"The world is concerned about the slowing of growth that has taken place," Obama said Monday before the start of the summit, following one-on-one-talks with host President Felipe Calderon of Mexico. " A lot of attention has been centered on Europe. Now is the time, as we've discussed, to make sure that all of us join to do what's necessary to stabilize the world financial system, to avoid protectionism, to ensure that we are working hand-in-hand to both grow the economy and create jobs while taking a responsible approach long term and medium term towards our fiscal structures."
However, the summit was not expected to produce concrete commitments, and European Union President Jose Manuel Barroso made clear Monday that European nations were not there to be lectured on how to proceed.
"This crisis was not originated in Europe. .... This crisis was originated in North America," Barroso said. "And many of our financial sector were contaminated by -- how can I put it -- unorthodox practice from some sectors of the financial market. But we are not putting the blame on our partners. What we are saying is let's work together when we have a global problem like the one we have today. "
This headline should really read, "G-20 Must 'Do What's Necessary" to Ensure Obama's Relection".
The photo op at the Group of 20 economic summit this week with President Barack Obama and Russia’s Vladimir Putin showing their evident distaste for one another drew a lot of attention, but a less visible spectacle was that of Obama lecturing German Chancellor Angela Merkel on economics.
How can Obama, who has bought into the deficit myth himself, possibly convince Merkel that she’s on the wrong path by focusing on fiscal rectitude?
What’s missing on both sides of the Atlantic is anything resembling economic leadership.
A lack of leadership pretty much sums it up when it comes to the current US President. The good thing is that even though he can't lean on his economic or foreign policy track record....at least he can tout his achievements with the Health Care initiative right?
Oh wait a minute...that one might be in trouble too. Tell me again why we want to reelect this guy please?
I love Merkel, she's got a lot of haters in Europe, especially in Greece because she doesn't want to cut a big fat check to pay for bloated pensions. I wish she was one of ours and running against Obama right now.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
It seems the European leaders don't suffer fools well. Also they don't have a man (woman) crush on Obama like much of the US media does.
And I thought EVERYONE loved Obama. Looks like the shine may have worn off. But it's nothing that can't be repaired with another Nobel Peace Prize for other non-accomplishments. Perhaps one for saving the world economy. He means well....shouldn't that be worthy of a prize? You can't make this stuff up....no one would believe you....
It seems noone is very interested in a discussion about what's going on in Europe, but it seems that what might happen there in the immediate future will resonate on this side of the Atlantic Ocean so I will continue to beat this drum.
After two years of "kicking the can down the road," Europe seems to have now come to the end of the road.
So the news is unrelentingly bad and it's hard to see how Europe will be able to successfully resolve this crisis. Real fixes are years away and would mean individual nations giving up some degree of sovereignty and financial control of their individual destinies.
If the European Union dissolves, the result will most likely be global recession, even depression, double-digit unemployment across Europe, bank runs, currency devaluations and economic chaos.
And if you think the United States will be spared, think again. Fifty percent of S&P 500 operating profits come from overseas markets, 25% from Europe and, in aggregate, Europe is the United States' largest trading partner.
We live in extraordinarily dangerous times, historic times during which the face of the world will likely be changed forever. Danger and opportunity always arrive holding hands, and today's world offers extraordinary danger along with extraordinary opportunity. Enormous fortunes will be made during the great dislocations that lie ahead, and each of us needs to formulate strategies and tactics designed to place us in the winner's circle as we move through these turbulent times.
So maybe this fellow is overreacting but I don't think so. At the end of the day, we in America need to ask who we want navigating our ship through these turbulent waters in the next several years. Seems to me that although Obamacare is imporant and so is the question of illegal immigration...both of those issues pale in comparison to what's going on in Europe and the implications it has for our economy that's already on life support. If the economy goes in the toilet then healthcare and immigration will be a couple of side shows in a large circus. Ignoring this problem won't make it go away.
It's clear the Administration would rather not talk about what's going on in Europe...but they would like to give you a lecture on it. Do you think this is an imporant issue?
I agree, its an important issue that is out of U.S. control. But that doesn't mean we shouldn't be prepared for the fallout which is certain.
As an individual about all you can do is check the safety of your money market account and maybe keep some liquid cash reserves in a few local banks, and some cash outside the banking system too.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
