At the World Economic Forum in Davos, China and Russia placed the blame for the global economic crisis on the United States. Most Americans would agree, and so do many other world leaders.
The Chinese premier, Wen Jiabao, used stronger language, leaving little doubt that Beijing blamed the US for the economic breakdown. “Inappropriate macroeconomic policies,” an “unsustainable model of development characterized by prolonged low savings and high consumption,” and “the failure of financial supervision” all contributed, he said
He also attacked financial institutions’ “blind pursuit of profit” and their “lack of self-discipline”.
Russian President Vladimir Putin described the worldwide downturn a “perfect storm” whose destructive powers were multiplied worldwide, and urged economic rivals to work together to find an exit route.
“The pride is gone,” said Mr Putin, referring to Wall Street hubris. “Today, investment banks – the pride of Wall Street – have virtually ceased to exist,” a fact that he said spoke louder than any public tongue-lashing.