Announcement

Collapse
No announcement yet.

Russian President Medvedev: Global Economy Pays For American Blunder

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Russian President Medvedev: Global Economy Pays For American Blunder

    RUSSIAN PRESIDENT MEDVEDEV: GLOBAL ECONOMY PAYS FOR AMERICAN BLUNDERS

    Center for Research on Globalization
    October 23, 2008
    Canada

    "We are paying for others' - primarily American - blunders." This
    is how the President of Russia, Dmitry Medvedev, assesses the state
    of affairs in the global economy. Medvedev was speaking at a news
    conference in the Armenian capital Yerevan.

    He blamed the global financial crisis hit so hard because the American
    market played such a big role and exerted such a big influence on
    the global economy. What any national government is supposed to do,
    he said, is try to pull through with minimum losses. Comment from an
    analyst with the Russian business consulting agency Alexander Yakovlev.

    Yes, the U.S. strategies of the past eight years fanned the flames of
    the latest crisis. Yes, the configuration of the American financial
    system contributed to the crisis. But lots of national economies
    are as different as can be from the American one, and they have been
    charting their own courses. Yet, they have also felt the impact of
    the current financial crisis. So, Yakovlev says, the United States
    of America bears part of the blame, and other nations, with economic
    policies of their own, bear part of the blame, too. Crises have never
    been products of human efforts; they have long plagued the global
    economy and are caused by a number of things. But crises come and
    go, and there is no end to development. In other words, cyclicity is
    still there; no one has been able to rule it out.

    Some experts feel it will take the global economy much less time to
    cope with this crisis than it took it to cope with the crisis of
    the early 20th century. Because, today's economy is, unlike that
    of the bygone years, global and far more flexible. Economists say
    the current problems have only put the limelight on the need for an
    overhaul of global financial architecture. And, this is, by the way,
    what a United Nations' expert task team, headed by Nobel-winning
    economist Joseph Stiglitz, is called to focus on, although the think
    tank of the International Monetary Fund have already understood that
    a way to end this crisis will be shown by the fledgling economies of
    Russia, China, India, and Brazil.

    It is not only IMF experts but the leaders of the hardest-hit western
    economies who have understood that. U.S. President George W.Bush has
    held telephone conversations with Chairman Hu Jintao of China and
    the leaders of other developing nations. President Bush wants them
    to support international efforts for economic stability. His French
    counterpart Nicolas Sarkozy and the head of the European Commission,
    Jose Barroso, are, in the meantime, planning an early visit to
    Beijing where they will try to talk China and India into joining an
    international summit conference on ways to end the global crisis.
Working...
X