President Obama is facing challenges to American power on multiple fronts as he prepares for his first trip overseas since taking office, with the nation’s economic woes emboldening allies and adversaries alike.
Despite his immense popularity around the world, Mr. Obama will confront resentment over American-style capitalism and resistance to his economic prescriptions when he lands in London on Tuesday for the Group of 20 summit meeting of industrial and emerging market nations plus the European Union.
The president will not even try to overcome NATO’s unwillingness to provide more troops in Afghanistan when he goes on later in the week to meet with the military alliance.
He seems unlikely to return home with any more to show for his attempts to open a dialogue with Iran’s leaders, who have, so far, responded with tough words, albeit not tough enough to persuade Russia to support the United States in tougher sanctions against Tehran. And he will be tested in face-to-face meetings by the leaders of China and Russia, who have been pondering the degree to which the power of the United States to dominate global affairs may be ebbing.
“American – style capitalism” is not true capitalism. It’s a perverted form which uses government interference and regulation to tilt the economic playing field highly in favor of the international financial elites. What’s needed is a return to true capitalism and free markets.