The Economist - respected economic weekly - backs Obama for President

The Economist, well known as one of the most respected weekly magazines in the world on issues of economics, trade and global politics, has recently expressed support for Barack ObamaBarack Obama for President.

Although the magazine has made many criticisms of Obama over the past several months, the article, published yesterday, states that Obama's candidacy offers a "better chance of restoring America's self-confidence."

The article continues by stating that Obama will be best at handling the task of "reselling economic and political freedom to a world that too quickly associates American capitalism with Lehman Brothers and American justice with Guantánamo Bay."

The article does not come without caveats, however. The article notes that choosing Obama is a "risk", but indicates that at this juncture in American history, they feel it is a risk we must take.

Another reason for the Obama pick - John McCainJohn McCain's chosen running mate. The article indicates that the choice of Sarah PalinSarah Palin as McCain's running mate, "epitomized the sloppiness" of the McCain campaign.

In defense of the McCain campaign the article notes that McCain "has bravely taken unpopular positions—for free trade, immigration reform, the surge in Iraq, tackling climate change and campaign-finance reform." However, the article further notes that this was the legacy of Senator McCain. Candidate McCain, the article states, "has too often seemed the victim of political sorcery, his good features magically inverted, his bad ones exaggerated."

Finally, the article notes that though Obama may be a risk, he has earned it.

So Mr Obama in that respect is a gamble. But the same goes for Mr McCain on at least as many counts, not least the possibility of President Palin. And this cannot be another election where the choice is based merely on fear. In terms of painting a brighter future for America and the world, Mr Obama has produced the more compelling and detailed portrait. He has campaigned with more style, intelligence and discipline than his opponent. Whether he can fulfil his immense potential remains to be seen. But Mr Obama deserves the presidency.

Read the full article on The Economist's website.