Obama legacy: Make himself laughing stock of world...
No one outside of US borders takes him seriously. How can they. He has no clear foreign policy, completely leading from behind. US allies such as France and Britain disgusted with Opunter. N Korea and Iran emboldened by Oloser's waffling and back peddling. They would delight in having a Bush back in. Someone with some gonads and a capacity for making decisions and taking some responsibility.
Neither the US nor Europe adjusted well to a global economy, both experiencing a loss of industries and jobs. BOTH engaged in borrowing , enabled by the housing bubble, to offset for losses in inflation adjusted disposable income. We saw how that ended and it just exacerbated already deep, but ignored, core problems of our industrialized world.
Atop our DEBT problems (across all sectors) we also face demographic shifts, ie older populations have a propensity to SAVE vs SPEND. These demographic shifts are apparent in Japan, US, Europe and even China. OUR economies are propelled by ever increasing consumption. SO HOW, when burdened by DEBT and DEMOGRAPHICS can we overcome the NEED to increase consumption? Bottom line, ALL are reliant on EXPORTS for domestic production, growth.
Government, as is readily apparent, based on results, is MORE engaged in EFFORT, giving the illusion of doing something. Spending is NOT the same as investment. EFFORT is not the same as SUCCESS.
The Fed is TRYING to resurrect housing, the BOJ is trying to overcome deflation, China is trying to dodge bullets (loans, corruption, social, overbuilding infrastructure), and the EU is merely going thru the motions, buying time, but accomplishing NOTHING!!
One can easily conclude that our Fed's mission is to 1) increase disposable income by reducing mortgage expense and 2) inflate assets, thereby giving an illusion of wealth, that can be SPENT. AND when our economy can BARELY create jobs to offset population growth, HOW come markets get excited. Are we that hard up for positive news?
We are living the liberal dream. These are the best of times.