Now, as for the reasons for this happening; several people have commented that President Obama does not seem to have fulfilled many of his promises, nor has he been in the office long enough to really have been able to do something worthy of the Prize.
The esteemed committee is very aware of this. They do see, however, that the President has changed an international climate, and created a general feeling of optimism for several nations, despite obviously being a real-political leader whose interests are first and foremost those of the US and its people. The committee recognizes that emotions and general opinions will always be important catalysts to politics, and that this optimism - which perhaps is more palpable in many of the USA's former and present allies than in the US itself, is worth noting.
A second reason for this award is twofold and future-focused; it is at the same time a means of adding more political and ethical weight to Mr. Obama, and a a warning that the world community expects his promises to be fulfilled, and his visions to be pursued. The worst thing that can happen, is that the President completely reverts on his stands and wastes the trust given to him. This, the committee can live with. Yes, there is a risk, but it is a calculated risk, and one the committee is prepared to go with.
Many people have said though, why not give him the Prize later, when his many visions have been pursued and wholly or partly completed, when he has had the time to prove himself? This is a question asked by intelligent people, and it is not asked without reason. What one must understand however, is that the general mood the international society finds itself in nowadays, might very well not be there in, say, three years. Three years into the future, and we might very well find Mr. Obama in situations where the promises are impossible to fulfill, and the visions hard to pursue, where the mantraic "Hope" and "Change" has seeped into the ground causing little or no growth, so to speak.
Mr. Obama's time as a star is now, and to do its part in ensuring that it lives up to its potential, the Nobel Peace Prize Committee has taken its chances and lent its heavyweight esteem. Hopefully, it will play out as positively as humanly possible.
Oh, and as for the "cuz hes black" argument... I'm choosing to stay above commenting on that.
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