Russia, China Blame US for World's Mess

By John Johnson,  Newser Staff
Posted Jan 28, 2009 7:38 PM CST
World Economic Forum founder Klaus Schwab, left, Swiss Federal President Hans-Rudolf Merz, center, and Russian Prime Minister Vladimir Putin after a session in Davos.   (AP Photo/Michel Euler)
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(Newser) – The leaders of Russia and China laid the blame for the world's financial troubles squarely at the feet of the US today, the Wall Street Journal reports. In speeches at the world economic forum in Davos, both focused on the role of the dollar, with Putin calling the world's over-reliance on it "dangerous." He also mocked US businessmen for playing down the pending doom at last year's summit.

"Today, investment banks, the pride of Wall Street, have virtually ceased to exist," said Putin. Chinese Premier Wen Jiabao was more subtle and never mentioned the US by name. But he blamed the "excessive expansion of financial institutions in blind pursuit of profit," and he called for better regulation of major reserve currencies, the Journal notes. In apparent response to US criticism that China manipulates its currency, he said both nations would be losers if they chose to confront each other.