Ain't no summit like the G-20 Summit cuz the G-20 Summit don't stop! Haha, not really, it does stop. But then it happens again and again!
This year, it's happening in South Korea, the world's primary producer of cabbage farts. And while the kimchi will undoubtedly be delightful, President Obama will also likely find that he is not, in fact, the belle of this particular ball. Just this week, China was all, "Yeah, we're downgrading your credit rating because you're doing exactly what we do, i.e., manipulating the value of your own currency in order to produce domestic jobs." Oh noez!
Even if there is no immediate rival to the United States as a monetary power, American officials acknowledge that Mr. Obama is going to have a far more difficult time winning any kind of consensus strategy out of the Group of 20 than he did during the first such meeting of his presidency, in London in 2009.
"The world is more divided today than it was in London because nations not facing the prospect of a depression have that luxury," said Lawrence H. Summers, who leaves the White House next month after two years as the head of the National Economic Council, and as Mr. Obama’s top economic adviser. "Part of a return to normalcy is that nations more strongly and disparately assert their immediate interests."
Thanks, Larry! That insight will do Obama really well when he's all alone and embarrassed in the corner while Brazil is totally slow-dancing too close with Ireland to Heart's "Alone."
I hope he enjoys twiddling his thumbs under a crepe paper garland and making forced small talk with the kindly but annoying elderly chaperon. This is gonna be totes awksies.
Tags: Barack Obama, China, Economy, G-20, Lawrence Summers, Money, South Korea