The Obama Follies   12 comments

Obama ticks off Merkel.

Obama ticks off Europe.

Obama ticks off Saudi Arabia.

Obama knew nothing about Obamacare website glitches until after the rollout

Only 1,185 days to go…

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Posted October 23, 2013 by edmcgon in Politics

12 responses to “The Obama Follies

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  1. Especially the one with Saudi-Arabia looks bad news for you … it are the Saudi’s who keep your dollar alive. With oil traded in USD, you have the world reserve currency. What will happen if they change their oil-currency?
    Then you can ask, to what will they turn? Is there any better? The Euro? That would mean EU can print a lot, enough to erase the debts. But the plummeting USD would kill USA’s economy – world economy n°one. Still interesting thoughts.
    This game is played on a high level and with a lot at risk. On the other hand, I don’t think there are still “good options” left – only the bad and the worse ones.

    Have fun with your Nobel prize winner, at least Belgium can say their winner really deserved the price 😉
    (It’s fun to make fun out of you, but we are in this sh*t together)

    • Ouch man! That hurt! Not that it isn’t deserved… 😦

    • The US didn’t give Obama that Nobel Prize!

      Who in their right mind gives a prize for “what a person might do in the future”?

      It just goes to show you that prize is pure political bull (note that isn’t to say the people getting the prizes are necessarily not deserving of the prize, just that the people giving it are).

      As for Obama ticking off the world (BTW I do think you can add China that list).
      If it wasn’t for the consequences to the US, I would just laugh, after all Obama was the darling of Europe (as can be attested by the very fact that they clamored to give him that award and cheered for his election).

      Personally I’m of a mind that a president that Europe loves is one that is bad for the US (or at least for the Republic that use to be the US).

      • Can’t argue with any of this … completely agree with you.

      • When exactly did we become “the Republic that use to be the US”? People seem to forget but as much as all the Republicans seem to loathe Obama there was an equal amount of distaste for Bush the younger from Democrats. The US survived Bush so your rhetoric is a tad overblown.

        As for Saudi Arabia keeping the “dollar alive” that is just not true (this isn’t the 70s). The dollar is alive because it is the reserve currency of the world not because oil happens to be traded in dollars. China already allows oil to be traded in their own currency, that happened a year ago and yet the dollar hummed along. The dollar will eventually stop being the world’s reserve currency but I believe that will be due to the Fed and the dysfunction that has become American politics. America is in a temporary sweet spot where we can do almost anything and not have it effect the dollar but that is temporary.

        Robb

      • Robb I said Republic not Republican, BIG difference!

        This country was founded on being a Republic, which is to say that the rights of the individual come first, and if there is no other way to accomplish something then you go to the majority (democracy).

        As for when did we become “the Republic that use to be the US” that has been happening over time for a very long time, there is no point where you can say this is where we changed. And some might say we still are a Republic, but I say when people are always talking about “spreading democracy”, and what is the best for the majority, and such you know you have already stopped being a Republic. For that matter when people confuse a Republic with a modern day politician called “Republican”, then you know.

        BTW a side note from the founding fathers, they were strongly against “spreading democracy”. They were a colony that saw the injustice of going around the world forcing the local population to their way like was the case with Britain, Spain, and France at the time. So they said that they would never do that, instead they would just lead by example.

        Now we have this idea that some how the US (and the UN) knows best for all the world, and that they should enforce their beliefs on every country in the world.

      • @Robb: actually, it still is like in the 70’s:
        “In a nutshell, any country that wants to purchase oil from an oil producing country has to do so in U.S. dollars. This is a long standing agreement within all oil exporting nations, aka OPEC, the Organization of Petroleum Exporting Countries. The UK for example, cannot simply buy oil from Saudi Arabia by exchanging British pounds. Instead, the UK must exchange its pounds for U.S. dollars. The major exception at present is, of course, Iran.
        This means that every country in the world that imports oil—which is the vast majority of the world’s nations—has to have immense quantities of dollars in reserve. These dollars of course are not hidden under the proverbial national mattress. They are invested. And because they are U.S. dollars, they are invested in U.S. Treasury bills and other interest bearing securities that can be easily converted to purchase dollar-priced commodities like oil. This is what has allowed the U.S. to run up trillions of dollars of debt: the rest of the world simply buys up that debt in the form of U.S. interest bearing securities.”

        source:
        http://www.newleftproject.org/index.php/site/article_comments/iran_and_the_petrodollar_threat_to_u.s._empire

      • plastronneke, thanks — I feel rather dumb after reading your post and attached article. I never stop to understood the meaning of having oil pegged to the dollar and its consequences.

      • Latetom, don’t feel bad. Most of us don’t think about it, but we need to. If OPEC decides to change this policy, a whole lot of dollars will be flowing back to the U.S. in a short amount of time.

      • I didn’t noticed it myself until recently. I did knew your wars were because of oil. But then I read Sadam wanted Euros for his oil and Khadaffi wanted gold and I started wondering. And now with Syria … Saudis want a pipeline through Syria for natural gas … and they asked USA to do the shitty work. To me it looks like USA is victim itself now, you really have to fight to maintain your wealth – more than any other country.
        I don’t think many people understand how that relationship works (many here also think it is all about “catching the bad guys”). It bought USA a lot of wealth for 60 years. If OPEC changes its currency, like Ed said, a lot of dollars will be coming home and will crush the wealth again. OPEC now has the power to crush USA and make another currency strong.

      • Another country or at least some of its citizens who are unhappy with the U.S. not invading Syria. One of our guides in Tanzania on the day after the Nairobi terrorist attach said the following: “A lot of Tanzanians are unhappy the U.S. hasn’t invaded Syria. Many of the Tanzanians who went to Afghanistan and Iraq as private security guards, etc. came home very wealthy. However, the money went fast and they would like to make another fortune in Syria — the U.S. pays very high.”

      • So much for “energy independence”. It is of course pretty much all ridiculous anyways since, it isn’t the US that gets it oil from OPEC, and we haven’t for a very long time now. But this points out there are a lot of ways you can be connected.

        For instance on the theory that OPEC could switch to another currency, well they better do it gradually, and not as suggested by Ed.
        Why? Simple if you crush the US’s economy you crush the world’s. The US is too big of an exporter/importer in the world for such an event not to take every other country down with it.

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