But America is at risk in other ways, especially in the technical business of setting and executing policy. The presidency of Barack Obama has set out on a course that has no precedent in U.S. history. Franklin D. Roosevelt, whose New Deal transformed the U.S. economy during the Great Depression, pushed America off on a sharply different political and ideological course. The Obama administration is different in many ways, not least in its supreme self-confidence in its methods and objectives.

Reform of health care, environmental policy, education, energy, banking, regulation — every nook and cranny of the U.S. economy has been put on alert for major change. Expansion of government spending, plunging the U.S. into unprecedented deficits, is without parallel. In economic policy, through regulation and control of energy output, financial services and monetary expansion, the U.S. government has embarked on a fundamental reshaping of America. It is designed, in short, to bring on the end of America.

The spillover effect of all this on the rest of the world promises to be dramatically disruptive. The greatest global risk is in monetary and currency policy. Below is a chart that graphically demonstrates the sharp deviation in monetary policy from past norms. Under the chairmanship of Ben Bernanke, the Federal Reserve is in the midst of a giant economic experiment, flooding the world with U.S. dollars, hoping that flood will stimulate economic activity.

Read it all.

Filed under: * Culture-Watch • Globalization • * Economics, Politics • Economy • The U.S. Government • Federal Reserve • Politics in General • Office of the President • President Barack Obama • * International News & Commentary • America/U.S.A. • Canada

1. Jeffersonian wrote: Obama’s budget has trillion-dollar deficits projected for a minimum of ten years. There’s a limit as to how much any economic system can be plundered before it collapses.  We’ll see if we cross that threshold soon, I reckon. Edited by elf. March 20, 4:37 pm | [comment link]

2. libraryjim wrote: And hope and pray the Republicans can find their moral and conservative center to win back the House and Senate in 2010. March 20, 9:16 pm | [comment link]

3. tgs wrote: I wonder if there is just a chance that all this is being done deliberately as a power grab? You don’t think so do you? Nah. March 21, 12:30 pm | [comment link]

4. Jeffersonian wrote: Of course it is, TGS.  It’s Chicago machine politics writ large.  We’re being “organized.” March 21, 2:44 pm | [comment link]

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