Russia And China Slam U.S. Economic System, Blaming It For Financial Crisis

[babsbunny]

http://www.huffingtonpost.com/2009/01/28/russia-and-china-slam-us_n_162007.html

The leaders of both Russian and China slammed the U.S. economic system, blaming it for leading the world into the current financial crisis.

Speaking at the World Economic Forum in Davos, Switzerland, Russian Prime Minister Vladimir Putin and Chinese Premier Wen Jiabao both expressed their desire for cooperation with President Obama but attacked the capitalism of Wall Street.

In blunt language, Putin said it was "dangerous" for the world to rely on the U.S. dollar and both leaders called for major reserve currencies to be better reguated.

[BeyondGeography]

1. Right on

While Mr. Wen never named the U.S., his critique of its failings was as sweeping as Mr. Putin's. The financial crisis, he said, was "attributable to inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit" -- and other excesses.

[Deja Q]

9. And when people start saving, they stop consuming and down goes Wen's comment too.

I'll agree, there's plenty of blame to go around. Especially here in America. But no side should deny their part or exaggerate anything.

Thank God we have Obama as President. He has the diplomatic finesse that's crucial for anything positive to come about. (Imagine McFeign as President...)

[silver10]

15. True, very true!

But many of his countrymen own much of the U.S. for cheap, so, they benefited from the shrub administration to a certain extent. Strange how repugs have no problem giving money to huge corporations for black-hole wars and bank bailouts, but then complain about having to pay ANY taxes, never mind their fair share.

Where do they think the money came from? It came from Clinton's surplus then foreign countries then your average citizen.

And from a diplomatic standpoint, we've so alienated the world with our arrogance, including the oil power that is Russia and the manufacturing power that is China, that these two past enemies are now best of buddies. Maybe they will share the pieces they own of America, which has to be a pretty large chunk after two administrations of shrub & co's greed!

[BeyondGeography]

16. I'm just happy to hear anyone tell the truth about US

even if its avoidance behavior on their part. Were in the midst of this self-imposed calamity and our overpaid corporate media messengers are predictably doing nothing to shed any light on how we got here.

Excellent article in the Times Mag. this Sunday, BTW, that runs counter to the above and basically agrees with our flamethrower from China:

http://www.nytimes.com/2009/02/01/magazine/01Economy-t.html?_r=1&hp=&pagewanted=all

[LakeSamish706]

2. Well there probably correct, but should be more specific... Bush and the...

Republic's caused this problem (mostly Bush of course).

[razors edge]

5. We been heading down this track for a long time.

Bush and his cronies didn't invent fractional reserve policy, they just cut the break lines on a runaway downhill train.

Of course he then disconnect the first class cars at the rear, leaving the the coach passengers and fire tenders to hit the wall all alone.

ALL ABOARD!!! Next stop, Depressionville.

[KansDem]

3. Man, when the two biggest communist countries blame us for fucking up capitalism...

...you know we're headed to the dungheap of former great nations.


Hey, Americans! What the Hell were you thinking?

[Zynx]

12. Russia's just pissed because they leveraged all of their growth to oil.

Sucks for them. Their markets have imploded even worse than ours.

[silver10]

13. That's awesome!

One of the funniest but truest quotes I've read on this site!

[Lint Head]

4. Khrushchev said "We will bury you."

I think he meant that in more than a literal way.
:dem:

[unkachuck]

6. it's fuckanomics....

(from my homemade dictionary)

fuck_e_nom'_ics n. a branch of film-flam characterized by fake destructive economic theories and systems; a monetary con for the financial enrichment of the criminal elite; fuckanomigate v. to fall victim to unlubricated financial intercourse; to be sheered as a sheep

[iconicgnom]

7. They're wrong, of course. It isn't the system, it's extremism within the system that fucks it up.

But I'm not looking for either Russia or China to lead the world out of this mess. Neither are capable of that kind of finesse.

[originalpckelly]

8. It's not like China's full of crap, either, they send it all to us.

And Russia? Don't get me started on them. I thought Putin wasn't in power anymore? Oh that's right, because he's just moved to another post in government, and really still controls everything, just to make it look good he "left office" as President to become PM.

[Deja Q]

10. China sends its goods around the world. It's not just the US complaining.

The UK has...
Germany has...

Hell, a couple years ago I'd have sworn RUSSIA had too...

I read the huffpo article; the Russians have a very valid point.

But do the Chinese? The ones who say "We want jobs, thank you for the jobs, your economy is in trouble so go and fix it, and give us more jobs. Meanwhile we'll send you poorly made goods that break and necessitate frequent re-purchases. Or toxic ones, requiring new pets too."

Succinct and perhaps OTT, and while there's plenty of blame for everyone, China has no real grievance. Unless I'm overlooking something and I'm good at that. After all, there are many perspectives...


If there was some sort of "one world government" movement, as I postulated once several years ago, I don't think all the leaders of the world's countries are all for the notion. Of course, the one world government thing is tinfoil too, so I'm going to take a step back and get back to my life. In the end, how much do any of us truly know except what's being spread on the internet, and the veracity of the content spread?

[Johonny]

18. last time I checked there own products were killing them in mass

Cheap China crap here isn't nearly as horrible as the cheap China crap actually sold in China. It's polluting them and killing them.

[Zynx]

11. China has our wanton consumption to thank for their growth.

They can shove it.

[originalpckelly]

14. They steal our jobs, then send us toxic shit in return...

[Johonny]

17. Oh noes it's been a week and there goes a Bush legacy

He was suppose to have been great at working with China for economic growth. One week into his legacy old friend China stabs him in the back.