Obama Abroad

If ever there was a time for bold US leadership, this is it. The bursting of the housing and credit bubbles has sent the world economy into steep decline. Unless the major

economies can rally around a common strategy for recovery, we could all descend into a deep and prolonged recession, if not a second Great Depression, with far-reaching consequences for political stability throughout the world. That is why Barack Obama's first foreign policy trip--to the G-20 meeting in London and then to the NATO and US-European Union summits--may be one of the most important of his presidency. No doubt the formal results of these meetings will be disappointing, making it even more important that the president use them to build support for a bolder international plan.

Despite his considerable popularity, Obama will face obstacles as he strives to shape an international agenda. The president will have to overcome a legacy of resentment over not just the reckless and irresponsible policies of the Bush administration but also the Clinton administration's arrogant proselytizing about the virtues of neoliberalism. Many Asian and Latin American leaders remember all too well Larry Summers and Timothy Geithner lecturing them to tighten their belts and close down troubled banks during the 1997-98 financial crisis.

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