(Neal Asbury is chief executive of The Legacy Companies, author of “Conscientious Equity” and hosts the nationally syndicated talk radio show “Truth for America.” The opinions expressed are his own.)
If President Barack Obama was trying to revive his approval ratings with his recent foreign tour, he’s heading in the wrong direction.
First, he struck out in South Korea on getting a badly needed free-trade agreement ratified.
Then he struck out again at the G-20 summit, where he was unable to convince world leaders to approve U.S. currency-policy changes and to put pressure on China to stop manipulating its currency.
While there are no guarantees in international negotiations, the president’s inability to build a consensus with foreign leaders can be traced to his administration’s disengagement on trade policies.
Worse, world leaders have rejected America’s fiscal policies.
Like most of us, the G-20 leaders are skeptical that the Federal Reserve’s policy of turning the U.S. dollar into “vapor paper” is the right decision.
They also are convinced that these policies are making America a less reliable partner. They know first-hand what happens when a country prints currency to address a monetary crisis. It doesn’t work and weakens the country.
You simply cannot solve a debt crisis by creating more debt. Why is this simple truth for many in the Obama administration so hard to grasp?
If the president hoped that scheduling a foreign trip after being trounced in the midterm elections would give him some breathing space and distract the American people, he’s sadly mistaken.
In fact, it’s done the opposite.
The strength the U.S. once enjoyed on the global stage has waned, and it is becoming more apparent each day that only a change at the top can reverse this direction.
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