This transcript is automatically generated
-- celebrations erupt in the streets of Tripoli and Libyan rebels claim control of the capital President Obama announced -- 42 year regime is coming to an end.
And for more on the impact on our foreign and economic policy we're joined by Nile Gardiner director of the Margaret Thatcher center for freedom at The Heritage Foundation.
All right Nile what does this mean for the overall economy.
Look they're diving as you mentioned -- earlier this is certainly good news for.
The United States to Europe for international markets Libya is a large scale oil produced so I think one of the ten largest.
Reserves in the world certainly Africa's largest reserves and in Nigeria comes -- place I think team that be a and removing one of those Bruce -- evil tyrants of bonds -- bought times.
Up from cop in -- -- -- is very good news for the people of Libya and -- the good news for international markets I think we'll see.
And -- hopefully emerging as a liberal democracy in years to come.
This is very good news for free trade between they'd be a Europe and the United States in the western world as a whole.
-- constant -- about oil right is is it going to really have a long term effect on oil prices -- it's not that much at the end of the gag.
Yeah I -- is gonna have -- huge impact upon.
And -- I think that as you mentioned earlier we all going to see a number for a for example of.
Major British companies moving back into the Libyan market but I don't I don't see.
A significant long from impact upon.
Oil prices now having said that if this war had dragged home.
In Libya if NATO had been humiliated if the United States being humiliated -- Britain had been.
Humiliated -- -- Daffy remaining impact I think that would have had a very negative.
Pull the United States and I think that this situation scenario -- -- getting rid of could -- -- getting rid of all.
-- -- -- -- Only only the North African tip of Africa.
I think is a hugely positive development for the United States should be cheering the removal all.
Kind of a good -- if -- -- -- way around I think this would and you know -- the scenario actually for the United States as the world's almost -- about.
-- -- eat you sit in the past that you think President Obama is leading from behind when it comes to foreign policy so right now you're saying He should take about for this.
Thought well you know I think.
Barack Obama -- role in the removal all of -- that He has been -- Limited and Obama has been -- from behind I think.
The British and the French have played the real the real lead role in the NATO alliance and at the end of the day the rebels -- -- -- -- actually -- Fall better than expected.
-- -- I get the impression I'm listening to.
President Obama today speaking from mole as video on taking -- way.
From an arduous a round of golf from that -- president ball isn't really that interest to frank animals -- only in Libya.
This is the US administration that hasn't had a very very weak foreign policy -- several months we've had no idea.
What -- bomb has been doing all the Libyan fronts.
Waltz away abandoned the end of the day I do think -- on the British prime minister if it's on the French president has made formal leadership on the -- in question Dan.
The leader of the free world itself so what's.
What's the answer here do we send more military in and show support for this.
I don't think that's went -- need to see.
Weston foods only grounds.
In India BI think that's I clearly Qaddafi stayed on them but the in the days of his regime I think it clearly.
-- coming to an end there will be.
Time needed for a proper transition to a democratic.
In -- but I didn't see the need for.
Lost -- of western boots on the ground.
In data you may well see military advice is coming from key native hundreds.
Advising the new government's.
With regard to the transition but you're not going to see.
-- US -- forces on the ground in Libya.
Now we talked earlier about how -- will benefit the most from oil production as -- goes pretty much to Europe these days.
Back in March though you wrote that America must is Steve did you half the EU style decline so.
Are we on our way to or are we there already.
Lot of criticism coming from you -- now about the way the United States is run and comparing it's now where the European Unionists.
Yeah I think that's a.
President bomb is a quintessentially European style politician he's a big governments big spending politician.
He's also -- -- leader who has implemented policies which are being.
Antithetical towards the job creation in the United States he's making -- of the same mistakes made by European politicians over the course of many decades.
And if you look at what's happening in Greece and Spain in it's an import tool on them for example that is a shape of things to come.
For the United States unless Washington.
-- -- -- government spending unless Washington infamous the kinds -- of -- high growth.
-- tax policy is needed to get the US economy.
Back on track but the -- -- scenario that you see in Europe today.
Could be in the United States -- 510 years from now unless things -- dramatically changed here in Washington tens of -- of the government handles the economy.
Shouldn't we help New York -- should I mean -- right now I guess our concern is whether or not we should bail out Europe forget about the United States.
Should the US be doing something to prevent the European Union from collapsing.
But at the end of the day I think the European congress have to help themselves.
They have to stop spending.
Attacks has money in huge amounts after -- boring.
And I don't think that's international bailouts of whether those bailouts coming from the European Union.
All of the International Monetary Fund on going to help nations like Greece for -- all the -- -- long term economic problems you'll simply.
Delaying the inevitable here -- benefits -- -- these countries to learn their lessons.
To a change fundamentally their economic systems -- rule.
You've had a decades old socialist thought policies being implemented in countries like Greece they have to ditch -- -- highly interventionist big government.
Policy is to free markets.
Promises and actually actually work.
-- say it is vitally important countries like Greece Spain Italy for example stop spending huge amounts of money and so.
Throwing taxpayers' money when this European taxpayers money -- American.
Taxpayer dollars and the problem isn't gonna -- situation in Europe.
Seems like same story different continent -- -- Nile Gardiner thank you very much for being with us -- My pleasure thank you -- director of the Margaret Thatcher center for freedom -- Heritage Foundation.