Putin says US a ‘parasite’ on world economy


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Vladimir Putin served as Russian president from 2000 to 2008 (AFP/POOL/File, Misha Japaridze)

 

 

SELIGER, Russia — Russian Prime Minister Vladimir Putin on Monday accused the United States of acting as a “parasite” on the world economy by accumulating massive debts that threaten the global financial system.

“The country is living in debt. It is not living within its means, shifting the weight of responsibility on other countries and in a way acting as a parasite,” Putin told a group of pro-Kremlin youth in central Russia…..

….Putin has repeatedly criticised the United States’ recent foreign exchange policy and its propensity to cover budget deficits with treasury bills and bonds held by sovereign clients such as China and Russia.

The value of that paper will shrink if US debt is downgraded by a major Western ratings agency and Putin was insistent Monday that the world should be seeking new reserve currencies for trade and savings.

“If the US encounters a systemic malfunction, this affects everyone,” Putin told the Seliger camp gathering. “There should be other reserve currencies.”

Putin added that the debt agreement announced by Obama “was not that great overall because it simply delayed the adoption of a more systemic solution.”….”

SOURCE

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