a whiff.

Another look inside the mind of Obama. Apparently he believes that hitting singles can win games. Nope. Getting runners to home plate wins games.

Team A has 22 singles in a game but no runs; Team B has 1 homerun. Who wins? In Obama’s world, Team A should win.

Me thinks Obama should stop using sport, automobile, and personal analogies. Oh, Hirohito did not sign the surrendur documents in Tokyo Bay.

Smartest man in the room. I’d like to see him square off against Blitz in a game of Jeopardy.

BobMbx on November 12, 2010 at 11:28 AM

This was never some sort of unified process’ its often unilateral at the outset.

ernesto on November 12, 2010 at 11:10 AM

I wouldn’t say never. The Yen was brought down from 360Y to 180Y/Dollar based on a agreement between the two countries. A second agreement may have brought it down to 120Y but I’m not 100% sure. There have been other agreements but name them right of the top of my head. The point being, this should be negoitiated. Currency wars help no one.

WisRich on November 12, 2010 at 11:30 AM

there’s a word for a man capable of this kind of idiocy, but it eludes me.

How about … evil?

He’s the first anti-American president. Clearly the years of associating with the likes of Frank Marshall Davis, Bill Ayers, Michael Pfleger, Bernadine Dohrn, Jeremiah Wright, et al., stoked his hatred for America. Plus, his apparent willingness to view the United States as a colonial power rather than the beacon of freedom that it is causes him to continue to apologize and bash his own country while overseas and bow to other world leaders.

pdigaudio on November 12, 2010 at 11:31 AM

You know you suck when Europe laughs at you.

Grayson on November 12, 2010 at 11:34 AM

Obama’s economic team is a complete failure because they don’t embrace free markets. Obama allows himself to be guided by Andy Stern and the unions—policies that will further the deterioration of the dollar, and our standing in the world markets.

Rovin on November 12, 2010 at 11:02 AM

Obama’s economic team is a complete failure because they don’t embrace free markets. Obama allows himself to be guided directed by Andy Stern and the unions—policies Soros that will further the deterioration of tank the dollar, and our standing in the world markets.

FIFY!

belad on November 12, 2010 at 11:36 AM

“He’s the first anti-American president.”
pdigaudio on November 12, 2010 at 11:31 AM

Nah; Wilson, FDR, JFK, Johnson, Nixon, Carter, Clinton. Our country has a tradition of electing scumbags. He’s just one more, albeit particularly bad.

Grayson on November 12, 2010 at 11:38 AM

The metrosexual Obutthead can’t throw…and now he wants us to believe he can hit?
capejasmine on November 12, 2010 at 10:31 AM

No, but when it comes to foreign relations, he sure can catch.

KGB on November 12, 2010 at 11:38 AM

“Look, I won”

Obama’s opening statement at the G-20 summit

BobMbx on November 12, 2010 at 10:20 AM

“Go home and scoop the poop!”

G-20 summit’s reply

pilamaye on November 12, 2010 at 11:38 AM

Waiting for Obama to announce that the rest of the world is drinking a Slurpee while he is in the ditch pushing out the world economy….

albill on November 12, 2010 at 11:46 AM

QE2 is a tax on everyone holding dollars (savings accounts) or on a fixed income.
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Investments will go up in apparent value as dollar goes down and you’ll pay capital gains taxes on no real gain in value.
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Govt gets the money now, you pay sooner or later thru loss of purchasing power of the dollar.
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QE2 won’t induce a recovery.
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Only a new president will do that.
So hold your breath for two more years of turning diamonds into sand.
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Any one for price inflation of 10-20 percent?

esblowfeld on November 12, 2010 at 11:48 AM

Perhaps to the rest of the world he has become a Lame duck President.

albill on November 12, 2010 at 11:52 AM

And all the heads of state all have a chuckle among themselves when Obama comes in the room and someone says, “Uh-oh, here comes Mr. Nobel Peace Prize…ha, ha, ha.”

albill on November 12, 2010 at 11:54 AM

What do you know? Turns out the liberal ideology of “do what I say, not what I do,” doesn’t work ANYWHERE.

logis on November 12, 2010 at 11:58 AM

I take it no one has the power to stop Bernanke from printing the $600B and devaluing our money?

CCRWM on November 12, 2010 at 10:44 AM

If we had conservative leadership, they could remind Bernanke that the minting responsibility for money supply has been delegated to his organization from Congress.

Thus, Bernanke and his organization falls under the Coinage Act of 1792 which specifies that the act of debasing or making the currency to “be of less weight or value” to be punished with death.

dominigan on November 12, 2010 at 12:04 PM

Goodbye Barack.

darwin on November 12, 2010 at 10:54 AM
Excellent!!! When will the people realize who is on the other end of Barack’s special little phone?

mobydutch on November 12, 2010 at 12:05 PM

More importantly, Obama failed to reach a trade agreement with South Korea. Bush had the agreement all sewn up and ready for Obama’s signature, but Obama felt like he could do better.

Some reports say South Korea didn’t receive the proposal in time to digest it before Obama’s arrival. Apparently they don’t like the “pass it to find out what’s in it” approach.

hawksruleva on November 12, 2010 at 12:05 PM

You can read it yourself in section 19 of the Coinage Act of 1792.

Debasing the currency so that it is worth less, is a felony to be punished by death. Embezzlement carried the same penalty. It was signed into law by George Washington.

dominigan on November 12, 2010 at 12:10 PM

heh…its just wealth redistribution on a global scale, the Chicoms are racist I tell you!

dmann on November 12, 2010 at 12:14 PM

In to say that the raise I just got is now completely worthless.
Thanks Obama!

rollthedice on November 12, 2010 at 10:17 AM

The fact that I haven’t had a raise since March of ’08 means I’m in the hole. F*ck you, Obama!

Kafir on November 12, 2010 at 12:22 PM

I’M SORRY, CHINA DOES NOT WANT TO LEND YOU GOLD. WHAT DO YOU WANT TO DO?

>PRINT GOLD

WHERE DO YOU WANT GOLD TO GO TO?

>CONSTRUCTION SIGNS, WHATEVER

-Iowahawk’s “Beltway Adventure”

Christien on November 12, 2010 at 12:32 PM

Looking for love in all the wrong places,the G-20 voted against him and his policies – now he is the ultimate lame duck – 2012 can’t come too soon.

Done That on November 12, 2010 at 1:37 PM

I just don’t know. I read articles like this and clearly, there’s a word for a man capable of this kind of idiocy, but it eludes me.

WashingtonsWake on November 12, 2010 at 11:20 AM

The word “tool” comes to mind. As in “tool of Soros”.

sandspur on November 12, 2010 at 2:28 PM

Barry tried to pull a Chicago street con and got beaten down by Hu.

Let say a US dollar is worth one Chinese Yuan. The Chinese is holding $1 trillion dollars of US Treasury notes presently. Ben and Barry ( do they make ice cream the side?) are printing US paper money now overtime, the US Dollar may end up be worth 50 Chinese Cents. On top of that. Barry is trying to tell the Chinese to raise the value of her currency, so the US Dollar ends up as equivalent to 25 Chinese Cents. And Barry will pay back the Treasury Notes held by the Chinese with these devalued US Dollars.

That on top of that, he is trying to ask the Chinese to make their future export more expensive on their own, and be on a trading disadvantage.

Hu told Barry to go f__k himself, or worse, he may have told Barry to go back to the room and f__k Mookie.

bayview on November 12, 2010 at 2:30 PM

The pitfalls of being Green: Why the South Korea negotiation fell through:
http://www.nationalreview.com/articles/253161/korea-too-green-democrats-stephen-spruiell

onlineanalyst on November 12, 2010 at 2:42 PM

Let’s put this right up there with the bid for the Olympics…

right2bright on November 12, 2010 at 5:17 PM

Great. Amateur Hour at the G-20 with Little Barry At he wheel…..slurpee in hand.

Tim_CA on November 12, 2010 at 10:30 PM

There is another way to look at this QE2 thing … which is probably worse.
The Federal Reserve is buying a boatload of federal securities, which is pretty much what China did.
Is no one concerned that, just like the possibility with China, that the Federal Reserve is gaining a stranglehold on the U.S. federal government with the possibility of being able to crash a regional or national market just before an election ?
All those bad things Obama has been saying about Wall Street, will probably apply to the Fed before long.

J_Crater on November 13, 2010 at 8:34 AM