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Russias pres.Medvedev questions U.S. role in global economy

Do you agree with pres.Medvedev?

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#1
http://en.rian.ru/russia/20080607/109462913.html

Russia's president said on Saturday that the role the U.S. has taken on in the world economy does not correspond to its true capabilities which was a major factor in the current global financial crisis.

"No matter how big the American market or how reliable its financial system may be, they are unable to substitute global commodity and financial markets," Dmitry Medvedev said speaking at an international economic forum in St. Petersburg, an annual event for investors.

"It is an illusion that one country, even the most powerful, can act as a global government. International institutions responsible for global financial policies, the IMF in the first instance, have had virtually no influence over the strategies pursued by market players," he said.
 
#2
Well, the IMF is increasingly being told to poke it in the developing world - Angola was the latest one IIRC.

There was always going to be a point where no one nation could underwrite the world economy. If we haven't already reached it, it'll happen soon. Too many people acquiring something vaguely approximate to a western standard of living.

The US is just going to have to accept that it isn't the only game in town, anymore.
 
#3
When the twenties crash happened the US was already in effect the lead financial power in the world.
The crash affected the whole world including America itself.
But still America was the dominant power so it re ordered the international financial world itself and the world followed

Now when things go kaput as they shortly soon will, America that is anyway losing its dominance will be beholden to the newer powers who will demand a say in how the new order will be so shaped.

We live in interesting times and sometimes interesting times can become rather too interesting for comfort.
 
#7
Domovoy said:
EthanEdwards11 said:
We live in interesting times and sometimes interesting times can become rather too interesting for comfort.
Isn't it a Chinese curse: May you live in interesting times? :)
Sure is my man.
But the line I used was a nick from one of your own writers Gore Vidal.
Come to think about it, should have put quotes around it rather than try and pass myself of as clever. :D

But Virgil, I feel sorry for you Americans. I think the end of the Age of Consumerism is coming. And its coming fast.
I think that once big wide wonderful world of yours is going to be reduced to a shriveled tightly controlled 'Homeland', for which already a ministry is in place to manage and oversee it. America is going to resemble Marion Fed Pen during lockdown before much longer.

Around 2001 Cheney bought a large house just across the Potomac. He had it pulled down. Right now he is building a large bungalow there.
Sounds just the kind of place for a man with a dodgy ticker who doesn't need stairs but has no intention of leaving Washington DC in the foreseeable future.
So if you know whats good for you, you keep that lapel pin polished and shiny now or the men from the department will want to know why. :D
 
#8
EthanEdwards11 said:
Domovoy said:
EthanEdwards11 said:
We live in interesting times and sometimes interesting times can become rather too interesting for comfort.
Isn't it a Chinese curse: May you live in interesting times? :)
Sure is my man.
But the line I used was a nick from one of your own writers Gore Vidal.
Come to think about it, should have put quotes around it rather than try and pass myself of as clever. :
But Virgil, I feel sorry for you Americans. I think the end of the Age of Consumerism is coming. And its coming fast.
:D
I work in the economic field and pardon me if I'm not exactly holding my breath for reasons I've stated in several threads. I have a background in economics and work in the international trade field; I've seen and know real economic arguments versus media hype.

Frankly since I can recall the end of the US economy has been predicted over and over and over again. Again, not holding my breath.

Having Medvedev lecture on economics is a bit like having the president of the Dutch Tulip association lecture on economic strategy in the early 17th century. :wink:
 
#10
There's a world of difference between predicting the collapse of the US economy and stating that there's another system functioning alongside free-market capitalism again. That the US economy doesn't enjoy as dominant a position as it did 15 years ago seems pretty clear to me.
 
#11
I work in the economic field and pardon me if I'm not exactly holding my breath for reasons I've stated in several threads. I have a background in economics and work in the international trade field; I've seen and know real economic arguments versus media hype.
Say Virgil, thats just the self same words a mortgage adviser used when he sold a mate of mine a three bed house in a run down Med Way town in England just before Xmas.

I've been in two minds ever since whether I want to kick the adviser's arrse all the way down the street or my idiot mate's for being such a prat as to buy his first house at exactly the wrong time in all of human history. :D
 
#12
There is absolutely no chance that the markets are going to start selling in roubles so no. US dollar hegemony is here to stay for at least a while yet. For instance the dreaded Iranian Oil Bourse has been open for a while now and America isn’t collapsing from its effect.

If you are looking for a currency for your country to sell in, then it’s the Euro not the rouble Nobody is really going to keep roubles for currency stability because they are useless at the moment and will remain so until Russian money is a real force and your economy is stable. George Soros doesn’t like the Russian markets. Grabbing back your assets through the courts is not helping your trust ratings. Even the Iranian Bourse is refraining from dealing in crude for now.

At the end of the day Russia will need tanks to match what the French are now describing as the American Hyper Power. China and India are the next in line and they are both in no mood to upset America.

Sorry mate but your Russian wet dream will need some more sleep.
 
#14
According to jonwilly's simple view on life,
I blame King George II, no need for His War on Iraq.
Pointless war, US economic effort diverted for unnecessary reasons.
john
And he forgot the advice offered to his Papa
It's the economy Stupid.
 
#15
Ok tell me why the rouble stands in a better position to beat the Euro as a replacement to the Dollar? Larger more populous market? No. More mature and stable market?

We may be looking at some countries selling in a basket of currencies, but while the West and the IMF are dealing in Dollars, Russia is not going to make a difference.
 
#16
Evil-Mert said:
Ok tell me why the rouble stands in a better position to beat the Euro as a replacement to the Dollar? Larger more populous market? No. More mature and stable market?

We may be looking at some countries selling in a basket of currencies, but while the West and the IMF are dealing in Dollars, Russia is not going to make a difference.
I didn't say "rouble".

Anyway, found it:
Jeffrey Frankel
18 March 2008
One of the world’s leading international economists explains how the euro could surpass the dollar as the premier international currency and examines the geopolitical implications of such a shift.

...But the dollar has continued to lose ground. We have now updated our calculations, particularly to recognize that London is usurping Frankfurt’s role as the financial capital of the euro, notwithstanding that the UK remains outside of EMU. Now we find that the tipping point could come within the ten-year horizon: the euro could overtake the dollar even as early as 2015..."
www.voxeu.org/index.php?q=node/989

26 March 2007
Gulf economies will move away from a dollar currency peg and shift foreign exchange reserves away from dollar to other currencies, including the Chinese yuan, the chief executive of Dubai International Financial Centre (DIFC) has said.

November 6th, 2007
7 Countries Considering Abandoning the US Dollar: Saudi Arabia, South Korea, China, Venezuela, Sudan, Iran, Russia.

01 Mar 2008
In an interview with The Financial Times, Hojjatollah Ghanimifard said that over the past three months, Iran has received 75 percent of the proceeds from its oil sales in euros and the remaining 25 percent in the Japanese currency, yen.

February 25, 2008
Russia, the world's second-largest oil-exporting nation after Saudi Arabia, has been quietly preparing to switch trading in Russian Ural Blend oil, the country's primary export, from the dollar to the ruble.
http://www.arrse.co.uk/cpgn2/Forums/viewtopic/t=92448/postdays=0/postorder=asc/start=20.html
 
#17
EthanEdwards11 said:
I work in the economic field and pardon me if I'm not exactly holding my breath for reasons I've stated in several threads. I have a background in economics and work in the international trade field; I've seen and know real economic arguments versus media hype.
Say Virgil, thats just the self same words a mortgage adviser used when he sold a mate of mine a three bed house in a run down Med Way town in England just before Xmas.

I've been in two minds ever since whether I want to kick the adviser's arrse all the way down the street or my idiot mate's for being such a prat as to buy his first house at exactly the wrong time in all of human history. :D
<Shrug> I don't know what to tell you then.

I work in the international trade field first for the Feds now private, I don't know your adviser's background.

I was airborne for many years and I'll put forth an opinion or two on airborne subjects with some degree of confidence. Pardon me if I do the same here. What others say I can't really comment on, though I'm all argued out on this subject for now.

The short answer is I look to national debt loads, worker productivity, employment %, how diverse an economy is, status of technology, work force aging, to name a few things as a long-term predictor.

There's an old joke among those in the economics and related professions; 100 of the last ten recessions were predicted.

You can use the search function to see where I've discussed it before if you're interested.
 
#18
Domovoy said:
Virgil, pride comes before the fall. But since a Russian kicked your dog once, I understand your huffishness. :p
Oh I don't think everything is rosy by any means. Not at all. Unskilled workers and those at the lowest 20% are in a very tough position with illegal immigrants driving the price of less skilled and unskilled labor down.

We must, absolutely must, invest in technology to lessen our interest in oil.

We've got to practice fair trade as well as free trade. Japan and several other countries have been given a free ride in our economy for years distorting the market without the requisite tariff reductions for our products.

So no, there are several issues that need to be addressed. There's a difference between that and arguing against (constant) predictions of economic doom and gloom.

Smartascarrots really, I think, has the pulse of it.

And I would NEVER kick a Russian's dog, they--in St Pete's at least--treat them better than people.
 
#20
Domovoy said:
Virgil said:
I work in the economic field for the Feds. I have a background in economics and work in the international trade field;
At least now we know why US economy is in crisis! :D
Seattle seems to be doing fine thanks--in part--to Mr. Gates and other computer gurus living and working here.

Crisis would mean downgrading from my beloved Saab to a GM or rice burner and/or trade in my Ford pick-up.

That would be horrific.
 

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