Putin says U.S. is "parasite" on global economy

[WestVirginiaRebel]

Reuters:

(Reuters) - Russian Prime Minister Vladimir Putin accused the United States Monday of living beyond its means "like a parasite" on the global economy and said dollar dominance was a threat to the financial markets.

"They are living beyond their means and shifting a part of the weight of their problems to the world economy," Putin told the pro-Kremlin youth group Nashi while touring its lakeside summer camp some five hours drive north of Moscow.

"They are living like parasites off the global economy and their monopoly of the dollar," Putin said at the open-air meeting with admiring young Russians in what looked like early campaigning before parliamentary and presidential polls.

US President Barack Obama earlier announced a last-ditch deal to cut about $2.4 trillion from the U.S. deficit over a decade, avoid a crushing debt default and stave off the risk that the nation's AAA credit rating would be downgraded.

The deal initially soothed anxieties and led Russian stocks to jump to three-month highs, but jitters remained over the possibility of a credit downgrade.

"Thank god," Putin said, "that they had enough common sense and responsibility to make a balanced decision."

But Putin, who has often criticized the United States' foreign exchange policy, noted that Russia holds a large amount of U.S. bonds and treasuries.

"If over there (in America) there is a systemic malfunction, this will affect everyone," Putin told the young Russians.

"Countries like Russia and China hold a significant part of their reserves in American securities ... There should be other reserve currencies."
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The bank's partner is worried. Quite frankly, the American economy isn't the parasite-it's the guy in the White House who's ruining it.

[Paladin1DCS]

Quite frankly, the American economy isn't the parasite-it's the guy in the White House who's ruining it.

 

While I know what you meant here, the truth is that our economy really has become a parasite in that we don't produce anything but are rather a usury-based economy. When we took ourselves off of the gold standard again back in the early 70's, the value of the dollar in relation to products which remain consistent in their availability began to drop. Since we were able to peg the dollar as the Reserve Currency for the petroleum market, it helped keep us afloat longer but it also made us vulnerable to OPEC's machinations.

 

Eventually, because our system is based upon debt rather than savings, this was bound to happen but the pain is going to be a great deal harsher because of how long we've allowed the problem to fester.

 

Long story short, Putin is more right than he realizes here. Our economy is going to drag the rest of the world's economies down with it, but this is not a surprise. While the nation responsible for the collapse isn't named, the coming global economic meltdown was predicted almost 2000 years ago by John in the Book of Revelation.

[Pepper]

Quite frankly, the American economy isn't the parasite-it's the guy in the White House who's ruining it.

Eventually, because our system is based upon debt rather than savings, this was bound to happen but the pain is going to be a great deal harsher because of how long we've allowed the problem to fester.

 

Speaking of festering, I can name some primary carbuncles:

 

Obama, Reid, Pelosi, Schumer, and V. Jarrett.