Seoul, Korea has been the site of many military battles involving the United States. Most of which we won. The recent Group of 20Â financial meeting during which President Obama was publicly rebuked by German ChancellorÂ Angela Merkel was by far our greatest, and perhaps most far reaching, defeat. This event had all the flavor of an international sporting event. Sort of like Ali/Foreman in Zaire. It reached such proportions internationally, that no less than Erik Kirschbaum (Thomson Reuters) listened from Berlin on the â€œwirelessâ€ (an internationally broadcast event translation) to bring the German people the fastest results.
Kirschbaumâ€™s report: â€œMerkel by a Knockoutâ€œ.Â But it wasnâ€™t just Germany whose interests were being represented. All exporting nations suddenly no longer had the imposing image of an â€œIron Mike Tysonâ€ to face. Obama had become more like a Gerry Cooney (a legend in his own mind).Â Immediately nations were notifying U.S outlets like WalMart, Target, and J.C. Pennyâ€™s to expect 30% increase in wholesale prices.Â Obamaâ€™s dismal performance had encouraged European and Asian nations to no longer hold the line on rising base manufacturing materials costs. America was going to pay the price of the Obama Monetary Expansionist policy. Exporters to the U.S. were adding the word â€œTariffsâ€Â to their international vocabulary. Gone was the spirit of NAFTA (free trade). Here was the Obama driven policy of currency war. Which brings me back to my opening line.
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