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Bill O'Reilly: President Obama at a crossroads

By Bill O'Reilly

Next Sunday, March 16th, there will be a vote in Crimea on whether Russia should take over that part of Ukraine. The fix is in. The vote will go Russia's way. No doubt. Even though a poll a few years ago shows just a third of Crimea residents wanted to join the Russian federation. But Putin now has Russian troops inside the Crimea controlling just about everything.

As "Talking Points" reported last week, the European Union is too scared to do anything about it therefore it's once again left to the USA to attempt to right the wrong. Putin clearly violating international law -- there is no legal justification for this action.

So, what will President Obama do? The answer is unclear. And anti-Obama forces are pounding the President.

(BEGIN VIDEO CLIP)

DICK CHENEY, FORMER VICE PRESIDENT: We have created an image around the world not just to the Russians of weakness and indecisiveness. The Syrian situation is a classic. We've got all ready to do something, a lot of the allies signed on, at the last minute Obama backed off.

CHARLIE ROSE, CBS NEWS HOST: But don't you think that -- that the President is trying to do and take all the diplomatic steps that he can take now?

CHENEY: I think he is but I also think he hasn't done any credibility with our allies.

(END VIDEO CLIP)

O'REILLY: To be fair, President Obama should be given some time to formulate an effective plan against Putin. It's not easy. And again our allies are cowardly. As I suggested last week the way to hurt Russia is to diminish its currency, the ruble. President Obama has the power to do that by imposing banking sanctions ordering U.S. financial institutions not to accept the Russian currency. Think about it. Who is going to want to hold rubles if the USA won't accept them? There are other options, but that's the quickest and most devastating.

There is no question we are living in a hyper dangerous world where President Obama is being tested by bad people. He booted it in Syria. And now the world is paying a price for that just as we predicted here.

Vladimir Putin well knows the Western powers are weak and he has little to fear from them militarily. However, the Russian economy is also weak and that is where President Obama should focus his efforts. One more thing, if the President sits it out and does nothing he will go down in history as a weak leader. No doubt about it.

And that's "The Memo."

O'Reilly Factor, hosted by Bill O'Reilly, airs on Weekdays at 8PM ET on Fox News Channel.