Can Keynes save Obama's job

From my notes while listening to President Barrack Obama's rare but desperate address to the joint session of the US Congress.

Obama takes resort to Keynesiansim but is it enough to save his job for another term. Keynes once claimed to have saved Capitalism from Communist onslought but will the economist in his grave be able to save the presidency of a Democrat, who so far gave market an upper hand over government. Critics of Keynesianism say that it has now exhausted as an economic philosophy with the weakening of the nation state. Will Obama's efforts help the intuitive economist to make a come back as a forebearer of an economic doctrine?

China's surplus pays for US budget deficits. Despite what Obama says to persuade his vote bank, there is no way the US will take over China as the world's manufacturing hub. Following Giovanni Arrighi one can now very well say Adam Smith has reached Beijing and the days of the American Empire is finally over.

It has been a long night as the world watched another typical Obama speech in a rare address to the joint session of the US Congress. Despite the Obama type rhetoric the speech was weak on details. President Obama sounded in a hurry without much groundwork.

'Jobs Act' spells out more jobs for the jobless Americans but nobody knows who will foot the bill in a country which is neck deep in deficit. Obama's plans would make China economically stronger and US would seem like a power of the past.

Huge budget deficit an enormous problem for Obama on the economic front. However, a much bigger problem lies in the dominant political economy analysis of the current state of the world. Obama takes resort to Keynesianism to save his presideny but would the strategy work when the concept of 'nation state' has significantly weakened.

A quick ponter to what I tried to explain so far comes from a BBC interview with Arjuna Mahendran of the HSBC Private Bank,'' no reason for the bourses to be enthused from Obama speech''. Possibly the Asian bourses would slip a few points as they open trading on Friday