Medvedev blames U.S. for world financial crisis

Discussion in 'Wall St. News' started by Michael88, Jun 7, 2008.

  1. Russian President Dmitry Medvedev blames U.S. for world financial crisis

    The aggressive financial policies of the United States push more and more people into poverty around the world, according to the Russian President Dmitry Medvedev.

    He made the statement during a speech at the 12th International Economic forum in St. Petersburg.

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  2. source:

    Russia blames U.S. for global financial crisis

    ST PETERSBURG, Russia - Russian President Dmitry Medvedev blamed "aggressive" United States policies on Saturday for the global financial crisis and said Moscow's growing economic muscle could be part of the solution.

    "Failure by the biggest financial firms in the world to adequately take risk into account, coupled with the aggressive financial policies of the biggest economy in the world, have led not only to corporate losses," Medvedev told Russia's main annual event for international investors in St Petersburg.

    "Most people on the planet have become poorer."

    The Kremlin leader said investment by cash-rich Russian companies abroad, promotion of Moscow as a major financial centre and use of the ruble as a reserve currency were part of the answer.

    These could help solve problems created by what he said was a gap between the United States' leading global economic role and "its true capabilities".

    The Kremlin leader said economic nationalism had played a big part in triggering the current crisis, which he compared to the Great Depression of the 1930s.

    "No matter how big the American market and no matter how strong the American financial system, they are incapable of substituting for global commodity and financial markets," Medvedev told the St Petersburg International Economic Forum.

    The Kremlin leader also attacked big bonuses paid out in the financial world, saying regulators needed to ensure that incentives promoted "rational behavior based on a balanced evaluation of risks and rewards".

    U.S. Secretary of Commerce Carlos Gutierrez, who spoke shortly after Medvedev, appeared to reject the criticism.

    He said the United States had never based its policies on "economic egoism" and believed in free trade.

    "Globalization is in the national interest," he added.

    Medvedev said Russia, now in the 10th year of an economic boom fuelled by soaring prices for its oil and gas exports, was in an ideal position to help solve the world financial crisis since it did not share the problems of other leading economies.

    "Russia is now a global player and understands its role in

    supporting the global community," the president added.

    "I propose holding a representative international conference involving the heads of the biggest financial companies and leading financial early as this year," the Kremlin chief said. "Such a platform could become a permanent one".

    The Kremlin has encouraged Russian companies, which are flush with cash from high commodity and oil prices, to invest more actively abroad but this has caused alarm in Western nations, which are traditionally suspicious of Moscow's intentions.

    Medvedev said other countries had nothing to fear from Russian investment in their companies since it was "neither speculative nor aggressive" but purely based on pragmatism.

    Sworn in last month as president, the Russian leader said world institutions had been unable so far to cope with the challenges from volatility on world markets, including soaring commodity and food prices.

    With its past as a leading global wheat producer, Russia was ready for "constructive joint action" to overcome the food problem, he said.

    Moscow could also help with another problem -- a lack of liquid investable assets because of disappointment with the U.S. dollar. Russia would soon adopt a plan to become a global financial centre and make the ruble a regional reserve currency, Medvedev said.

    The Russian leader said that recent Kremlin moves to liberalize the domestic gas market and reduce taxes on the oil sector would help stabilize global energy markets. Russia is the world's biggest gas producer and its second-biggest oil exporter.
  3. Gutierrez say the U.S supports "Free Trade"?????

    Tell that to Australian beef and lamb producers!

    Americans are the biggest bullshit artists on the planet.

    Millions around the world hope this U.S. created subprime crisis punishes you all for a few more years yet!
  4. timbo


    I don't think creation was the problem, but its monetary shift that will be the demise. Regardless, if we go we're taking your retarded ass with us.
  5. Would this be the same Russia that basically decided the way to nationalize a Russian oil giant was to cook up fake tax charges, imprison the company execs and then parcel out its remains?

    And try to shoot themselves in the foot as a reliable oil/gas provider to Europe by playing games as a supplier?

    Yes, Russia is definitely the epitome of a place other international corporations want to business...

    Is't this also the place that many Russian women look overseas for men, because they consider Russian men as undesirable (men who die quite young thanks to alcohol and other abuses)

    When the oil runs out, Russia will fall back into the muck as a second world economy.

    Or would this be the Russia that sent some 20 million of its citizens into the afterlife under good old Stalin?

    Hell of a country...
  6. 377OHMS


    Russia? Old news.

    China and India are far more interesting, and sober.

    Corruption and alcoholism is built-in to the soul of about 99% of all Russians. Personally I prefer Ukraine. How do those women in Kiev get such long legs? And such bad hair lol?
  7. timbo


    This is where paper sacks come in handy.
  8. If oil keep raising, Russia may become a real big international player thanks to the oil $$$.

    I agree their economy is weak, but remember... 10 years ago the country was bankrupt... who will have ever imagined they will come back that fast ?

    Spassiba OIL and FED :)
  9. Only because of energy prices. A deep US recession, followed by tumbling energy prices would absolutely crash the ruble again.

    Why? cause 80% of their economy is based on fuel exports. They have a rapidly expanding consumer economy, but mainly just contained to Moscow (now the most expensive city in the world) and St Petersburg. This still has its base in fuel prices however.

    They also have a problem of a rapidly declining population.

    As for the mail order Ukrainian brides, I met a guy in Finland that married one. Absolutely gorgeous, and sweet as could be. Until after they were married, at which time she morphed into a controlling, money hungry monster. when she had residency, and he refused to spend huge on her, she rapidly obtained a divorce. from what I hear, this is the rule more than the exception.

    If ya want a mail order bride, marry a Thai!
  10. bighog

    bighog Guest

    #10     Jun 8, 2008