Philippe Naughton
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The Russian Prime Minister Vladimir Putin lashed out at the United States today for what he said was its inability to deal with the financial crisis affecting the global economy.
In remarks unlikely to go down well in Washington, Mr Putin was especially critical of Congress's rejection of a $700 billion bank bailout – a rejection that hit Russian financial markets particularly hard.
“Everything that is happening in the economic and financial sphere has started in the United States. This is a real crisis that all of us are facing," the former president told a government meeting in Moscow.
“And what is really sad is that we see an inability to take appropriate decisions. This is no longer irresponsibility on the part of some individuals, but irresponsibility of the whole system, which as you know had pretensions to (global) leadership."
Highly leveraged Russian companies have been hit hard by the credit crunch, which has made it virtually impossible to secure borrowing abroad.
The main Russian stock indices are more than 50 per cent down from their May peaks, far outstripping losses on more mature Western markets, and trading has been repeatedly suspended over the past two weeks.
Analysts say foreign investor confidence has been hit by Russia's actions during the recent conflict in Georgia, as well as the Government's attitude towards Western energy companies trying to operate in Russia and other former Soviet states.
Mr Putin said today that Russia would allocate 175 billion roubles (£3.85 billion) of budget funds in 2009 to support the domestic financial market.
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You call Putin a "socialist", but I'm afraid all your American reasoning is governed by a central intelligence (CIA), which has slowly ingrained the same prejudice into your heads over the years, leading to what can only be described as centralised, socialist system of morals.
Jonno, Brisbane,
Yes we may have had a hand in this crisis but I guarantee that we are not the only reason for it. Apparently we are the only ones trying to fix it for the rest of the world. Whenever something goes wrong in the world countries always turn to the USA with there hands out and say fix it for me.
Benjamin, Champlin, MN, USA
My problem with this article and Putin's statement is this "Highly leveraged Russian companies" should have been monitored as much as any mega American company. Sucks that other countries followed American policies but don't hold the US responsible for globally risky highly leveraged companies.
Mhinsey, Montgomery, USA
Mr Putin is absolutely right - its a complete mess in the US. First you have greedy bankers lending money to people who haven';t an earthly chance to pay it back,in the form of inflated mortgages,after "cheap" 2-year fixed terms,then you have americans themselves who took on too much debt and credit
David Fergus, Padiham,Lancs, UK
It's just stupid to waste time whining on US
Fight the corruption instead!!
Anton, Moscow, Russia
Denis Denisovich, Moscow, Russia. Are you part of the same team that stated that Russian troops were pulling out of Georgia ? and then stayed on. We all now know that Russia can never be trusted whether in word or deed. Lets hope that the oil price plummits.
Thomas, Bristol, UK
I am getting tired of other countries blaming American inaction for their own economic woes. Perhaps they would like to contribute some money to solving the problem as pay-back for all of the times we have doled out international aid..to fix problems that did not even impact us directly at all.
Mark Rubin, North Port, usa
I hope that most americans realise when they say they are bailing the rest of the world out that the 700bn dollars is borrowed money as for great country certainly in some aspects but in others no where the poor cant even afford medical treatment thats fair
ryan de gernier, dundee, scotland
And how about Russia? It's economy is suffering even more! The US knows how to get back in track after this mess. Look at the dollar, during the whole world's economic chaos, the dollar has strengthened across the board as everyone still believes America is the only safe place to invest!
Torry, San Diego,
You can tell when Putin knows he's in trouble at home, when he starts lashing out with this sort of rhetoric, blaming anyone he can for their own structural weakness. Coming soon, another Russian foreign adventure next to keep his ratings approval up (oops! do they have ratings approval in Russia?)
Alastair, Rye, UK
The world is governed by bigots, racists and murderers. If there were equality, Putin would have faced the tiger without a gun, the outcome of which would have been interesting.
Perhaps world leaders should be released unarmed into a game park, then they might find out how the endangered feel.
leila , manchester, uk
russia's financial meltdown is a capital flight because of its confiscatory and bullying treatment of business inside the country and the invasion of Georgia. The world is voting with its wallets against the KGB
Diane Francis, Toronto, Canada
Yeah right... let's all organise our economies like Russia! Yay! Then we can all be 95% dependent on oil revenues...
Let's check back in a couple of years and see how Putinland is doing.
David Pritchard, Madrid, Spain
Yes it's a mess due to greed; but a free market system is one that rewards the best while eliminating the rest through take-over or insolvency.
I would've thought Mr. Putin would be championing such a system, unless Russia's financial system is flawed that is....
Carl, London, U.K
Maybe the Russian governement should cut back on the fuel they spent for their military planes and ships.
Paul, Harlow, UK
Altho, Vladimir, lets not forget it is only 10 years since Russia repudiated on their national debt sending World markets in to shock and chaos which lasted 18mths before it was sorted out.
Americas problem has been greed and arrogance in the finance sector. Russias was just plain arrogance !
Mark, London, UK
Under Putin, like him or not, the average Russian's real income has gone up sixfold... Of course oil prices have a lot to do with it, but I guess this earns him the right to say exactly the same thing that Bush said (!!) why all the americans here are so indignant about that, I don't get it...
Pietro B, SP, Italy
To all Yanks. You still are a great country and a world leader.
How else would the present situation have got so many others concerned!!
You have nothing to be ashamed of, things happen, dust off, wack the perpetrators hard and move on.
The world awaits your energy and innovation.
Peter, Knapton, Norfolk, UK
America mis-handled the Yeltsin years despite a willingness to help the help received was flawed, or too late. In truth the West should have insisted on the removal from power and wealth of all the old Soviet bureaucrats. Those same men later became oligarchs. From that point Putin was inevitable
Gordon, Gilroy, USA
I'm glad that most part of Americans have a 100% confidence in their government, but it seems to me like in this particular case it's not a very good idea.As for RF:I admit that my country isn't perfect but even though it is much better then you drawing it! You haven't a slightest idea about Russia!
Anna, Perm, Russia
just goes to show you we are still the world leader and other countries should not forget that when they think of us.
josh, san francisco, usa
Well, someone made the Russian king-maker blink and it turns out it was a bunch of angry russian millionaires who had been supporting this autocrat kgb officer. Maybe the best way to topple a dictator is to make his friends hate him.
Mr. Houfek, Minneapolis, United States of America
I thought there was a decoupling of the world economies? 3 months ago everyone was screaming that the USA was insignificant and the world no longer caught a cold when we sneezed. so much for that theory. we're not going anywhere boys, get used to it. this is just a set back. just like any other
Patrick Bateman, New York,
Putin's right. our shortsightedness finally caught up with us. wallstreet raped the investors with overspeculation, the banks handed out money like the red cross during christmas, and now the rest of the world has to suffer. the corporate fatcats got greedy and no one was there to slap their hands.
steven, Tampa, FL, USA
The whole "finincial crisis" has been orchestrated just to screw with the rest of the world. It is obvious that they now have been shown their proper "place." Want to bash America some more? Come on.
dpkirpy, Los Angeles, USA.
i am an american. i am profoundly ashamed of our country. we are the world's largest bigots and racists. everyone i know hates america. we as a democracy, do nothing really, but look out for ourselves. we, as americans, hate our president and our congress. come live here for the truth.
mike, indianapolis, usa
Mr Putin should be looking at why his own economy is faltering, not blaming others.
If Russian finances were well-managed, well-organised and diversely distributed, he shouldn't have a problem, should he?
Pointing a finger and laying blame is a simplistic way out.
CB, Caracas, Venezuela
THF, RF
unlike RF, we are not a one trick pony, we have a diverse economy, and I don't see american billionaires buying homes in russia! Ha ha..most americans are barely concerned with this-the whole thing is overstated-for us anyway. we will be fine. Hope you got your money out of your market!
aXg, phoenix, USA
Why does the article lead with the lie that Mr. Putin hunts tigers? The picure was taken when he visited a biology field trip in the Russian far east and the beast had been shot by the Russian prime minister with a tranqilising dart.
Denis Denisovich, Moscow, Russia
Hey I just google mapped around Russia for a couple of hours.
The good news: this sort of housing crisis can not happen over there, lest cardboard and milk crates become rare commodities.
Go away Putin, you're a disgrace to your country. Damn.. the things that could be done with your oil&gas money.
Hans Meiser, PA, USA
Funny how Mr. Putin (and numerous others) expect the US to fix her problems...so their problems can be fixed in turn. Fix your own money problems! Or, perhaps, Mr. Putin, you should give a call to your buddy Chavez -- I'm sure he'd be happy to help out your ailing financials.
Sarah, Miami, FL, USA
And Russia under Mr. Putin is such a paragon of economic stability? The United States will do just fine after our markets sort out the winners from the greedy and stupid losers. My advice to Russia and Mr. Putin is "Physician heal thyself".
Patrick C., Irvine, USA
Putin is afraid that his country's vast reserves of American dollars would break Russia's back in the case of a serious dollar crisis. Come on Putin, utilize a little Wall Street 101 and diversify that portfolio. Or is energy and vodka the only worthwhile items that your country can produce?
Curt, San Francisco, U.S.A.
Never thought I would say it - but Putin has a point. American banks invented the 125% mortgage, and them available to those incapable of meeting their obligations - then laid off the risks across the world.
Bush & the Senate have responded - but Congress should go to Guantanemo Bay.
Richard, Stanstead Abbotts,
You reep what you sow. Mr Putin.
Andy Cappell, Midsomer norton Bath, England.
Putin says everybody knows - but afraid say loudy.
I think Russia don't need western money - and not nessesary support US economic. Russia should withdraw thei 50 bn $ from US gov paper to support own market
Jaffa, Almaty, KZ
American friends, you can critizise Putin any way you want to, but it would make more sense to critizise your own politicians, regulators and bankers, for they got us in this mess.
Joris, Woerden, Holland
President Putin's economic problems began with a loss of confidence in Russia that resulted from his little military expedition (murderous invasion) of a sovereign neighbouing country. Perhaps he could restore that country's independence as a first step in restoring confidence in Russia
Jon, Melbourne, AU
That "system", as he refers to it ,is something called democracy, a curious notion that allows people to freely express opinions, holds leaders responsible to their constituencies, and forces big decisions to be debated and argued back and forth - an obvious inconvenience in his circles.
Cyrus Kamada, Encinitas,
They may have to put more oil on the market to cover their cash needs. Why should they need our money?
Bruce, Saline, MI, USA
If America is responsible for the markets going down, doesn't that mean America should get the credit when they go up ?
Mark, Chicago, USA
The bail out is a bad idea and Russia is a player in this mess just like a lot of other countries. They are going to get hammerd hard, too. The bright side is that the USA will recover faster than the rest of the world. Let the chips fall where they may and the USA will still come out on top.
John Clark, Oceano, USA
This coming from a man who reigns over a country with some of the worlds worst coruption. Give me a break
evan, New York , USA
so everybody wanted America to fall and it has but it turns out nobody wants America to fall well too bad too late get ready for food riots and spontaneous lynching of rich and those perceived to be rich.America can lose 80% and survive Send us a postcard sometime Russia,China,Venezuela et
peter, new york, USA
The US needs to sort out it's finance system and stop selling Dr Johnson's cure all financial documents. I guess the world has got a sharp lesson and hopefully will be wiser in future. The US needs to sort out it's domestic infrastructure and allow the rest of the world develop without interference
michael oleary, Dublin, Ireland
Putin does have some points, but whether or not he intended to make them is another issue.
One thing is clear: this problem did originate in the USA and it can only be reversed in the USA. But the solution isn't to throw more money at the problem, that will only postpone the inevitable.
Alexander Savich, Stockholm, Sweden
How does he know that putting stress on the Russian economy isn't part of the plan in the first place? Why would he assume that it's in the U.S.'s best interest to have the aggressive Russian bear with a thriving economy?
Tom, Dallas,Texas, USA
Russia has a history of two peoples - the very rich and the very poor. The Communists did nothing to change that and Putin's Russia is no different. Their immature economy is propped up by petrodollars, a source of income that will not last forever. He needs to study economics, not talk nonsense.
Patrick McGuigan, Philadelphia, PA, USA
Communists shouldn't give financial advice
Travis Renfroe, London, USA
Putin lecturing anybody on economics--that is (pardon the expression) rich. Heh heh. I don't think the Russians generally even do any accounting, as we understand the term. And government appropriation of successful private enterprise seems to be the name of the game in Russia.
Terry L. Walker, Ladson, SC / USA
Putin a man who has become exposed and as no control over the world economies, now looks a rabbit caught in the headlights.
billythurso, lincoln, uk
Now Russia, Putin knows how tied it is to the Americans and Western Europe. Maybe he will understand his actions in Georgia, Venezuela, Iran have repercussions even back at home! Mr. Putin, be a global partner, not an adversary. It just doesn't help to buddy up to Iran and Venezuela!
Scott, Modesto, USA
It is funny that the world is begging us to fix this problem because the world economy depends on the U.S. economy to be strong. Again it is "you have to help us, but only when we ask". Otherwise, the U.S. should mind their own business. If this crises would benifit Russia, there would be silence
Lance, Salt Lake CIty, USA
I've been to Russia. Not just Moscow and St. Petersburg, but the bits Putin doesn't want you to see. The average Russian is living in a 3rd world country. Even the poorest Americans have satellite TV and expensive pickup trucks. Russia has mud. And dumb luck. (AKA: Oil and gas.)
Eric, Park City, USA
Nice of Putin to take a break from hunting wild beasts to weigh in on the american economy. Perhaps he should consider the impact of his excursion into Georgia. If somehow he could find a way to bottle his machismo, he could save the russian economy himself.
alvinels, Seattle,
The rejection of Paulson's bailout was necessary. This is something that should not be rushed. A bailout will pass, but it needs to be well thought out, and it needs to address the root causes of the problem. Unfortunately people will suffer due to the irresponsible actions our "leaders".
CraigG, North Little Rock, USA
Spending money on energy modernization, self sufficiency and economic expansion rather than unnecessary wars of exploitation is something moral and responsible governments not run by radical democracy fascists and supremesists do to avoid these types of US butcher war crime problems.
Richard, Portland,
So in other words the socialist idea from ten years ago that started this whole mess, of everyone in the US being able to afford their own home, regardless of credit risk, didn't work Kinda funny that Vladdie is having trouble with that, huh?
Greg, Baltimore, USA
If a bailout of US markets is so important to Russian economy, why doesn't Mr. Putin push Russia to put up the $700B+?
Randy, Austin TX,
The Ukrainian's comments are right on. This is a classic case of Putin failing to take responsibility for his own. Who would want to invest in a country that invades Georgia to control energry disbursement, nationalizes companies and sends their CEOs to Siberia? Get over yourself, Vladi!!
Steve, Seattle, USA
If Russia's companies are hurting because of the US crisis, it's only because they bought the bad US loans. As with all risk taking, there was always the chance things could go bad.
C. Smith, Virginia Beach,
Oh yeah, they're going to put up a paultry 3.8 billion, while asking us to put up 700 billion, to bail out their economy yet. What's wrong with this picture???
R. Jackson, Detroit, USA
Putin is getting worried as the price of oil drops and his petrodollar revenues to run Russia plummet. Putin continues to make Russia a one industry country. Without oil and gas revenue Russia is a poor, third world country.
Putin will soon have to choose between the military and feeding his people.
Sam S., Frankfurt, Germany
Hmmmm, the US controls the Russian economy more than Russia does? Sweet.
Phildo, Austin, Texas
Says the King of the Socialists. If no one can see that the $700B Bailout is socialism in it purest form. Let industry (capitalism) buy insurance for those "Toxic" assets, that way it takes the monkey off of our backs. Remove Mark to Market, increase FDIC and provide Federally backed insurance.
Douglas A Bruce, Russellville, Ark, USA
Putin is 100% correct. The US should be the object of world hatred for a long long time to come for the mess it has made and spread around the world. It should finish any US pretense to world leadership (ie imperium) and should force the US to retreat back upon itself and set its own house in order.
Hal, Tucson,
Putin can say what he wants...so can the rest of the world.
It is the American working class that has to pay for this whole mess. We can and will get through it because as American's we have the willpower and the gumption to knuckle down and get things done. No bailout we will still make it!!!
Pat Rathke, Gerber, United States
All these countries that hate America...how ridiculous do they look now, and they still don't admit they need us. hahaha
Randy, Milwauke, WI, USA
Hey Vlad The Wailer, pull out of Georgia, stop nationalizing companies and let your people have freedom of speech. You'll be just fine!
John C., Va Beach, VA, USA
And here I was almost sure this was a post-american world. Truth is the American economy while it will decline in relative importance as the rest of the world continues to prosper from the post war American global system, it will remain the cornerstone of world prosperity for decades to come.
Douglas Pashakarnis, Detroit, USA
Don't worry Vlad. As soon as Obama gets elected, we'll be communist or socialist just like you! Oh, and you'll also have the green light to invade the Ukraine.
JeffyW, Roswell,
Now our enemies are coming out of the woodwork, America is resilient we will live to fight another day!!! Freedom is a great motivator!! GO US!!!
Rick Bolda, Chicago, IL , USA
Putin means to say that the Russian economy is even more of a house of cards as the USA.
mark hood, london, uk
Putin and his KGB cronies have set up their economy to be intermingled with the vicious Russian mafia and their speculative, dangerous investments have come back to bite them in the butt!
Todd, Manchester, NH, USA
Dear Putin,
This article says that your Russian firms are just as leveraged as the American ones are... if this is indeed the case, you should be angry at your governments own inability to discourage this bad practice of high leveraging.
Yours Truly...
henk, aberstein,
Putin just gave our Congress reason # 417 for rejecting a Bailout Bill!
Victor, Blueball, PA, USA
T Murphy, Florida, USA, laugh better at own government. It has led your country to crash. And your country will turn to a country of the third world soon. Is it very ridiculous for you?
thf, Krsk, RF
Well, well. It's a bit rich of Putin, to accuse the US of financial incompetence. Is Putin's chutzpah boundless? It would appear so. A bit like a pushy first-former telling the head how to run the school.
John , Canterbury, UK
The bankers and their enablers at the Fed who caused this debacle by their corruption, incompetence and outright theft of bank assets in the form of absurd compensation plans are now making the US look irresponsible and arrogant. Obviously detractors such as Putin will sieze on this.
Richard, Harford, US
Didn't Russia default on their national debt not to long ago??
Will, Blue Springs, MO, USA
This is rich...
Steven, Colorado, USA
At least something good has come out of this! It put the hurt on Putin and friends.
Steve, Spring, USA
If we are guilty of anything it is borrowing beyond our means. I find it ironic that Putin would criticize the U.S. when "highly leveraged Russian companies have been hit hard by the credit crunch". Nobody here forced Russian companies to borrow a dime.
Russell E, Grand Rapids, MI, USA
So now Putin needs the American taxpayer money. Are those who throw stones at the americans ashamed yet?
joel, Livonia, USA
I'm sitting here laughing at Putin. The former KGB boys running Russia has no ideal how interconnected the financial world is and add to their little excursion into Georgia, you can see their economy, based only on oil, in tatters.
T Murphy, Florida, USA
Putin is making a political statement against an adversary, the US. He would be mistaken to fail to do this in his current situation. He needs to break the world away from US control, which has been very unfavorable for Russia lately. The Paulson Plan is a bad idea, we need a good one.
John Day, Austin, Texas, USA
Putin is a master of rhetoric. His comments are less directed at the United States than at his own people. He needs to give them a someone to blame. The economic crisis in Russia has more to do with its lack of transparency and authoritarian tactics than the actions of third party nations.
Malicai, Kyiv, Ukraine
He complains about an inability to make appropriate decisions. He should look to his own decisions in recent weeks; invading Georgia, targeting Poland, and embracing anti-US leaders in latin America. His own inability to act appropriately is playing a large role in global instability.
Chris, Burlington, USA
The US economic "crisis" is doing more to curtail the anti-democratic ambitions of the Russians and other rogue petrol states than any amount of debate in the the EU or Nato. Is there any doubt that the US economy will be the last standing in an economic implosion? Not in the slightest.
Terry Martin, paris, france
I fully agree with Mr. Putin. I am totally ashamed of what my country has, and is, doing to the global economic structure. The United States should know better. I hang my head and offer my personal apologies to the world.
Gerald DeOreo, Hilo Hawaii, United States
Putin is acting as if he can do better,he is offering 3.85 billion dollars(not 700 billion). He wouldn't be so angry with America if his economy was strong enough not to rely on ours. Bailing out is not the solution, the economy will rise and fall, no matter how much money you print and disperse
Amy, Virginia Beach, United States
Oh, well, if *Putin* says we should pass the bailout plan then I guess we'll have to.
John, Northampton, USA
When Putin's not hunting Tigers, yes, he's talking about the economic situation that's affecting the world markets genius. My country kills innocent people in various countries while it does the same, let's put some emphasis on that fact sir.
Josue G., Snyder, TX, U.S.A.
The rest of the world should be care what they ask for. They have all applauded our setbacks in the past, mocked us and hoped we would fail.
I hope they are all happy now.
Neal E, Toms River, USA