President Obama has significantly curtailed production of oil offshore and in Alaska, and refused calls from economists across the ideological spectrum to force China to stop manipulating its currency. Together, reversing those actions would create at least five million jobs. Now conditions in Europe threaten to pull down an economic recovery, made needlessly fragile by policy missteps beyond the purview of the Federal Reserve. Lacking better policies from the Oval Office, there is little the Federal Reserve can do. Twitter @pmorici1This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.