"This is not a matter of economics only, but credibility. Obama understands that this is primarily an authority crisis. A system Americans have trusted — the market — has failed in important ways. He has found a theme and bids to reassert authority. But he will seem like an impostor and a manipulator if he imposes responsibility on everybody but himself."

I have heard several of his speeches, when he was in Europe (UK, France and Turkey) two weeks ago and in spite of all the disappointment by many in the US, I think he is doing exactly what he ought to do. He knows that he cannot turn around Wall Street's power base in 4 years, so instead of fighting the banking maffia, he lets them go under in their own shit and meanwhile focuses on the longer term.

In 2 months time he has already taken away a lot of distrust (and hatred) which existed all over the world vis-a-vis America. I can tell you that even in Europe, after 8 years of Bush, no one (except maybe for the UK) trusted US intentions anymore, particularly not after the credit crisis erupted. Too much trust had been broken in the international arena as a result of the Iraq invasion, Guantanamo and the withdrawal from international efforts to attack serious world problems like CO2 caused global warming. The spread of toxic financial products all over the world was the final killer.

Obama is shifting from the typical (Republican) destructive short-term areas of attention (2-4 year US corporate profits, strategic control of commodities, control of Governments by undemocratic means) to those focusing on a better life for the entire world, i.e. mutual respect, cooperation, green energy.

He is smart enough to acknowledge that, if you want to beat the Taliban, you cannot do that alone by sending more and more totally unprepared troups, but you will need the respect of the population in the countries involved. The Pakistani also hate the Taliban, but they will not fight them, if they have to chose between the Taliban and a foreign invader (which the US/Nato may become). So instead of invade the country, rescue the country.

He is smart enough to invest right now into those areas where the US has a comparative advantage (innovative technologies in the area of green energy) and make that the backbone of economic recovery.

He is smart enough to retain that what has made the US/the West great, its combination of liberalism, democracy and free markets, and put that in the forefront again as against the nefastous self-enriching policies, which have ruled US policies during the last decade.

As a European, I think Obama is a present from heaven.