Busted: Bankers and The Global Economy

November 10, 2010

Obama: Embrace Globalism And The Emerging One World Economy

Barack Obama made some interesting comments about the USA economy and American attitudes during a joint commentary in Mumbai, India.

President Obama made these comments about the Federal Reserve, effectively a “no comment” statement.

The Federal Reserve is an independent body. It doesn’t take orders from the White House, and it’s important as a policy matter, as an institutional matter, that we don’t comment on particular Fed actions.

About offshoring or outsourcing, President Obama made the following remarks:

I don’t think you’ve heard me make outsourcing a bogeyman during the course of my visit. In fact, I explicitly said in my address in Mumbai to the Business Council that I think both countries are operating on some stereotypes that have outlived their usefulness.

I want to be able to say to the American people when they ask me, well, why are you spending time with India, aren’t they taking our jobs? — I want to be able to say, actually, you know what, they just created 50,000 jobs. And that’s why we shouldn’t be resorting to protectionist measures; we shouldn’t be thinking that it’s just a one-way street. I want both the citizens in the United States and citizens in India to understand the benefits of commercial ties between the two countries.

Essentially, the attitude of President Obama and Indian Prime Minister Singh is one of tough nuts to America. They advertise outsourcing as good for India and the world.

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