ECONOMY: 'The steps that we've taken are
ones that are restoring a sense of confidence and the ability of the United
States to assert global leadership.
Excerpts from March 24th Press Conference, US President Barak Obama re International aspects of US Economic Crisis
Responding to Question from Press Corp re: 'Chinese officials interest in international currency', 'less confidance in US dollar', 'global resistance Economic Stimulas',
OBAMA: Well, first of all, I haven't asked them to do anything. What I've
suggested is, is that all of us are going to have to take steps in order to
lift the economy.
We don't want a situation in which some countries are making extraordinary
efforts and other countries aren't with the hope that somehow the countries
that are making those important steps lift everybody up. And so somebody's got
to take leadership.
It's not just me, by the way. I was with Kevin Rudd, the prime minister of Australia,
today, who was very forceful in suggesting that countries around the world,
those with the capacity to do so, take the steps that are needed to fill this
enormous hole in global demand.
Gordon Brown, when he came to visit me, said the exact same thing.
So the goal at the G-20 summit, I think, is to do a couple of things, number
one, say to all countries: Let's do what's necessary in order to create jobs
and to get the economy moving again. Let's avoid steps that could result in
protectionism, that would further contract global trade. Let's focus on, how
are we going to move our regulatory process forward, in order so that we do not
see the kinds of systemic breakdowns that we've already seen?
And that requires -- that means not just dealing with banks, but also some
of the other financial flows that are out here that are currently unregulated.
We've got to update regulations that date back to the 1930s, and we're going to
have to do some coordination with other countries in order to accomplish that.
As far as confidence in the U.S. economy or the dollar, I would
just point out that the dollar is extraordinarily strong right now. And the reason the dollar is strong right now is because investors consider
the United States the strongest economy in the world with the most stable political system in the
world. So you don't have to take my word for it. I think that there is a great deal
of confidence that, ultimately, although we are going through a rough patch,
that the prospects for the world economy are very, very strong.And -- and last point I would make, in terms of changing America's image in
the world, Garrett, I -- you know, I haven't looked at the latest polling
around the world, but I think -- I think it's fair to say that the response
that people have had to our administration and the steps that we've taken are
ones that are restoring a sense of confidence and the ability of the United
States to assert global leadership.