29
Jan
09

Don’t Kick us when we’re Down China

Today I listened to most of what Chinese Premier Wen Jiabao and Putin of Russia said during their presentation at the World Economic Forum, in Davos, Switzerland, on CNN about the international community’s economic troubles and walked away upset.

Both squarely placed the blame on the US, which I hate to admit is true, but throughout both of their speeches neither rendered one constructive suggestion on methods to implement to resolve the economic, burdening problems.  Instead, they were consistently positioning themselves and countries to have a stronger voice in the world’s economic community, which may be needed and fair, but the way they presented their arguments was totally uncalled for.

Here from the Washington Post and AP an article entitled “China’s Wen Guardedly Hopeful” (title misleading) are excerpts from what occurred at the meeting today.

China’s Wen Guardedly Hopeful

Associated Press
Thursday, January 29, 2009

DAVOS, Switzerland, Jan. 28 — Chinese Premier Wen Jiabao brought cautious optimism to the World Economic Forum on Wednesday, predicting that his country will achieve its target of 8 percent economic growth this year despite the global financial meltdown.

Remember China you’re manipulating your currency on us, as I stated in this posting here.

Wen called for enhanced U.S.-China cooperation to address the issue, even as he and Russian Prime Minister Vladimir Putin obliquely criticized the United States, blaming a relentless pursuit of profits for the worst financial crisis since the Great Depression.

Putin, who called the crisis a “perfect storm” that was wreaking destruction on all corners of the global economy, refrained from blaming the United States directly — but pointedly noted that just a year ago at Davos, American delegates emphasized the U.S. economy’s fundamental stability.

People are “depressed and traumatized,” Rupert Murdoch, chief executive of News Corp., said on the first full day of the forum. He noted that worldwide about “$50 trillion of personal wealth” had vanished since the crisis worsened with the Sept. 15 collapse of the U.S. investment bank Lehman Brothers.

Personally I don’t consider Mr. Murdoch a reliable source of reference on the situation at hand.

“The size of the problem confronting us today is larger than in the 1930s,” said billionaire philanthropist George Soros.

Update 20 Feb 09:

U.S.-China Trade Ties Erode Amid Accusations
from Wash Post – World News by Ariana Eunjung Cha
BEIJING — The global financial crisis is bringing out the worst in the trade relationship between the United States and China.

Update 05 April 09:

How China Is Capitalizing on the Economic Crisis
from TIME.com: Top Stories

How Beijing is using the global economic crisis to assert itself on the world stage.

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