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Vladimir Putin’s Speech from the Davos Forum: The World is Facing the First Truly Global Economic Crisis

http://globalresearch.ca/index.php?context=va&aid=12087
The world is now facing the first truly global economic crisis, which is continuing to develop at an unprecedented pace. The current situation is often compared to the Great Depression of the late 1920s and the early 1930s. True, there are some similarities. However, there are also some basic differences. The crisis has affected everyone at this time of globalisation. Regardless of their political or economic system, all nations have found themselves in the same boat. There is a certain concept, called the perfect storm, which denotes a situation when Nature’s forces converge in one point of the ocean and increase their destructive potential many times over. It appears that the present-day crisis resembles such a perfect storm. Responsible and knowledgeable people must prepare for it. Nevertheless, it always flares up unexpectedly. The current situation is no exception either. Although the crisis was simply hanging in the air, the majority strove to get their share of the pie, be it one dollar or a billion, and did not want to notice the rising wave. In the last few months, virtually every speech on this subject started with criticism of the United States. But I will do nothing of the kind. 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.
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January 30, 2009 - Posted by | Financial High Treason

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