469.) At the G-20 summit on Friday November 12, 2010 President Obama defended that actions of the Fed. The monetization of the United States Debt has brought up concerns with several countries, the most notable being Germany (after all they tried this plan after WWI). To answer these concerns President Obama said “”From everything I can see, this decision was not one designed to have an impact on the currency on the dollar, it was designed to grow the economy,” designed to grow the economy, so was the porkulus bill and look how well that worked. The New Deal was designed to grow the economy, the protectionist policies of Herbert Hoover were designed to grow the economy. They didn’t work. He then said that the actions where designed to prevent deflation because that is a great concern in the United States, here is his direct quote “There was some concern that we had very low inflation, that a huge danger in the United States is deflation and that we have to be mindful of those dangers going forward” So basically he is admitting that the plain to fight slow inflation and a slow economy is to cause hyper inflation, that is a great plan.
470.) President Obama went on the offensive against China, he was attempting to get a G-20 agreement to pressure China to stop devaluing its currency in order to keep prices low. Well he did not get any such agreement; actually he got quite the opposite response. The leaders of several G-20 countries pointed out that the United States was doing the exact same thing, this of course referencing the actions taken by the Fed to “jump start the economy”. Another classic example of do as I say not as I do.
471.) President Obama claims that this trip was to create jobs. I do not doubt that might have been his actual goal, however his ideology, and of course political corruption put a rather large limitation on that. President Obama had gone to South Korea in order to finish a free trade deal that might have made 70,000 jobs in the United States. The hopes of this plan would be to allow United States auto makers access to the South Korean market. This plan unfortunately failed. The Question is why? The answer is one that I get tired of saying any more Hypocrisy and corruption. President Obama was trying to Renegotiate a deal that Former President George W. Bush had worked out in 2007 and has been awaiting approval on the floor of the democrat controlled congress for three years. There are major concerns about the deal, most of which have been brought up by your favorite union and mine the UAW. You see there is a massive trade deficit between the numbers of Korean cars sold in the United States vs the number of U.S. cars sold in Korea. The rate is something like 400,000 Korean vs 7000 U.S. Now President Obama his union pals are concerned about that trade gap. The deal as it stands now would cut all tariffs between our two nations. In sense the definition of free trade, each company has access to the market, they can all complete on the same playing field. They are all subject to the same rules and regulations that govern the region that they want to compete. However President Obama and the UAW do not think that this is fair at all. You see there exists another reason for the gap in sales, the emissions and safety standards of South Korea are far higher than they are in the United States. So it costs more for US auto manufacturers to modify their cars for sale in the South Korean market. Now for those progressives reading this who have a hard time understanding economics a higher production cost equates to a higher cost to the consumer, and more expensive products tend not to sell as well as a more inexpensive product. President Obama pushed South Korea to lower its emissions regulations so that American Cars could more easily compete in that market. I find it odd, I truly do the President Obama is trying to drive up emission standards and regulations here in the United States, but to save his UAW supporters he is trying to strong arm the a smaller country to change its regulations? I guess you could also chalk this up to another broken promise from President Obama as well. You see President Obama said in a speech at a General Motors plant in February of 2008 that he would “not sign another trade agreement unless it has protections for our environment and protections for American workers” I found this comment odd then because he put the environment before the workers, I find it odd now because President Obama tried to do just the opposite of what he said in the campaign. I am not standing with the emissions standards, I am standing against the corruption and the dishonesty that President Obama and the Progressives seem to represent. back to my point, South Korea backed out of the deal because President Obama stuck to his ideology. It was not a free trade agreement. President Obama does not believe in Free Trade, he doesn’t think it is fair that we have to follow the rules in another country.