At Davos Forum, Russia and China Blame Capitalists for Economic Crisis - NYTimes.com: "DAVOS, Switzerland — The leaders of the former bastions of the Communist bloc took the stage here on Wednesday to rebuke their capitalist brothers for dragging the world into crisis [...] In the official opening address of the World Economic Forum, Prime Minister Vladimir V. Putin of Russia spoke of a financial “perfect storm” that has decimated the old system, rendering it obsolete.
“The entire economic growth system, where one regional center prints money without respite and consumes material wealth, while another regional center manufactures inexpensive goods and saves money printed by other governments, has suffered a major setback.”
The Chinese premier, Wen Jiabao, left little doubt that Beijing blamed the United States for the economic breakdown. “Inappropriate macroeconomic policies,” an “unsustainable model of development characterized by prolonged low savings and high consumption,” the “blind pursuit of profit” and “the failure of financial supervision” all contributed, he said.
Thursday, January 29, 2009
Remember the good old days, when we used to lecture Russia about obsolete economic systems?