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November 14, 2010

Barack and unintended consquences

By Jon Daly

As Obama finishes his Asian trip and is forced to answer questions he doesn't want ("what were the biggest complaints you heard from the other foreign leaders?") some things become clear.  This man and his administration are completely oblivious to the unintended consequences of their policies and actions.

Governments don't operate in a vacuum.  When the fed proceeds with its plan to monetize the debt by printing money and buying government bonds they are telegraphing their intentions.  But they don't seem to be anticipating the coming push-back.

Obama complained he was only asked questions about other government leaders complaints but he failed to notice the nature of the complaints were much about this ill advised fed plan.

Does it make sense to announce to the world, and markets, you intend to devalue the dollar?  Don't you think, if you try to think ahead at all, that the markets and other countries will begin to maneuver to counter your actions?

Don't you think that players like George Soros, (who said, with no regrets, that the main lesson he learned from his collaboration with the Nazis' persecution of Jews, was to think ahead) is preparing to "have a good year" much like he had in profiting from the global fiscal crisis of 2009?  And at who's expense?

Part of me thinks these guys can't be this obtuse.  That maybe they are smarter by half and that their true intention of revealing their plans to the market is that they want the push back. 

Nah, they really are this obtuse.
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