Putin Blames Capitalists for Crisis

At Davos Forum, Russia and China Blame Capitalists for Economic Crisis - NYTimes.com

In the official opening address of the World Economic Forum, Prime Minister Vladimir V. Putin of Russia spoke of a financial “perfect storm” that has decimated the old system, rendering it obsolete.

“A year ago, American delegates speaking from this rostrum emphasized the U.S. economy’s fundamental stability and its cloudless prospects,” he said, speaking through a translator. “Today, investment banks, the pride of Wall Street, have virtually ceased to exist.”

But the damage goes beyond Wall Street, he said. “The entire economic growth system, where one regional center prints money without respite and consumes material wealth, while another regional center manufactures inexpensive goods and saves money printed by other governments, has suffered a major setback.”