Barack Obama Is the New Jimmy Carter

CNBC.com ^ | 14 Mar 2011 | Niall Ferguson

[Heuristic Hiker]

The current inflation scenario is reminiscent of the 1970s and the transition of economic dominance from the United States to China is already well under way, Harvard Professor Niall Ferguson told CNBC Monday.

Geopolitical events all add up "to a pretty bearish scenario because of all the inflation implications we're seeing right now," Ferguson said.

"You already had massive deficits and money printing in the developed world," he said. "On top of that you had enormous demand-side pressure from China relative to commodities."

"Now you've got the prospect of massive geopolitical disturbance in the great oil-producing centers of the world," he added. "That has to be a pretty inflationary scenario."

"At best case, we're going to re-run the 1970s, only with Barack Obama instead of Jimmy Carter in the White House," Ferguson said.

Globally, Western dominance peaked in the 1970s and the rise of Eastern dominance is evident with China taking over the top spot as world's biggest manufacturer, he said.

The dollar will likely keep its status as a reserve currency for a while, but there is "a sense around the world that exposure to the dollar has higher risk in it," Ferguson said.

© 2011 CNBC.com

[9YearLurker]

He’s a Brit and an academic: you’ve got to give him credit for having developed the clarity he has at any point.

[andy58-in-nh]

James Earl Obama! (or is it Barack Hussein Carter?) Either way, it’s awful...

[b4its2late]

It sure is.

[NavyCanDo]

The one positive thing to come out of the Jimmy Carter era. Reagan Democrats. Up to Jimmy Carter my family were solid Democrats. Conservative Democrats, but Democrats. My Dad and Mom, and all five of us kids, though we were to young to vote.

We could not stand what we were seeing from Carter, and Reagan changed what we thought of the Republican party. Up until that time we just had Nixon and Ford as examples.

Thanks to Carter failure, Reagan success, and a few years later this “Rush” guy on the radio we tuned into, we all became solid Republicans, and Tea Party activist.

[potlatch]

[andy58-in-nh]

It just gets better. President Nine-Iron will be in Rio de Janeiro next week, you know...making speeches, taking in the sights, consuming millions of taxpayer dollars in extra security for him and his family, trying to get the face on that statue in the harbor replaced with his own...

[andy58-in-nh]

That is disturbing on so many levels. And now, as a ransom he's demanding of the taxpayers three tri-ll-i-on dollars!!!!

[Recovering_Democrat]

Thanks...I didn’t realize he was speaking from a British POV. :)

[b4its2late]

trying to get the face on that statue in the harbor replaced with his own...

LOL!

[potlatch]

Ah well, he’ll just take a little trip to Rio - maybe play some golf....no problem!

[libs_kma]

BTW...does this @$$ make my tagline look big?

[fireforeffect]

LOL.

Make it look like one of the Bush billboards?

[dead]

[andy58-in-nh]

A small man makes everyone look bigger by comparison... ;-)

[devolve]

.

LOL!

That’s great potlatch!

Jimmy Qaeda II

.

[devolve]

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Life is just an endless series of games for Jimmy Qaeda II

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[RWB Patriot]

Except Carter didn’t have the Al Sharptons, the Jesse Jacksons, and the Black Panthers to enforce his regime. That’s what has me concerned for 2012.

[devolve]

[dixiechick2000]

OMIGOSH! That is a great graphic, potlatch!

You made me LOL for real!

Thank you so much! I needed that.

It’s so good to see you! ;o)

[potlatch]

I knew I had missed some replies to you and just searched to find them. I had a sick spell and then a very bad spell with my computer. It would go everywhere except Free Republic!! I’ll never understand that but I worked on it two days and am able to get here anyway.

I owe you a letter - big time, lol.