Obama arrived in London to attend the G20 summit, a meeting of the world’s 19 largest economies, plus the European Union. The summit will be addressing the current economic crisis. Looking at Obama’s actions after taking office as president, one has to wonder about the role Obama will play at the G20 summit. President Obama said America alone “could not be the engine” to drive the world’s economic recovery. “Everybody is going to have to pick up the pace,” he added.
Well it’s not taking a long time for the world leaders to see through Obama and his plans. Prime Minister Gordon Brown also played down the differences, and claims that the crisis started in the U.S. “If you look at the sources of this crisis, the US certainly has some accounting to do with respect of a regulatory system that was inadequate to the massive changes that had taken place in the global financial system,” Brown said. Europeans have summarily rejected U.K. Brown said he was going to be cautious in Obama’s economic endeavors.
Prime Minister Brown’s and President Barack Obama’s call for governments to spend more. President of France Nicolas Sarkozy has said he will “walk away” from the meeting if he cannot get an agreement on international financial regulation. Outside protesters marched throughout London and could be heard chanting, “Tax the rich, make them pay” and “people before profit.”. I’m sure they got this idea from one of Obama’s speeches. German Chancellor Angela Merkel warned nations not to enact stimulus packages, Czech Prime Minister Mirek Topolanek slammed Mr. Obama’s economic policies as the “road to hell,”.
The Obama administration have increased anxiety levels throughout Europe. The summit looks like it will turn into a crisis all its own with regulation ends up with two choices. The process of regulation, costing almost nothing. The other risk, financial market activity that it undermines the chances for ending the recession. Obama thinks that spending tens of billions of dollars to create jobs, cut taxes, and bailout banks is the answer, print more money, and buy your way out. That’s his plan for America. The leader attending the summit disagree. The concern of the leaders is the lack of regulation that cause the financial and credit catastrophe.
The president now faces an international power struggle with friends and foes. President Obama said: “I understand that when you have a bunch of heads of state talking, it is not usually that interesting, the communiques are written in dry language, and so there is a great desire to inject some conflict into the occasion. Vice President Joe Biden is begging protesters to give the Obama administration a chance. Give Obama a chance, that sounds familiar, mention Obama’s inexperience and failures to an Obama supporter the first words out their mouth will be ‘Give Obama a chance!’ How long will this ‘Give Obama a chance’ play. Leaders of the G20 are serious, they are not Obama Kool Aid drinkers like many here in America. Obama can’t giggle his way through this summit, like he do the American people. This is the real deal for leaders and the G20 leaders and European Union have mentioned to Obama, LEAD.