China Votes "No Confidence" in Obama Economy

China calls for new reserve currency.

The basic message fromthe Chinese is: we don't want to get stuck with a bunch of worthless paper when the trillions being thrown around by Team Obama devalues the US dollar.

“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.

Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.

“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.

"Creator of Systemic Risk" is a more formidable title than "community organizer." Chicago style Marxist politics can be contained within the American economic system as long as they remain localized in the Windy City. When translated and magnified to a national level, they will rock the world.

In his "60 Minutes" interview, Obama said he enjoys his job and is good at it.

It's exhilarating. It's challenging you know, I-- I find that-- the governance part of it, the decision making part of it-- actually comes-- comes pretty naturally.

The Greeks had a word for it; "hubris." It led to tragedy.

And the bad part of his job? Fixing things that prior Presidents, for whom governing was not as natural as Tiger Woods' golf swing, got wrong:

(SIGH) The-- the fact that-- you are often confronted with bad choices that flow from less than optimal decisions made a year ago, two years ago, five years ago, when you weren't here. A lot of times, when things land at my desk-- it's a choice between bad and worse.

And if you don't know how incredibly important he is, he reminds you

And as somebody pointed out to me-- the only things that land on my desk are tough decisions. Because, if they were easy decisions, somebody down the food chain's already made them."

All you lesser lights are below The One on the food chain.

If there was ever any doubt, this confirms for me that when Obama referred to the the Special Olympics it was not an innocent slip, it was a reflection of his view of the rest of humanity.

This is getting scary.