Obama's woes are not so much "anymore" the wars and the Euro but the fact that he never really played ball after the 2010 "schallacking".  He continues to play Left of Center and this has really harmed him.  The TEA party paid the price for holding too firmly too Right of Center, Obama will pay for holding too firmly Left of Center.  This is not Guyana's mediocre political mind-set where we harp back forever and blame everyone and everything for our own failure in leadership.  Barack Obama now owns this thing.  Clearly, Obama is not Bill Clinton.

The issue of the Euro is not that it's phoney, I'm surprised that's the way you would characterize it.  The backbone of the Euro are the Deutsch Mark and French Franc.  The real problem are with the PIGS, "I" being an anomaly due to the off-shore banking collapse linked to the recent financial crisis and the "G" is a bit too far from the economic and social reality of Germany, France and the rest of the affluent European community.  "P" and "S" will struggle through and make it out the other end.  In my opinion, the strong Euro and weak Dollar have accentuated the divergence and amplified the structural disparity, something which did need more time to flush out.  It will eventually "right" itself, but will take time and be painful for some, and not straight-lined.

This is the mindset of the people who caused the crisis. The Euro will not last out this year. The entire transatlantic banking system is insolvent.

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Actually there is a context within which I use the term phony. There are two views in economics about the origins of money: (i) the chartalist view and (ii) the barter view. The Euro was founded based on the latter view that money evolved because of the problems or transaction costs of barter. Mundell's theory of optimal currency areas, which provided the intellectual underpinning for the Euro, also takes the barter view. However, the chartalists insist that money is a creature of the State. That money evolved (whether it is gold, silver, whale teeth or fiat) because the King or today the State needs to raise tax revenues. The implication here is a successful currency needs a joint taxing authority, a joint Ministry of Finance, joint Minister of Finance and joint Eurobonds. Europe is too culturally diverse to have a union in fiscal policy. Hence, my use of the term phony. The Euro cannot be a serious challenge to the dollar until they get a unified fiscal policy, which will require political union. Being a New School grad, I take the chartalist view of money to be the right one. I tend to agree with Henry that the Euro will disintegrate before the year is out. I am interested in this because the Caribbean wants a monetary union also.  

Wally:

Have faith my bwoy! America will have a real leader come November--Mitt Romney will do his best to get this country back on track.

BUT THERE ARE HUGE PROBLEMS AHEAD OF US!

The way the Rev sees it---Europe is in danger of imploding---a likely scenario may be this:

* First we'll see bank closures---then the collapse of the whole European banking system(the European banking system is over $46 trillion is size---that's 3x EU's GDP)---then collapse of governments themselves. There are no breaks in the system to stop this.

THE BIG QUESTION

If the European banking system collapses---what happens in America ?

Some scary $hit ahead!

Rev

Henry:

You're are making a lot of sense! Back in 2008 Americans were suffering from Bush fatigue and so they elected an amateur as President---It's now 2012 and Americans are  disgusted with that amateur---he has been a disaster---and so in November they will put their trust in Romney---4 years later in 2016 Romney will likely be fired if he doesn't get America back on track. That's the way it is. But first things first---Hussein must be fired in November---he will---the Rev is 99.99% confident about that.

Rev

That pic is no sign of depression. If you have a college degree your unemployment rate is about 5%. Just make sure you do things people will demand or go to colleges that people will put a premium on.

I read somewhere that there are over 300,000 college graduates working as waiters and waitresses---that might be an exaggeration---but the reality is lots of college grads today are underemployed---you're right---the unemployment rate among college grads may be 5%---but many are doing jobs that high school grads can do.

It's a shame--most of what kids learn in college these days is useless---and many find themselves $100-150K in debt.

Listen! College is not for everyone---what we need---not just here in the US---but in every country---are more apprentice programs---have young people learn a trade or a skill rather than studying useless nonsense in college and loading up on debt.

Rev

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Now here you are throwing out absolute numbers when I am talking about percentages. If college is not good then why are people with college degrees less likely to be unemployed? Also it is well known that the lifetime earnings of a college graduate is higher on average than a non-graduate. And don't bring up the outliers like Bill Gates and Zuckerburg who both quit college. The US has a shortage of engineers and maths oriented people. You don't have enough accountants in the US. You need college for those. You think you can hang out at the rum shop or at Freedom House and get those skills?

No need to get testy!

I never said college is not good---what I said was college is not for everyone and there ought to be more apprenticeship program where kids can learn skills and different trades---rather than spending 4 years in college---learning nothing much if they major in liberal arts, for example, and then end up 100K in debt.

Rev

The issue is not so much college/non-college but rather the gap in skills between the two.  Not everyone may want to attend college not because of aptitude but because they prefer a more "technical" hand-on profession.  A robust program of high-quality technical and usable skills training should be a viable alternative as part of the educational process which equip youths with marketable technical skills.  This is the embedded process in Europe.

While there is high unemployment, why are companies complaining about the lack of relevant skills?  Many of these jobs are not College grad jobs.

Tarron, thanks for elevating the discourse (re Europe) on this thread.

It's absurd to talk about whether the Euro is a "challenge to the dollar" when both currencies are headed down the toilet.

And what will you use to replace the dollar? PPP sugar cane? Cocaine? 

Good question. When the German currency was destroyed by hyperinflation in 1923, they ultimately adopted a new currency, plus they received assistance from the US. Will the US receive assistance from China? Hard to say.

Even dem wata-wash coolies duz seh Oh-Bama. Wheh de rass dis wata-wash creolese-speaking coolie come from? Hubu backdam?

Even God, upon taking the oath of office in Jan 2009 would have said "I must save the credit market, as this is the backbone of capitalist development". It's good that Henry rightly points out that the financial crisis was one caused by derivative trading that was unregulated and for which no one knows the value. Such trading violated all the capital reserve requirements of banking institutions and the tranched sub-prime among other poor quality securities cause the casino to catch afire.

Obama reversed Bush's policy on an open commitment to the war omn terrorism. First he changed the war from one of terrorism to one of fighting the terrorists who are bent on attacking the homeland. This is a not a subtle distinction but an important one. Obama does not want to sink trillions in nation building. He ensured that the Bush-negotiated withdrawal from Iraq was completed on time. He changed the emphasis in the Afghan war, using drones more and focusing on the Af-Pak border regions.He got a coalition to stop the Qadaffi slaughter of Libyans in the east of the country. He didn't start a war in Libya. America spent small change in providing intelligence, the tech material and the re-fueling of fighter jets. There were no troops and no American aircraft, only NATO's European allies.

Obama has stopped the bleeding of the economy, but it will take years to get back jobs and thus getting the deficit down to manageable proportions. He ought to say the job numbers stink, but it can get better if he Republicans stop stonewalling him. The GOP will wreck this country to get this smart black man out of office. It is that simple.

Henry, your frustration can be solved. You don't have to have any ideological position, just an educated understanding of your environment. You're too smart to say things like Obama stared a war in Libya and continuing Bush's policies (the Presidential powers in prisoners and surveillance is something I agree with you). And his economic stewardship shows a better grasp of how the global economy has re-arranged structures. It will take a decade for this structural change to get in balance. We have to acknowledge that our high-school grads will not get the 1950s to 1990s lifestyle anymore. You gotta have education at a higher level. Obama understands a rising tide lifts all boats. It's the GOP) that wants a class-based society with the majority of the US population continuing their aspiration for the business class wealth knowing fully well we all can;t be Bill Gates

After the debt ceiling and potential of US default crisis in the summer of 2011, Obama became a changed man. HE went into campaign mode on the road ever since pushing his jobs and program that the GOP has blocked using parliamentary procedures (filibuster) in the Senate where they have a minority. Him not playing ball needs explaining and it is curious thing to say if you understand the political opposition. After the Grand Bargain agreement with John Boehner for $3trillion of cuts for less than a trillion dollars of revenuies due to taxation, Boehner was ratted out by House GOP leader Eric Cantor from pressure from Grover Norquist and the TEA party freshmen Congress.

The TEA party is not right-of-center, they are radically on the extreme to the point of falling off the map. Obama is not left-of-center. The man has reduced the Federal employment, has been forced to keep the Bush tax cuts and cut small business taxes 23 times in addition to providing several fiscal advantages.

Why do people keep harping about the US dollar going down the toilet. Do you know where the money is going into - yest, safe US Treasuries - the safest instrument on the planet; just ask the Chinese.

Rev....your education continues.......The US economy was buffeted by strong head-winds from the Japanes Tsunami during the Obama administration. European recession also slowed US exports, even though they continue to grow under Obama. The US banking system has measures in place, especially capital reserve requirements and proven exposures to European sovereign failures, to withstand a European monetary crisis. Obama will be greeted by yet another European slowdown in demand for US products due to their monetary collapse.

You think your man's low taxes and government getting out of the way mantra will stand up to these pressures? You think that he can suddenly turn around foreclosures and lost equity by the middle-class and failing student loans, and failing credit card loans, and their impact on slow aggregate demand thus leading to an economic slowdown? You thing your gentleman GOP) candidate has ideas for these? Only a man like Obama can guide us through this structural change whose timing came along with a financial and housing crisis. Think Romney knows anything other than to cut labor costs and sell dying parts of companies? Can he run a country whose tasks are more complicated than turning Makro into Staples and running an Olympics with money from the same public coffers he decry? Yes, my man your guy has no clue. Leave oit to the big boys like Obama and Biden and Hillary and Tim Geitner and Eric Holder and Panetta to guide us through these tough times. Like Clint Eastwood said....it's half time in America and the world will hear from now....not the in Bush way (example of power) but in the Obama power of example

No sir. God would have said "Screw all this speculation. We're going back to the American System of Alexander Hamilton, Abe Lincoln and FDR. We're going to flush the derivatives down the toilet, and the government will create credit -- not borrow it from private interests -- to begin the long-overdue renovation of the nation's infrastructure.

Oh. So, in your opinion, all the people Obama has killed in Pakistan, Libya, Yemen, and probably Iran were on their way over here to attack us?

If he does, he has no interest in pursuing that as a policy. He is 100% committed to the 1%.

Kari:

Thanks for attempting to add to the Rev's education.

But you lose credibility with the Rev with this remark you made:

"Only a man like Obama can guide us through this structural change whose timing came along with a financial and housing crisis."

Listen kari, Obama doesn't know the difference between an income statement and a balance sheet---the man is a dunce---by the way, why are his grades at Harvard and Columbia sealed ?

Do you really expect a nitwit, a dunderhead and lightweight like Obama him to get America back on track when he has failed miserably in his first and only term ?

Thankfully, in Mitt Romney, America will have a president who understands numbers, a man of action not words, and a man with the decisiveness and purposefulness to effect the policies and changes needed to get America back on track.

Rev

And that person is President Barack H. Obama.

PRK:

You said you are a UG student, right ?

Well, there is tons of information on the internet--go and educate yourself about the fiat money system---you'll learn that in a fiat money system---where money is backed by nothing but confidence---and when you have people running the system lying big time---the chance of systemic failure is very high.

Henry is right--if Bernanke continues to print dollars out of thin air---the value of dollar will head down the toilet---and by the way---this is public information---the Federal reserve bought 61% of all government debt issued by the treasury in 2011---this is clearly a ponzi scheme---and ponzi schemes all collapse completely at some point.

BOTTOM LINE:

America needs a real leader to get this country back on track---not a quack and a fraud like we currently have in the white house--the leader America desperately needs is Mitt Romney.

Rev

And that person is President Barack H. Obama.

Is that supposed to be a refutation? Although the claim was made that it was actually NATO that was waging war on Libya, the manpower and armaments were all USA. And the fact is, Obama has continued Bush's policies -- but only the really bad ones. 

What we really need is a Democrat in the White House.

I just learnt that you know nothing about how a modern economy works, and how conflicts develop. Or you're one naive individual.

Don't forget that the Libyan engagement started with the Arab League request to the UN Security Council - neither China or Russia vetoed it. And the US did not "supply" the arms - maybe sold them yes!

Originally Posted by Demerara_Guy:

Thankfully, in Mitt Romney, America will have a president who understands numbers, a man of action not words, and a man with the decisiveness and purposefulness to effect the policies and changes needed to get America back on track.

And that person is President Barack H. Obama.

President Barack H. Obama

True, neither China nor Russia vetoed it -- which is precisely why they are now vetoing efforts to run the same play in Syria. They were told at the time that it was a resolution for humanitarian aid, not a war. You know the saying -- fool me once, shame on you. When we speak of the Arab League, of course, we are talking mainly about the British puppet regimes of Saudi Arabia, Qatar and Bahrain, all of which have horrendous human rights problems of their own, which somehow never come up for discussion. And the "arms" we are talking about are not rifles -- the decisive factor in the Libya War was cruise missiles, launched from American and British ships and submarines.

Syria is a whole different ballgame.  The US is happy to have the convenience of the Russian and Chinese block.  Syria is a proxy war between the Sunni and Shiite worlds.  The Saudis lost Iraq to the Shiite and want to take Syria as compensation.  The US is in a quandry as Syria means war with Iran.  The fall of Syria could well see the outbreak of civil war in Lebanon and possible Jordan and upheavals in Turkey and Iraq.

Rev Al unlike Obama you will be going to jail in the future.

Pras you are wishing for the impossible--the Rev is a man of impeccable character--a man loved and cherished by the almighty.

Rev

The election hinges on the state of the economy and the unemployment rates in the U.S. Right now those numbers are not in favour of Obama.

This will be a very tight race and may very well boil down to Florida again.

I am no political expert, but historically given the state of the economy and the unemployment rates being so high combined with the Euro crises having a negative impact on the markets, the future do not look too bright for Obama's re-election.

But who knows ? Obama defeated Hillary to become the Democratic candidate. Can he pull off a second surprise ?

Interesting times ahead. I hope that we can tone down on the less than acceptable pictures posted. It may appear that this will be a mud slinging political campaign.

Let the debate continue.

Yuji:

The American press and many so-called experts would have you believe the race will be tight. Presidential elections are rarely tight. And in 2012 Mitt Romney will win with around 52% of the votes.

READ THIS---posted in another thread:

In the last 3 presidential elections the winning candidate has won the same percentage of the vote, or within 1% of it, as his party won in the House of Representative popular vote two years before. For example, the democrats won the popular vote 53-45 in the 2006 mid term election; Obama won 52.85% of the votes in 2008.

Now, in the 2010 mid term election the Republicans won the popular vote for the house 52-45----you can bet the house, car, farm, and even the wife if you are tired of her on Mitt Romney winning between 51-52% of the votes in November 2012---that will win him the electoral college and the Presidency.

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American voters are disgusted with Obama---the man has been a disaster---the Rev is now 99.99% confident Obama will be a one term president.

Rev

Rev-sta....all those numbers and so on do not explain the one number Obama beat - a Black man becoming President. What say you his chances of being elected even though unemployment will be above the magical 7.4% number? This is the Messiah....Baby

kari:

Did you read Maureen Dowd's article in the NY Times today ? Here are some highlights---read and weep:

EVEN DOWD BEGINS TO TURN ON OBAMA

* The president who started off with such dazzle now seems incapable of stimulating either the economy or the voters. His campaign is offering Obama 2012 car magnets for a donation of $10; cat collars reading “I Meow for Michelle” for $12; an Obama grill spatula for $40, and discounted hoodies and T-shirts. How the mighty have fallen.

* Once glowing, his press is now burning. “To a very real degree, 2008’s candidate of hope stands poised to become 2012’s candidate of fear,” John Heilemann wrote in New York magazine, noting that because Obama feels he can’t run on his record, his campaign will resort to nuking Romney.

* In his new book, “A Nation of Wusses,” the Democrat Ed Rendell, the former governor of Pennsylvania, wonders how “the best communicator in campaign history” lost his touch.

http://www.nytimes.com/2012/06...ero.html?ref=opinion

REV

That's not true. She was leading in the popular vote. She was bullied and threatened into withdrawing her candidacy, and some of her supporters have intimated that there were corrupt and illegal actions at the Democratic Convention that gave the nomination to her rival. The Democratic Party has been damaged by this whole business.

You think black Americans will vote for him again, after the way he has treated them? Some probably will, but nothing like the last time.