Memes

Of course you cantd ismiss the current context. But the current context of the meme is only rarely racist against Obama. He does not figure in the Xinnie the pooh shit. He figures in the original meme. Except for the very occasional cold warrior implying a collaboration between the two, which may involve a racist caricature of him, he's usually not even a figure.
The original where he does figure, was made by Chinese people who are being called racist based on an English interpretation of Mandarin text that the people involved in the discussion hasn't read and cannot read, in order to prove that white people are racist against Chinese people It is a totally unnecessary pretzel to tie yourself into. It is literally the meme in the OP.