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China, Russia: U.S. at Fault for Global Economic Crisis

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World News Desk

China, Russia: U.S. at Fault for Global Economic Crisis

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As leaders from around the world gathered at the World Economic Forum in Davos, Switzerland, China—the biggest credit lender to the United States—indicated that the blame for the global economic meltdown falls on America.

“Inappropriate macroeconomic policies,” an “ unsustainable model of development characterized by prolonged low savings and high consumption,” the “blind pursuit of profit” and “the failure of financial supervision” all contributed to the economic crisis, Chinese Premier Wen Jiabao said, addressing the forum.

“Will China’s economy continue to grow fast and steadily?” Mr. Wen asked. “Some people may have doubts about it. Yet I can give you a definite answer: Yes, it will. We are full of confidence.”

China has set a goal of 8% growth this year, which the premier called “an attainable target through hard work.”

Following his speech, Russia’s Prime Minister Vladimir Putin commented that a “new world order” was crucial in turning around the damage that has been done.

“Mr. Putin said the disappearance of some Wall Street titans in the past six months testified to the errors committed” (Agence France-Presse).

“Although the crisis was simply hanging in the air, the majority strove to get their share of the pie, be it one dollar or one billion, and did not want to notice the rising wave,” Mr. Putin said.

Though the Russian prime minister insisted he would not join America’s critics, he said, “I just want to remind you that just a year ago, American delegates speaking from this rostrum emphasized the U.S. economy’s fundamental stability and its cloudless prospects. Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months they have posted losses exceeding the profits they made in the last 25 years. This example alone reflects the real situation better than any criticism.”

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