2010-03-12

1970s all over again

One similarity between the 70s and today is the weak American presidency. Obama is even weaker than Jimmy Carter, if that's possible. During Carter's reign, the Soviet Union invaded Afghanistan and many questioned whether it would be the Soviet Union that would win the Cold War. Concern about U.S. currency sent gold to $850 an ounce, an inflation adjusted level it has yet to reach again.

Obama's political failures are many, including the Copenhagen climate agreement. However, the place it is perhaps most evident is in the rhetoric. Consider this from the People's Bank of China Vice Governor Su Ning: "We always refuse to politicize the yuan exchange rate issue, and we never think that one country should ask another country for help in solving its own problems."

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