I blogged before about the dangers of giving Europeans legitmacey in our political process while Barack Obama was actively campaigining in Germany. It would seem my concerns were well founded.
The economic recovery bill being considered in Congress used to contain language requiring stimulus recipients to buy American whenever possible. The idea being to keep the recovery dollars in our economy. The EU objected and the language is now being modified.
Oddly enough, I find myself on the side with US labor unions and Democrats on this one. If you're going to have socialist intervention in the markets, then we have to have some level of protectionism. This is something Europe practices on a daily basis and it's become an expectation. Ironically, the EU is criticizing the US for being just like the EU and in doing so demonstrate that they have a vested interest in US recovery money--which is probably another post.
Politics set aside, keeping US dollars in the US is critical to recovery where every single job is valuable and necessary to keep the recession from becoming a depression.
I know trade agreements have been signed. I know they are binding. I don't think it's that crazy to say there is more on the line now than the value of US/European relations.
President Obama and Congress had it right the first time: it's time to put America first!