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HISTORICAL QUOTE OF THE WEEK - "Always bear in mind that your own resolution to succeed is more important than any other." ABRAHAM LINCOLN

Friday, November 12, 2010

OBAMA AND HIS G20 HYPOCRISY

After his taxpayer funded vacation tour of India and Indonesia, Barack Obama is now attending the G20 summit in Japan. He attends this summit which is focusing on the worlds troubled economy after failing to reach a trade agreement with South Korea that was considered a done deal because of negotiations that had take place during the Bush administration. Obama in his usual arrogant fashion changed many of the already negotiated provisions and South Korea rejected his proposals.

So with his tail between his legs Obama meets with world leaders at the G20 to discuss how to again get the economic situation back on track. Obama is proposing a , "get tough," stance on China's economy who has been flooding the markets with the Chinese Yuan which is keeping their currency undervalued. Obama, (get this from Mr. Hypocrisy), stated in a press conference that China must start letting, "markets set the, (Chinese), currency," to allow its value to increase.

Why is this statement hypocritical ? Last week the Fed with the full backing of The White House and a statement of the backing by Obama himself, flooded the US economy with 600 billion dollars of printed cash to, as Obama put it, "stimulate," economic growth in America. What this wrong move actually did was devalue the US dollar creating inflationary pricing and rather than stimulating the economy will actually deepen the recessive stagnation.

Immediately on the circulation of this 600 billion the price of oil shot up because a devalued American dollar increases oil prices since the cost of a barrel of oil is based on the America dollar. A devalued dollar equates to a more expensive barrel of oil. This, "stimulus," through increased prices at the pump forces an increase in consumer goods from higher transportation costs.

Both higher gas prices and higher consumer goods does not stimulate the economy but rather damages the purchasing power of consumers at the dollar does not stretch as well as prices rise and gas costs more. So spending drops and consumer confidence crashes all taking place at the all important Christmas shopping season which is the most important time for retail business.

Obama's idea that flooding the economy with money works as a stimulus has been the key failure of his economic policy since the massive trillion dollar stimulus bill and printing worthless currency creating inflationary prices does not work any better than throwing tax payer money to non - existent, "shovel ready," projects.

At the G20 Obama condemns China for doing the exact same thing he is doing in our country and bragging that other Nations are growing at such a rapid pace while the American economy under his leadership is crashing and as he puts is, "no longer the dominant power," which also fits in with his agenda to bring down America and place us on an even playing field with the rest of the world.

Even with a GOP Congress which will have the power of the purse strings, can we put up with Obama's stupidity for two more years? I never thought I would say this but Jimmy Carter where are you, at least Carter was not anti America like Obama is. 2012 cannot come fast enough to get this insult to the Presidency out of office!

Ken Taylor

6 Comments:

Anonymous Lorne Marr said...

There is a number of unintended consequences of the QE program that the Fed is about to implement but I think President Obama is in a very difficult situation and so he tries to find some quick solutions leading to a recovery. But I really appreciate your account of possible impacts of QE on different areas of the economy.

6:05 AM, November 13, 2010  
Blogger ablur said...

We don't have a lack of money in the economy. We have a lack of stability in Washington DC. No one is going to take a business risk that isn't absolutely necessary while BO is in office. He has done more to damage business and business law then anyone.
Looks like we may be stuck until 2013.

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