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Russia, China Blame US for World's Mess

By John Johnson,  Newser Staff

Posted Jan 28, 2009 7:38 PM CST

(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.

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.
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)
Chinese Prime Minister Wen Jiabao speaks in a plenary session during the opening day of the forum in Davos.
Chinese Prime Minister Wen Jiabao speaks in a plenary session during the opening day of the forum in Davos.   (AP Photo/Keystone/Alessandro Della Bella)
Chinese Prime Minister Wen Jiabao, left, talks to Swiss Klaus Schwab, right, founder and president of the World Economic Forum, WEF.
Chinese Prime Minister Wen Jiabao, left, talks to Swiss Klaus Schwab, right, founder and president of the World Economic Forum, WEF.   (AP Photo)
Russian Prime Minister Vladimir Putin gestures while speaking during a session at the World Economic Forum in Davos, Switzerland on Wednesday Jan. 28, 2009.
Russian Prime Minister Vladimir Putin gestures while speaking during a session at the World Economic Forum in Davos, Switzerland on Wednesday Jan. 28, 2009.   (AP Photo/Michel Euler)
Russian Prime Minister Vladimir Putin speaks during a session at the World Economic Forum in Davos.
Russian Prime Minister Vladimir Putin speaks during a session at the World Economic Forum in Davos.   (AP Photo/Michel Euler)
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COMMENTS
Showing 3 of 3 comments
Guest
Jan 29, 2009 8:53 PM CST
Tweedledee and Tweedledum – Russia and China – IT WAS NOT US YOUR HONOR Tweedledee and Tweedledum have obviously forgotten their Nations integral part in the world economic collapse. Russian and Chinese combined National greed and self-interest have had at least equal part if not more in contributing to the current economic mess. Dear Chinese Premier Wen Jiabao China has manipulated the Chinese currency in a successful attempt to move the worlds manufacturing base from the US and other industrialised nations, as well their wealth into China, and thereby reducing the US and other Nations to their current decrepit industrial States. What has happened is China after manipulating currencies to derive advantage over other Nations has positioned itself in such a way that it can afford to suddenly reduce production. The rest of the world is forced into recession. The rapid decrease in production forces the price of raw materials and other goods into a nose dive and the distressed companies are now open to takeover or at least influence via significant shareholdings and/or financial support. Who needs tanks. Did Putin blink when the price of oil more than trebled putting sever economic pressure on the rest of the world? The reason for Putin going into Georgia was simply to control energy supplies to Europe. As well the disruption of energy supplies to Europe does not appear to have helped the world economic circumstance? Russian financial prudence – get real. Tweedledee and Tweedledum try and change your Nations approach from self-interest to enabling the independence others first, history will reflect much more kindly on your efforts.
Mr.C
Jan 28, 2009 10:06 PM CST
I never thought I'd agree with a statement from China and Russia.
Newser001
Jan 28, 2009 8:54 PM CST
And they are unquestionably correct.

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