The Wall Street Journal

“Rather than leading the world from a position of strength, Mr. Obama and Treasury Secretary Timothy Geithner came to Seoul blaming the rest of the world for U.S. economic weakness. America’s problem, in their view, is the export and exchange rate policies of the Germans, Chinese or Brazilians. And the U.S. solution is to have the Fed print enough money to devalue the dollar so America can grow by stealing demand from the rest of the world. “

It can’t be articulated any clearer than that. Instead of pursuing productive tax and regulatory policy, America is pursuing destructive monetary policy to pull us out of the economic sewer. Even China thinks we’re crazy at this point. The president says he wants to double exports. Great, but rather than do it by helping America make competitive products, he wants to pursue international regulations to give us a “fairer” trade environment. Translation: he wants the world to subsidize his disastrous domestic economic policies. Everyone else slow down while we destroy the value of the American dollar and sell you crappy American products. Meanwhile, consumers at home (IE: the poor and middle class) will see their purchasing power eroded. It’s the war on wealth writ large.

Here is an eye opening interview with Germany’s finance minister:

Wolfgang Schäuble

“The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies. There are many reasons for America’s problems, but they don’t include German export surpluses.”

“I seriously doubt that it makes sense to pump unlimited amounts of money into the markets. There is no lack of liquidity in the US economy, which is why I don’t recognize the economic argument behind this measure.”

“It’s inconsistent for the Americans to accuse the Chinese of manipulating exchange rates and then to artificially depress the dollar exchange rate by printing money.”

Everybody gets it. Except the White House. I sure wish Jimmy Carter was still president.