Obama: Embrace Globalism And Emerging World Economy
President Barack Obama made some interesting comments about the USA economy and American attitudes during a joint commentary in Mumbai, India.
President Obama made this comment about the Federal Reserve, effectively a “no comment” statement. Since the US economic meltdown in October 2008, the Federal Reserve has acquired more and more power, including becoming a US policy machine.
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 is one of both frankness and avoidance. Even so, President Obama and Indian Prime Minister Singh advertise corporate outsourcing as good for India and the world. President Obama also recognizes that he expects an American uprising if the American people don’t see economic cooperation with China and India.