A Romney Presidency Would Ensure Global Economic Disaster




{a guest blog from Derek Wood of Sydney, Australia}

It seems the global opinion regarding our impending elections is fairly univerally consistent. Most of the world is terrified of a Romney victory and, quite anomalous to the norm, many are preemptively weighing in with their opinions. For instance, they have learned in the U.K. that Mormon supporters of Mitt Romney are promoting a day of mass fasting and prayer to seek divine help for the Republican candidate in the upcoming Presidential debates. This is viewed as an act of desperation and the iminent implosion of the G.O.P. is quite likely. To get a better view, I implored my Australian friend, Mr. Derek Wood to provide enlightenment on the matter.

As the US Presidential election draws near, the world is collectively holding its breath to see who will come out on top. The choice couldn’t be more diverse. On the one hand we have the President, Barack Obama, with his semi-socialistic policies and still assigned with the task of trying to clean up the debacle the GOP left after the tenure of George W Bush. At the other end of the spectrum we have his challenger, Willard (Mitt) Romney, the (reluctant) darling of the far right. An elder political statesman who, along with his Mormon beliefs, has a set agenda that is not too hard to work out if you look closely.

As has been proven by Obama, being President of the United States is about governing for all citizens of the US. Regardless of their political or religious persuasion, regardless of their ethnicity, regardless of their sexuality and regardless of their status within society. This is coupled with ensuring that the relationships with your Allies (think most of the western world) are maintained harmoniously. Most previous Presidents have managed to cope quite well with ‘talking to our friends’ overseas. Obama has done an excellent job on the world stage and is very much respected by most leaders worldwide.

The same cannot be said about Romney. In the past few months he has upset the UK government, the Australian government, virtually the whole of the Middle East (outside of Israel) and some of Europe. If there is an Oscar for ‘putting your foot in your mouth’ then Mitt Romney would win hands down! Two things struck me about this. Firstly, he is being very badly advised by his close confidants. If you are trying to win the top job you don’t go around shooting from the hip. Secondly, he just doesn’t have the acumen to represent America on the world stage. To be blunt, you either have it, or you don’t. Romney is sadly lacking in this regard.

Another ‘foot in mouth’ moment was the recently released video of Romney telling an audience of fellow one percenters, that 47% of voters are on various welfare benefits and therefore were lost to him and the Republicans. In effect, it could be inferred that they would be ignored by a Romney administration. As I mentioned earlier, the job of government, in part, is to help those on welfare, educate them, train them etc and above all, show them that they are not a ‘lost cause’. Governments have to provide opportunities for these citizens. It seems that Romney and GOP are of a different view.

This brings me nicely to the Australian view of the forthcoming Presidential election. For the uninitiated, Australia has a coalition centre-left government led by Julia Gillard. Australia has a long history as being one of America’s staunchest Allies. It is also the only western country in the world that did not suffer a recession after the Global Financial Crisis. Currently the unemployment rate is a shade over 5% – close to full employment. Its debt levels are the lowest of the G20. So it is safe to assume that something has gone well for Australia over the past decade or so, whether by luck or good planning.

Deputy Prime Minister Wayne Swan

The word twisting that Romney espoused after the Australian Foreign Minister paid him a visit a few months ago, didn’t go down at all well in Canberra. This was probably one of the lesser reasons why the Australian Treasurer, Wayne Swan, politically attacked Romney and the Republicans. What Swan said was amazing to us Australians. He is seen as a dull, boring type of politician. Also, he broke the unwritten rule of siding with an American political party in an election year. For the record, Wayne Swan said:

“Let’s be blunt, the biggest threat to the world’s biggest economy are the cranks and crazies that have taken over parts of the Republican Party,”.

“Despite (US president Barack) Obama’s goodwill … the national interest was held hostage by the rise of the extreme right Tea-Party wing of the Republicans.

“There can be few things more alarming in public policy than a political group which was genuinely prepared to see the government of the United States default on its obligations in order to score a political point.”

His words were deliberate and were meant for the world audience as well as for the US. To Australia, the Romney led Republicans would be bad for the world. It is a given that Romney would introduce a number of right wing policies both domestically and internationally. There is no doubt that America would be siding with Israel in a pre-emptive strike against Iran. This is something the West cannot afford to happen. Then there is a bigger threat, the Tea Party influence is such that in January the US could default on its payment obligations, unless a finance package is agreed upon.

Whilst this might be a good move from the Tea Party point of view, and would help justify dramatic cuts in government spending, it would send earthquake type tremors through the money markets of the world, and especially Europe. This could be the beginning of another Global Financial Crisis. This, in turn, would affect the US economy and lead to higher unemployment and a stagnating local economy.

That is why the Australian government went public with its attack on the GOP. They know that a win for Romney will only spell disaster for the US and the world in general. Whether the voters of the US take note is to be seen. Outside of the GOP, it is imperative that Obama wins another term of office. The world wants Obama to defeat his radical, and aging opponent, and use his second term to revive the US economy and ensure that harmony is maintained with the west, and that the Middle East tensions do not get out of control.

Follow Derek on Twitter at @Main_Man







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