Our intrepid leader is at the G-20 Summit of the world's economic leaders this weekend, and it seems as though he is having a tough time getting all the ducks lined up and following his economic leadership.
"Some leaders didn't appreciate being lectured by Obama on the need for countries running trade surpluses, which would include China, Germany and Japan, to do more to boost domestic spending to help the global economy while U.S. consumers, long the driver of global growth, begin to save more."
It strikes me as anything but a coincidence that China, Germany and Japan run trade surpluses and are having none of Obama's theory of economic security by having the government spend vast sums of their national treasure in order to prop up the economies of the United States, the UK and others. They are three countries with national economic strategies and policies focused on manufacturing.
The manufacturing powerhouses don't need Obama's theories of government spending to create wealth, and they don't buy into the whole service economy fairy tale. Apparently "The World is Flat" was not translated into German, Chinese or Japanese. Those countries are glad, however, to do the manufacturing for the countries in which the book made the bestseller list.
You can't blame them for refusing to follow the United States' lead. It is not their responsibility to bail us out of the mess thirty years of treating manufacturing as a piggy bank for Wall Street, Washington and organized labor to loot at will has created.
Bill. Thanks for the post. Very well stated. I would really appreciate a follow up to this outlining the key differences in their economic strategies and how these facilitate manufacturing.
Mike Polen says
I think your link is wrong as it took me to “World leaders moving to discussions of nuclear threats posed by Iran and North Korea” did you mean: http://www.chicagotribune.com/business/sns-ap-world-summit,0,1006198.story?page=2
Bill Waddell says
For reasons only the Chicago Tribune can fathom, they took down the original article and replaced it with something completely different – it is not even in their archives any more. I found the original source article, however, and fixed the link.
Dani Schade says
Well said Bill! Thanks for sharing.