While everyone is suffering in this recessionary economy it is nice to know that Mr. Obama is helping someone's economy by buying his wife a diamond bauble as a "thank you gift" for her undying support.
Michelle Obama is to receive this £20,000 thank you from her husband for her support during the election.
The Harmony ring is made of rhodium - the world's most expensive metal --and encrusted with diamonds. It is being hastily made by Italian designer Giovanni Bosco in time for January's inauguration ceremony.
Only about 25 tons of rhodium are mined each year, mostly in South Africa, and as a result its price is typically around £5,000 an ounce.
It is a very select precious metal and because of its value and association with wealth, rhodium was chosen as the material for the disc presented to Beatle Paul McCartney for being history's all-time best-selling songwriter and recording artist.
Several luxury items such as the world's 'Most Expensive Pen' or 'Most Expensive Board Game' also contain rhodium while the Crown Jewels worn by the Queen are also rhodium plated.
Yeah, it looks like he isn't spreading his wealth around much, except to his wife. It's an ugly ring if you ask me.
Look for the sequel to his book entitled, "The Audacity of Elitism in a Crashing Economy".