China, Russia Leaders Shred United States Over Economic Armageddon
There were more than a few so-called conspiracy websites and books in the mid-1990s that claimed the 'New World Order', where the US no longer called the shots, would not rise to reality as a result of war, but of a world economic collapse on a scale not seen since the days of the Great Depression. How right they were.
The leaders of China, Russia, and many other countries, are now demanding world economies and globalisation be restructured to reflect the 'New World Order', or 'New Global Order', that will be the long-term result of the economic armageddon staining and straining these days.
But few leaders have talked so openly about the who and the what and the why of this new order as the British prime minister, Gordon Brown :
Prime Minister Gordon Brown said Monday the must not be an excuse to retreat into protectionism and instead be viewed as the "difficult birth-pangs of a new global order".Who are the 'some' that Brown talks of who want a retreat from globalisation? Is he talking about a country, or a union of nations, or is he talking about another entity, perhaps a coalition of banking interests who now feel they are under attack, and probably are?
Yesterday's data confirmed Friday that Britain is in recession. Days earlier, the government unveiled a new package of measures to help the flow of credit in the economy, but Brown has argued global action is needed for a quick recovery.
He will warn Monday that the crisis has given the world a choice: "We could allow this crisis to start a retreat from globalisation. As some want, we could close our markets -- for capital, financial services, trade and for labour -- and therefore reduce the risks of globalisation.
"But that would reduce global growth, deny us the benefits of global trade and confine millions to global poverty.
"Or we could view the threats and challenges we face today as the difficult birth-pangs of a new global order -- and our task now as nothing less than making the transition through a new internationalism to the benefits of an expanding global society."
The leaders of China and Russia know exactly which country is responsible for the still spreading financial chaos and destruction :
Chinese and Russian leaders Wen Jiabao and Vladimir Putin have blamed the United States for causing the global economic crisis on a gloomy first day of the Davos forum.
Both called for a new attitude by President Barack Obama, while deepening pessimism over the future of the global economy enshrouded the World Economic Forum.
Chinese Premier Wen said America's voracious appetite for debt and "blind pursuit of profit" had led to the worst recession since the Great Depression which has rocked the 2,500 strong political and business elite gathered in the Swiss mountain resort.
Prime Minister Putin said the disappearance of some Wall Street titans over the past six months testified to the errors committed.
Premier Wen blamed the crisis on "inappropriate macroeconomic policies of some economies" and "prolonged low savings and high consumption," in a lightly veiled attack on the United States.
He blasted the "excessive expansion of financial institutions in blind pursuit of profit and the lack of self-discipline among financial institutions and ratings agencies" while the "failure" of regulators had allowed the spread of toxic derivatives.
Premier Wen said the crisis had posed "severe challenges" for China and that it needed 8.0 per cent growth in 2009 to maintain social stability while the International Monetary Fund predicted 6.7 per cent for this year.
The Chinese leader called for faster reform of international financial institutions and for a "new world order" for the economy.
The Russian Prime Minister followed him to the podium and said the crisis had been a "perfect storm".
He also took aim at US banks and the outgoing US administration.
"Although the crisis was simply hanging in the air, the majority strove to get their share of the pie, be it one dollar or one billion, and did not want to notice the rising wave," he said.
Prime Minister Putin insisted that he would not join critics of the United States, but added: "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."
Condoleezza Rice, when US secretary of state, gave a speech in Davos last year saying the US economy was safe.
"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," said Prime Minister Putin.
"In meeting the international financial crisis, it is imperative for the two countries to enhance cooperation, that is my message to the US administration," Premier Wen said.