Embarrassment In Seoul -- Wall Street Journal editorialThe world won't follow slow-growth, weak-dollar America.
Has there ever been a major economic summit where a U.S. President and his Treasury Secretary were as thoroughly rebuffed as they were at this week's G-20 meeting in Seoul? We can't think of one. President Obama failed to achieve any of his main goals while getting pounded by other world leaders for failing U.S. policies and lagging growth.
The root of this embarrassment is political and intellectual: Rather than leading the world from a position of strength, Mr. Obama and Treasury Secretary Timothy Geithner came to Seoul blaming the rest of the world for U.S. economic weakness. America's problem, in their view, is the export and exchange rate policies of the Germans, Chinese or Brazilians. And the U.S. solution is to have the Fed print enough money to devalue the dollar so America can grow by stealing demand from the rest of the world.
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My Comment: Trillion dollar plus deficits coupled with even more unsustainable programs in the future. The massive growth of government liabilities. An anti-business sentiment and perception that is backed by a pro-union sentiment and government policies. The printing of hundreds of billions of dollars by the Treasury.
Yup .... most powers around the world are now NOT paying attention to a U.S. government that is pursuing policies that many of these same countries pursued in the past, and have now repudiated them as unworkable. Change the government .... and more importantly change the policies .... that is when the world's perception will change. .