Barack Hussein Obama enjoys speaking via his teleprompter and letting people know he is providing a “teaching moment.”

However, this week Mr. Obama is receiving a “teaching moment” and having his posterior handed to him in the process.

The US dollar is falling worldwide like a rock dropped out of Air Force One. Obama is the man who dropped that “rock.”

Federal Reserve officials sometimes sound as if their only worry is the domestic U.S. economy, but their gusher of dollars is starting to have serious consequences for the rest of the world. Nowhere is this more evident than in Asia, where President Obama is getting an earful from leaders this week about what all those greenbacks are doing to their economies.

Many of these nations peg their currencies, formally or informally, to the greenback. So they are getting a huge dollar liquidity kick from the carry trade, in which people borrow U.S. dollars at exceptionally low U.S. interest rates and invest them for higher returns elsewhere.

As a result, Asia’s stock markets are outstripping U.S. and European bourses by a country mile. Shanghai alone is up nearly 80% this year-to-date. Hong Kong property is climbing through the roof, with one recent apartment sale mooted at $57 million. Foreign investors are even getting enthusiastic again about one of the most corrupt emerging markets around—Indonesia—and dubbing it the “new China.”

Hong Kong chief executive Donald Tsang—a former finance minister—said last Friday he’s “scared” about loose US monetary policy.

“Where is the money going—it’s where the problem’s going to be: Asia,” Mr. Tsang said. “You can see asset prices going up, not only in Korea, in Taiwan, in Singapore and in Hong Kong, going up to levels that are incompatible or inconsistent with the economic fundamentals.”

On Saturday, China’s top banking regulator, Liu Mingkang, chimed in that the Fed’s binge is the main cause of “massive speculation.” The risk is more asset bubbles and misallocation of global capital.

Obama reinforced his message in Tokyo Saturday when he called for “balanced trade,” which suggests a weaker greenback to spur US exports. Gold, which is a dollar hedge, hit an all-time high yesterday in response. That spells disaster for the dollar.

Liu Mingkang, chairman of the China Banking Regulatory Commission, said that a weak US dollar and low US interest rates had led to “massive speculation” that was inflating asset bubbles around the world. It has created “unavoidable risks for the recovery of the global economy, especially emerging economies,” Mr. Liu said. The situation is “seriously impacting global asset prices and encouraging speculation in stock and property markets.”

A spokesman for China’s Ministry of Commerce added further criticism of the Obama administration, targeting recent measures by Washington against Chinese exports. “We’ve always known the US and the West as free market economies. But now we’re seeing a protectionist side,” the spokesman, Yao Jian, told a monthly press briefing.

Chinese leaders previously expressed nervousness that the US may be ready to sacrifice China’s economic interests to haul itself out of the worst recession since World War II. China is the largest creditor to the US. It frets that huge US budget deficits will weaken the dollar and slash the value of China’s massive foreign-currency holdings, which hit $2.273 trillion at the end of September, the latest figure available.

China is particularly affected by the U.S. policy to keep interest rates at near-zero because it has kept its own currency, the yuan, largely pegged to the dollar. Key trading partners like the U.S. and European Union have urged China to let its currency appreciate, and multilateral agencies like the World Bank and International Monetary Fund have said a stronger yuan would help avoid risks of asset bubbles, in part because that would make it more expensive for outsiders to buy Chinese assets.

Obama enjoys traveling the world and stating that all countries are “equal partners” and ignores American exceptionalism.

Before a Japanese audience in Tokyo’s Suntory Hall on Saturday.

“I know there are many who question how the United States perceives China’s emergence, but as I have said, in an interconnected world, power does not need to be a zero-sum game, and nations need not fear the success of another,” he said.

World Bank chief economist Justin Yifu Lin, a former Chinese government adviser, has argued that if a stronger yuan snuffs out a recovery in China’s export sector, it could weaken China’s entire economy and have negative consequences for global growth.

Despite Obama’s pledge to listen more carefully to foreign countries, his Administration has ignored pleas to move forward on trade issues, a refusal that drew strong criticism from several foreign leaders during Obama’s recent Asia trip. Although the Obama Administration pays lip service to free trade, it has allowed a strategically important trade agreement with South Korea to be held hostage to a single industrial sector: automotives. The FTA would increase U.S. GDP by at least $10 billion. As such, it would be both an economic stimulus package and a jobs creation program without requiring any additional government spending or adding to the U.S. deficit. Yet the Obama Administration and Congress continue to allow the agreement to languish in limbo.

U.S. Trade Representative Ron Kirk and Commerce Secretary Gary Locke extolled the virtues of the South Korea FTA, but both declared that it would have to wait in favor of pursuing President Obama’s domestic political agenda. The Obama Administration and Congress have complained about an unequal playing field for sales of U.S. autos to South Korea but reject the very agreement that would remedy the problem. However, the two years since the June 2007 signing of the FTA exposed the falsehoods of the auto sector’s blaming others for its poor competitiveness: GM and Chrysler did not go bankrupt as the result of South Korean non-tariff barriers.

As the Obama Administration and Congress have dithered, the world has not stood still. South Korea ratified an FTA with India and initialed an agreement with the European Union. In recent years, China, Japan, and the EU have all surpassed the U.S. as South Korea’s major trading partners. Even Democratic Senator Max Baucus (D-MT) lambasted the Obama Administration for lacking a “comprehensive trade agenda.” Furthermore, continued failure to ratify the FTA will have tangible consequences. The U.S. Chamber of Commerce estimated that failure to implement the FTA while America’s trading partners go forward with their Korean FTAs would lead to a decline of $35.1 billion in U.S. exports and a loss of 345,000 jobs.

We have an impotent Obama playing international poker with the Chinese and other Aisan countries who are holding not only the aces but the whole deck of cards. Obama has been allowed to have the jokers from the deck as he embarrasses the United States and dumps its trading partners. This doesn’t even include Panama, Peru and Columbia. Indeed!