Putin speach in Davos, jawdropping sincerity

Discussion in 'Politics' started by dixonmassey, Feb 23, 2009.

  1. dixonmassey Valued Senior Member

    I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US 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.

    The time for enlightenment has come. We must calmly, and without gloating, assess the root causes of this situation and try to peek into the future.

    In our opinion, the crisis was brought about by a combination of several factors.

    The existing financial system has failed. Substandard regulation has contributed to the crisis, failing to duly heed tremendous risks.

    Add to this colossal disproportions that have accumulated over the last few years. This primarily concerns disproportions between the scale of financial operations and the fundamental value of assets, as well as those between the increased burden on international loans and the sources of their collateral.

    The entire economic growth system, where one regional centre prints money without respite and consumes material wealth, while another regional centre manufactures inexpensive goods and saves money printed by other governments, has suffered a major setback.

    I would like to add that this system has left entire regions, including Europe, on the outskirts of global economic processes and has prevented them from adopting key economic and financial decisions.

    Moreover, generated prosperity was distributed extremely unevenly among various population strata. This applies to differences between social strata in certain countries, including highly developed ones. And it equally applies to gaps between countries and regions.

    A considerable share of the world's population still cannot afford comfortable housing, education and quality health care. Even a global recovery posted in the last few years has failed to radically change this situation.

    And, finally, this crisis was brought about by excessive expectations. Corporate appetites with regard to constantly growing demand swelled unjustifiably. The race between stock market indices and capitalisation began to overshadow rising labour productivity and real-life corporate effectiveness.

    Unfortunately, excessive expectations were not only typical of the business community. They set the pace for rapidly growing personal consumption standards, primarily in the industrial world. We must openly admit that such growth was not backed by a real potential. This amounted to unearned wealth, a loan that will have to be repaid by future generations.

    This pyramid of expectations would have collapsed sooner or later. In fact, this is happening right before our eyes.


    What can I say? He nailed the crisis. The only things he did not mention directly are:

    1) dollar is in a deep crapper, one way or another
    2) American way of life is doomed to adjust downward
    3) Free ride is over

    Note remarkable clarity, brevity and straightforwardness of the speech. Normally, politicians don't speak that way.
    Last edited: Feb 23, 2009
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  3. draqon Banned Banned

    we need solutions, not reality speech.
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  5. dixonmassey Valued Senior Member

    You developed techniques for solving problems without knowing their causes? Share.
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  7. desi Valued Senior Member

    Solutions like the pork er, I mean stimulus package? Putin nailed it. The solution is for the US to get back to having a real instead of virtual/service economy. But don't say that too loud lest you get burned at the stake for it.
  8. draqon Banned Banned

    desi, your naiveness and blindness is over-exhilirating
  9. desi Valued Senior Member

    Make a coherent argument if you can.
  10. S.A.M. uniquely dreadful Valued Senior Member

    Spending more than you make. Duh.
  11. draqon Banned Banned

    you know nothing about Russia and Russian people. Your views of Russia is a evil-painted view by the West of this country in exile. Just pathetic to even listen to you.
  12. desi Valued Senior Member

    I was actually agreeing with Putin. Thanks for sharing such an articulate argument...
  13. Slacker47 Paint it Black Registered Senior Member

    I agree with Desi. Industrial production = capital. Service industry is masturbation.

    Environmentalists have many industrial technologies sitting on the shelf. These will save us money, electricity, soil loss, water loss... so many other things. It is time to apply new efficient technology and produce alot of them.

    However, this is going to be difficult to implement. You are going to have to get losers off thier butts playing video games to ACTUALLY go do work. My generation (im 23) is soft. When America as a whole is in surplus of goods and begins to tax imports, we can strengthen ourselves.

    If crappy chinese goods cost as much as an American product that lasts a lifetime, our economy will improve.

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