On the eve of the meeting of the World’s 20 most important economic powers in London, President Obama is signalling that he believes the best course of action for GM is bankruptcy, with a new Board of Directors appointed by him running the company (and probably owned by the UAW employees).
Globalism (as represented by the G-20) is a very divisive topic in Europe and large and possibly violent protests are expected. A year ago, Candidate Obama was greeted in Europe as if he was the Second Coming of the Messiah – this week he appears in the role of the leader of the country that many point to as the cause of the economic collapse (never mind it was European banks who bought the Credit Default swaps from AIG with no gun pointed to their head).
This will be the first serious test of President Obama’s skills on the world stage. Germany, England and others are already in finger pointing mode and looking for someone to blame. Many believe that President Obama will “accept blame” for the entire mess “caused by George Bush” (ignoring that Tim Geithner was the head of the NY Federal Reserve Bank at the time)
The world’s leaders will not be impressed if Obama is just reading scripts from a teleprompter. This is his chance to convince the world he has substance or prove that he is a clueless Chicago A.C.O.R.N. street thug with no clue how the real world actually works.
No matter how it turns out, this is a very important week for your future.