Marathon Pundit: G20: The whole world's not listening to Obama

Barack Obama and his "transformational change" was supposed to lead American and the world to the promised land. But the president is unpopular here, and as Forbes tells us, the rest of the world isn't listening to Dear Leader as its wealthier members gather in Toronto.

Therefore, the call by President Obama to keep stimulating is a best ignored and at worst scoffed at by the G20. But it's worse than that.

The U.S. is not only calling for more spending, but it is also failing to reduce its own deficit, which will reach $1.4 trillion in 2010. Now, the question becomes when will this come back to hurt the country?

Immediately. The U.S. loses its leadership position with the G20 when it advocates measures that would harm those countries that followed its advice. Can any European nation risk additional stimulating or even delaying action on deficit reduction without a negative repercussion from the markets?

Soon the global markets will turn their ire back on the U.S. for not addressing the fiscal problem. It is the one G20 country not engaged in cutting its massive deficit. Worse, the Congressional Budget Office has said that the newly enacted health care bill will not help reduce the deficit.