Obama: Tug-of-war Between Those Who See Globalization as Threat and Those Who Accept It


SadHillNews
November 8, 2010

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As luck would have it, on the same day Obama warned naysayers of his global agenda, the Wall Street Journal unveiled its worldwide economic forecast – and it ain’t pretty. But let’s start with Obama’s comments from today’s speech in Mumbai.

(Times of India) Implicitly acknowledging the decline of American dominance, Barack Obama on Sunday said the US was no longer in a position to “meet the rest of the world economically on our terms.”

Speaking at a town hall meeting in Mumbai, he said, “I do think that one of the challenges that we are going face in the US, at a time when we are still recovering from the financial crisis is, how do we respond to some of the challenges of globalisation? The fact of the matter is that for most of my lifetime and I’ll turn 50 next year – the US was such an enormously dominant economic power, we were such a large market, our industry, our technology, our manufacturing was so significant that we always met the rest of the world economically on our terms. And now because of the incredible rise of India and China and Brazil and other countries, the US remains the largest economy and the largest market, but there is real competition. This will keep America on its toes. America is going to have to compete. There is going to be a tug-of-war within the US between those who see globalisation as a threat and those who accept we live in a open integrated world, which has challenges and opportunities.”

The US leader disagreed with those who saw globalisation as unmitigated evil. But while acknowledging that the Chindia factor had made the world flatter, he said protectionist impulses in US will get stronger if people don’t see trade bringing in gains for them.

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Translation: Suffocate homeland prosperity and ingenuity through taxation, nationalization and reckless government spending, then offer globalization to America as life-saving oxygen.

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